Understanding Skip and Delay Payment Options In VA 2.0

This article explores the Skip Payment and Delay Payment options available to a consumer who has a secure payment plan in place, and the key rules governing the use of these options.

Definitions

Skip Payment: Skipping a payment refers to the option for consumers to choose not to make a payment during a specific month within their payment plan. The skipped payment is deferred to the end of the payment plan.

Delay Payment: Delaying a payment allows consumers to postpone a scheduled payment to a later date, with the maximum delay extending until specific criteria are met.

How VA 2.0 Handles Skip and Delay Payments

In VA 2.0, the payment plan is tied to the consumer record instead of the payment plan record. This prevents consumers from exploiting the "skip" and "delay payment" features outlined below:

When can a consumer Skip a payment?

A skipped payment can only occur once until a successful payment is made, after which the skip option becomes available again. Consecutive skipping of two payments is not permitted.

When can a customer Delay a payment?

• Maximum delay of 30 days after the plan creation date.

• Maximum delay of 30 days after the last payment date.

• Maximum delay until the day before the next scheduled payment.

Can a Consumer Modify Payment Credentials?

Yes, the consumer can modify their payment credentials in an active payment plan.

• When the consumer selects the option to "Change" they will be presented with the payment plan page where they can select a different or new credential method.

• Future payments will be processed using the new credentials.

• If there’s a payment plan in place, the consumer is taken to the modify payment plan page when they select “I can’t pay right now”.

Please Note

the change creates a new payment plan with the future payments and the new credentials.

Configuring Payment Plans in VA 2.0 Preferences:

Agencies can set the following preferences in the "Payment Plans" section of VA 2.0:

• Maximum number of payments

• Maximum number of days before the first payment

• Minimum payment amount

• Allow cards to be used past their expiration date

• Allow users to modify their own payment plans

• Allow users to stop their own payment plans