What
An event to trigger a notification when a loan account has been in arrears for a specified number of full instalments.
Why
Certain communications to a client may only be necessary if an account has been in arrears for a given number of full instalments, as opposed to days. For instance, though one particular message may be triggered when the account first goes into arrears, a separate communication may be needed when the second instalment has passed and payment has still not been received.
This is in order to comply with UK regulations on notifying borrowers about their accounts being in arrears: https://www.legislation.gov.uk/ukpga/1974/39/part/VI/crossheading/sums-in-arrears-and-default-sums
James Anderson
This functionality will also be useful for non-UK lenders too as it can help create a strategy around automated arrears letters being triggered based on instalments rather than just days in arrears.
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