Pay as You Golf... how much ??

[virge666]

Morning gents,

My fees @ Mona Vale are $2600 a year.

PAYG have offered to pay it in 10 monthly installments of about $300 representing a $400 interest charge and admin fee on a $2600 debt, which is bordering on Mafia rates in the current low interest rate climate. i worked it out to be just under 15%.

I expected the charges to be a lot less and have heard testimonials to that effect.

Anyone else got any better ideas, I reckon i will just throw it on the mortgage...

[KristianJ]

Pretty sure my rate is/was a lot less than that...I've got the summary of it somewhere so will find it today.

[PeteyD]

That us a huge fee. Mortgage would be way cheaper if you paid it off over the same period.

[Waggle]

Highway robbery

[Captain Nemo]

Pay it in cash!

[virge666]

It would be cheaper to pay it off over 6 months on a credit card FFS.

They must be making money as it is being pushed by all the clubs i know... I just dont know who would be dumb enough to cop that amount of interest.

[mrbluu]

It would be cheaper to pay it off over 6 months on a credit card FFS.

They must be making money as it is being pushed by all the clubs i know... I just dont know who would be dumb enough to cop that amount of interest.

Sounds like those "interest free" deals that bob jane had on wheels and tyres before. $1800 cash price and $2200 interest free price.......

[KristianJ]

10.6% last year.

That said, I've taken a better option with the club...paid half at the beginning of the month and will pay the other half in January directly...

[Looney]

My new club lets you pay by the month with no extra charge unless you use a credit card. I just direct deposit the amount and they credit my house account. I could have paid it in full but for the amount it costs I would rather have the funds sitting in my account.

[Dotty]

My golf fees are paid by a cheque from my mortgage account.

btw. My whole salary goes into this account, so I don't worry about adjusting the monthly repayments to avoid blowing out the repayment schedule.

[davepuppies]

My golf fees are paid by a cheque from my mortgage account.

btw. My whole salary goes into this account, so I don't worry about adjusting the monthly repayments to avoid blowing out the repayment schedule.

So it's a offset account dotty? Or redraw with transaction functionality?

[markTHEblake]

The club probably charges over the top for instalments because they don't want to encourage it. Too many people think they can walk away during the year and stop paying it.

It also adds a fair bit of admin work chasing missed payments.

[Daves]

The club probably charges over the top for instalments because they don't want to encourage it. Too many people think they can walk away during the year and stop paying it.

It also adds a fair bit of admin work chasing missed payments.

Pay as You Go is an outsourced product (http://www.payasyougolf.com.au/), the club has no say in pricing as far as I am aware. I believe Reddie Bay is considering doing it themselves, at a significantly lower price.

[Dotty]

So it's a offset account dotty? Or redraw with transaction functionality?
Yes.

Set-up years ago, when my bank was absorbed into another bank, so I didn't have to apply for future home improvement or bridging loans car leases, etc. (Or as they sold it 'even use your own money to take advantage of a buoyant stock market'.) Salary goes straight into this account, with a cash and cheque redraw facility available.

No interest Visa card looks after most purchases and payments, with an automatic 'transfer full amount on due date' facility in place.

[Matt1979]

Morning gents,

My fees @ Mona Vale are $2600 a year.

PAYG have offered to pay it in 10 monthly installments of about $300 representing a $400 interest charge and admin fee on a $2600 debt, which is bordering on Mafia rates in the current low interest rate climate. i worked it out to be just under 15%.

I expected the charges to be a lot less and have heard testimonials to that effect.

Anyone else got any better ideas, I reckon i will just throw it on the mortgage...

seems a bit rich - I pay quarterly - only q1 pay insurance upfront then rest by dreict debit ( no interest )

[markTHEblake]

Pay as You Go is an outsourced product (http://www.payasyougolf.com.au/), the club has no say in pricing as far as I am aware. I believe Reddie Bay is considering doing it themselves, at a significantly lower price.

Oh.
But they only charge 10.95% plus$33 (plus a merchant fee if by credit card. Doesnt seem like $400 in interest and fees?


No interest Visa card looks after most purchases and payments, with an automatic 'transfer full amount on due date' facility in place.

You dont need to use their card though, Should get a no-annual fee Platinum credit card and pull in the reward/ff points as well. I get bucketloads of points this way. (except i use an offset account instead, same difference end of the day)
Only difference is probbaly have to manually pay the credit card each month, direct debit might not work. However from memory, and I think it was ING, that their system did allow direct debits to be made out of the home loan accounts even though their policy said you couldnt. So wouldnt hurt to try.

[Daves]

Oh.
But they only charge 10.95% plus$33 (plus a merchant fee if by credit card. Doesnt seem like $400 in interest and fees?





You can calculate it yourself on their application app;

http://staging.payasyougolf.com.au/application-form/

[markTHEblake]

If their credit card fee is 3% i think that rounds it up to about 400 bills.
(if i can still do math in me head, but probably not)

[Daves]

Presuming the monthly instalments are in arrears i.e. the 1st instalment is due one month after the loan is made, by my calculations the annual interest rate is 20.25% pa. This ignores the admin fee of $33 which is a one off. That is from the "borrowers" perspective. If you take account that they don't pay your fees to your club until 14 days after your first instalment, then the actual effective rate is much higher.

I haven't taken account of any CC surcharge fees, because you would almost certainly be up for these anyway if you paid your (full) fees by CC.

[Collis]

You could get a credit card and pay the fees on that. After you pay the amount go to another credit card carrier and transfer to them. They usually have offers of 1% for the first 12 months on your existing balance
Bit of mucking round but you would save a few hundred dollars.

[FuzzyJuzzy]

My course (Liverpool) is only about $22 or so more all up if you pay monthly (as I do) rather than paying the whole thing up front. Thought I saw an ad in one of the mags recently pushing a pretty sweet membership drive at Mona Vale. Nice course up there. Love that downhill par 3 on back 9 hitting out towards the ocean.

[s12raider]

Virge mona should be offering you pay 50% down immediately plus bar fee with a small nominal admin fee added ($20-30) then final payment 6 months later. Wakehurst offers this. Paygg is good old fashioned usury at its best similar model to taxi harge.

[virge666]

My course (Liverpool) is only about $22 or so more all up if you pay monthly (as I do) rather than paying the whole thing up front. Thought I saw an ad in one of the mags recently pushing a pretty sweet membership drive at Mona Vale. Nice course up there. Love that downhill par 3 on back 9 hitting out towards the ocean.

that is more like it... !

And yeah the 16th... easy with front pin... evil with back pin, awesome view though. Especially with some nice waves coming in.


Virge mona should be offering you pay 50% down immediately plus bar fee with a small nominal admin fee added ($20-30) then final payment 6 months later. Wakehurst offers this. Paygg is good old fashioned usury at its best similar model to taxi harge.

Not anymore... PAYG is the only other option.

[FuzzyJuzzy]

Virge mona should be offering you pay 50% down immediately plus bar fee with a small nominal admin fee added ($20-30) then final payment 6 months later. Wakehurst offers this. Paygg is good old fashioned usury at its best similar model to taxi harge.

Bit off topic...but close to all our hearts, I'm sure - s12raider: who's that bird in your profile pic? Possibly the best thing I've seen on OG yet:).

[s12raider]

Monica Bellucci, model actress and now recently divorced :-) she is the replacement of Sophia Loren
Dior, D&G use her. Starred in Malena, matrix 2', Shoot 'em Up ( playing a lactating hooker), and a lot more. http://youtu.be/MqMx9EnEWEM watch it all of it, google her, and then you can thank me.

[FuzzyJuzzy]

Monica Bellucci, model actress and now recently divorced :-) she is the replacement of Sophia Loren
Dior, D&G use her. Starred in Malena, matrix 2', Shoot 'em Up ( playing a lactating hooker), and a lot more. http://youtu.be/MqMx9EnEWEM watch it all of it, google her, and then you can thank me.

Holy Mother of Mercy!!! She's nut's hot! Not bad at all for 49yo either. Italians man:). She's the one who makes out with Neo in the second Matrix movie, yeah? How about Nadia Forde, Rory's rumoured new Missus. Sheessh, if Rors, leprechaun-looking and all, can pull her, than we my friend need to become pro golfers:).

[skelz]

I didnt think the interest was too bad at 10ish percent, it the other fees that I think are over the top