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Red Rat
Red Rat

Credit fees and charges

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 Repayments as specified in the Repayment Schedule (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 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.

Interest Rate

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:

Security Interest

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).