Commencement date

This is the date that the borrower will be making a payment for arrears amounts that occur as a result of a backdated application. The commencement date is the date the borrower will pay the outstanding payments that are between the start date of the application and the date the finance agreements was actually purchased.

In premium funding when a finance agreement is created prior to all business processes being completed and as such the finance agreement can be back dated, hence the start date back dated. The commencement date is the date the processes are actually all completed and the borrower will pay the back dated payments that are in arrears.

The commence date can be viewed and modified against the application, if it is known prior to the application being approved and becoming a finance agreement.

Once you have filtered and located the application, the commence date will appear on the “account" tab on the application.

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Once the application has been approved and it has become a finance agreement, the commence date can be viewed and modified against the finance agreement.

Navigate to the finance agreement by either:

Clicking on the “finance agreement link” from within the application

OR navigate to home page > borrowing > finance agreements menu item and using the filter, locate the finance agreement.

From within the finance agreement, click on the hamburger menu in the top right-hand corner of the page  and under “update” select the commence date menu.

The commencement date can be used in document, email and SMS template by using the commencement date display variable in the template. See this document and this document which explains how to use in a document template.

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