Effective 12.6.2024
We have made some changes to the system to ensure that customers are meeting the 4% minimum monthly payment threshold. At Forlongs we run our own Revolving credit system, many of our customers appreciate the freedom to spread their payments out over time.
What has changed?
If a customer misses the 4% amount for a month, the following month they will be charged a low payment penalty.
Why are we doing this?
It is important that our customers keep on top of their account payments and make regular payments towards the balance of their account. We want to encourage our customers to keep up good habits to preserve their good credit rating. When customers get behind on their payments our accounts team put a lot of effort into chasing up and reminding customers of the account requirement.
Is this a new charge?
The Terms of the Forlongs accounts have always allowed for a penalty and text reminders have alerted customers this would happen. From the 24th of July the penalty will be applied.
What is the Minimum Requirement?
We allow customers to manage their own account and choose their payment amount and timeframe for paying off their goods with only 2 rules.
• Customers must make at least one payment each month.
• Total payments within the month must be at least 4% of the account balance or $40 (whichever is greater).
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