1. If a scheduled payment is unable to be made, you should contact the Red Rat office 2 working days before the payment request is made. If the payment is stopped there will be no fees accrued by Red Rat or your bank. 2. However if you fail to notify the Red Rat office about missing a payment, then to cover administration costs, $20.00 will be debited from your account with Red Rat and a bank fee will be debited from your bank account by your bank. 3. Please note for a list of all credit fees and charges see the Disclosure Statement for Revolving Credit Contracts on the EZPay application form.
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.
Fees: The following fees and charges (which are not included in the initial unpaid balance) may become payable under or in connection with this contract (fees and charges are inclusive of GST). Red Rat may vary any of these fees and charges from time to time by notice to you.
$20.00 -- Missed Payment Fee: If you fail to meet the Repayment as specified in the Repayment Schedule (including where payment is not made in accordance with clause 1: view here), then Red Rat reserves the right, at its absolute discretion, to levy you a minimum fee of $20.00 per missed payment. $85.00 -- Field Visit Fee: When Red Rat has to send a field visit officer to collect the debt, a field visit fee of $85.00 will be charged onto the balance. Red Rat reserves the right at its absolute discretion to amend the fee. $3.00 -- Monthly account maintenance fee; Red Rat will be entitled to charge you a monthly fee of $3.00 for costs incurred by Red Rat maintaining Customers accounts.