Payment Arrangements and Pay Plans

Payment arrangements and pay plans are very similar concepts in that they are both used to payoff debt. This section describes each method.

Note:

To distinguish between payment arrangements and pay plans, it is helpful to understand some terminology: 1) an agreement with a customer to pay off their debt as part of their future bills (sometimes referred to as "current bill plus") is a payment arrangement, 2) an agreement with specifically scheduled payments is called a pay plan.