We have made a change to the Forlongs account system. This will not affect existing purchases but for new purchases there is a more simple way of calculating payments.
If you are buying something with your Forlongs account from September 1st onwards you will need to pay 4% of that purchase amount each month. So for $1000 you would pay $40 each month (1000x0.04=40.00) This means you can set up an automatic payment and know the exact amount to pay and goods will be fully paid off in 2 years time.
As always if you are having a good week you can always pay the goods off sooner - there is no restriction on this. We just wanted to make the accounts easier for people to understand and reduce the length of time it took to pay of purchases which brings down the amount of interest people need to pay.
How does this differ from the old payment setup?
Purchases before September 1st 2017 were required to pay 4% of the account balance each month or $20 whichever was greater. So as time went on the minimum 4% payment required became smaller and smaller which meant it took a long time for purchases to be paid off when customers only paid the minimum.
Having a payment amount which was constantly changing was confusing and difficult to explain and manage especially for new accounts. So we have decided to simplify the payments.
The account statements which will be emailed out to customers will still show the interest free payment which would pay off a purchase in 12 months and avoid any interest charges.
We would encourage anyone who is confused about their account to come instore and sit down with the accounts team. They are more than happy to discuss and explain how these changes affect your account.
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