As of the 1st of February 2020, our fees 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 changes are outlined as below:
Monthly Account Maintenance Fee – this will change from $3 per month, to $5 per month. - This is the fee charged for costs incurred by Red Rat to maintain and administer our customers’ accounts.
Missed Payment Fee – this will decrease from $20 per missed payment to $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 – this will decrease from $85 per visit to $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 fee.
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 day.
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 by 365.
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 purchase.
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).