A payment plan allows you to pay back a certain amount of money each month to repay a debt, usually after having paid a deposit for the service.
We have been able to negate with various Vet Clinics, and if a deposit can be paid, there are several providers who will enter into a payment plan, that as a credit licence representative we can administer for you.
When looking for a payment plan there are several things to consider. Probably the most important from your perspective is whether the plan you are looking at is affordable. Finance providers usually advertise their deals in terms of interest rates, so it can be difficult to understand what really is affordable for your circumstances.
A payment plan usually has Fees & Charges but they are usually affordable, some times a plan can be in pace with no interest payments but a bigger deposit will be needed. They are also very helpful with people who may have had past credit problems.
Affordability Vs. Cheapness
What might appear to be the cheapest deal will not always be the most affordable. The key thing to consider with affordability is that it is specific to your circumstances. Finance companies advertise their cheapest or best deal to everyone, simply because they would need an individual advert for each potential customer were they to look at affordability.
What is Affordability?
Affordability is simply the weekly (or fortnightly or monthly, depending on the terms of your payment plan) figure that your circumstances mean you can afford to repay. What is affordable is therefore unique for each individual when they are seeking a payment plan. Just because a specific deal seems attractive or is affordable to one person, this doesn’t necessarily mean it will be attractive or affordable for all. You can work out what is affordable for you by taking some time to plan your personal or household budget, and coming up with your disposable income figure.
Once you know the figure that you could afford to comfortably repay, you can then tailor your shopping around for payment plans to meet this amount.
While calculating your affordability will help determine how much you can borrow now, longer term it can help you avoid credit infringements such as missed payments and defaults.
How We Can Help
Our aim to match you with the most affordable payment plan for your circumstances. We work with you to understand your affordability and will then find the best option for you. This allows us to avoid promising cheap deals or interest rates only for our customers to end up paying more than they thought they would.
We will always look to match you with a payment plan that suits your circumstances and ability to comfortably meet your repayment obligations.
If you are looking for an affordable payment plan call us now on 1300 948 454.