As I was going through my regular payments I noticed some that are for a fixed duration, or up for renewal at a certain point. Is it possible to add an expected duration for a regular payment?
For example, my boiler cover will finish in February, could I add this date to the regular payment and so if we were to do any future spend planning and budgets it would flag, or appear to drop off?
Hi @Hitesh we have a feature coming very soon where you’ll be able to add renewal dates for all regular payments.
We will certainly be making that more obvious in future.
It’s a good idea that we could use that date in other ways, however many contract end dates don’t necessarily mean your payments will stop - e.g. most insurance, energy or media bills will keep paying even if you go out of contract. It’s situations like that that cause customers to get most over charged so hence we want to know about those dates to help remind people about them.
It would be interesting to look at how many regular payments have fixed end dates where payments will definitely stop.
What do others think?
Thanks Paul. On the point around them not stopping, one way to utilise the data would be to link related regular payments. For example, if I move my energy bill from one supplier to another then I should be able to link the regular payments to show it as a continuation. The other benefit, like you say, is showing where a term has ended (where discounts are applied) and then showing a marked increase in costs.
This may mean you have a discounted term field (which would also allow N/A) and then an expected end date (which could also be infinate).