As of the 1st of April 2022, the account maintenance fee associated with holding an EZPay account will be changing.
As always, the following fees and charges (which are not included in the
initial unpaid balance) may become payable under or in connection with your
EZpay contract (fees and charges are inclusive of GST). The fees and any changes are outlined below:
Monthly Account Maintenance Fee – this will change from $5 per month, to $7 per month.
- This is the fee charged for costs incurred by Red Rat to
maintain and administer our customers’ accounts.
Missed Payment Fee – $15 per missed payment.
- If you fail to meet the Repayments as specified in the
Repayment Schedule of your contract (including where payment is not made in
accordance with clause 1), then Red Rat reserves the right, at its absolute
discretion, to levy you a minimum fee per missed payment.
Field Visit Recovery Fee – $45 per visit.
- If Red Rat sends a field visit officer to collect the
debt, a Field Visit Recovery fee will be charged onto the balance of your
account. Red Rat reserves the right at its absolute discretion to amend the
Red Rat may vary any of these fees and charges from time to
time by notice to you.
An interest rate of 22% per annum is charged on the debit
balance in your account. Red Rat reserves the right to charge the interest
rate. Interest is calculated on the debit balance in your account at the end of
The interest charge is debited to your account on the last
day of each month.
The daily interest charge is calculated as follows:
- Daily interest charge = daily debit balance x 0.22 divided
The daily interest charge for each day of the month will be
added together to calculate the monthly interest charge to be debited to your
account. Interest will be incurred on purchases from the day you make the
What could happen if you fail to meet your commitments
Red Rat has a security interest in any goods purchased from
Red Rat to secure the performance of your obligation under the contract or the
payment of money under the contract or both. If you fail to meet your
commitments under the contract, Red Rat may:
a) Repossess and sell the goods;
b) Charge the fees listed above;
c) Refer the matter to a debt collection agency to collect
any monies outstanding to Red Rat;
d) Load a default with a credit reporter
Default interest charges and default fees
If you default on your account payment this will not result
in a default interest charge, but the normal interest rate of 22% per annum
will continue to be charged on the balance outstanding. If you default in
payment you become liable for the missed payment and field visit fees. (These
fees are outlined in the credit fees and charges section above).