Fairway Credit

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Fish

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Our annual subscriptions are due from the 1st August, as such I have just received my invoice for £1,537.00.

I've always paid via standing order but it would seem that there's a new regulator and golf clubs aren't able to do this now under new FCA regulations.

So if we want to spread our subscription over the year we must go through Fairway Credit and fill in an application form available through the club.

Anyone already using this scheme?

Is this a credit application to which a search takes place on me?

The cost of the credit over 11-12 months is 6.9% (13.2% APR. We used to be charged £35 I think for admin for using a standing order, if this percentage is now on the full total of credit that will treble to over £100!

Anyone else come across this being introduced as golf clubs apparently are no longer able to offer standing orders/direct debits for their subscriptions.

http://www.premiumcredit.co.uk/about/news/fairway-credit/

http://www.premiumcredit.co.uk/annual-non-insurance-fees/sports-leisure/golf-club-membership/
 
Not heard of any problem with paying a club direct by DD. I certainly wouldn't be keen on using a 3rd party like that. No idea if they do a credit search, but, I'd be surprised if they didn't.
 
Yes Robin they will do credit agency searches and a stamp is left on your record whether you proceed with the agreement or not
 
Club just needs to offer monthly payments rather than calling it a credit agreement, the difference is they cant charge you extra this way whereas they can using Fairway credit

13% APR is just profiteering imo
 
Clubs can only do there own in house direct debit scheme if they have a CCL. Some are still doing it unlicensed but its a ticking timebomb if they are caught.

Most clubs don't and therefore use alternative agencies that have the CCL and are all FCA regulated.

We gave our CCL up 2 years ago as it was becoming a right pain in the backside.

Fish, if you want to know anything more send me a txt as we use fairway credit all the time for those members that wish to pay monthly.
 
karlcole said:
My
Club has just started direct debit this year. Never heard of the issue regards FSA
Click to expand...

FCA these days.

I've used Fairway credit at Ashford my previous club. Simple, easy, hassle free way to pay the monthly payments, never had an issue with them, never worried about at stamp on my file as my credit rating is 100% perfect. Yes, you pay an extra charge for the privilege but for me it's all sorted in one set up. If I went down the 0% credit card route I'd worry that I wouldnt be disciplined enough to pay it all back in the 12 months so steered away from this.
 
Fish said:
Our annual subscriptions are due from the 1st August, as such I have just received my invoice for £1,537.00.

I've always paid via standing order but it would seem that there's a new regulator and golf clubs aren't able to do this now under new FCA regulations.

So if we want to spread our subscription over the year we must go through Fairway Credit and fill in an application form available through the club.

Anyone already using this scheme?

Is this a credit application to which a search takes place on me?

The cost of the credit over 11-12 months is 6.9% (13.2% APR. We used to be charged £35 I think for admin for using a standing order, if this percentage is now on the full total of credit that will treble to over £100!

Anyone else come across this being introduced as golf clubs apparently are no longer able to offer standing orders/direct debits for their subscriptions.

http://www.premiumcredit.co.uk/about/news/fairway-credit/

http://www.premiumcredit.co.uk/annual-non-insurance-fees/sports-leisure/golf-club-membership/
Click to expand...

Our's went the same way this year Fish. If you wanted to pay via 12 month direct debit, then you had to do it via a 3rd party company (fairway credit) and there was interest. This is due to needing a license and having to be regulated by the Financial Services Authority or something like. However, we were given the option that, if we paid over 6 months, there was no interest and the club was allowed to do this without the need for a third party . (not sure why).
 
Junior said:
Our's went the same way this year Fish. If you wanted to pay via 12 month direct debit, then you had to do it via a 3rd party company (fairway credit) and there was interest. This is due to needing a license and having to be regulated by the Financial Services Authority or something like. However, we were given the option that, if we paid over 6 months, there was no interest and the club was allowed to do this without the need for a third party . (not sure why).
Click to expand...

they can do it for any period less than 12 months as long as they dont charge for it, your club obviously didnt want the cashflow issues spreading over 12 months but could absorb spreading it over first 6 months, the crux is clubs want to charge to do this hence the requirement to use an external licensed company
 
The driver for this is how the club want (or need) the money and when. Using a CCA registered credit provider means the club get the money upfront and you owe the credit provider (and the agreement is nothing to do with the club and they can be arms length of it).
The club CAN offer instalment payments as long as they do not call it, refer to it as or imply that it is a credit agreement (where he club is openly fronting the funds in lieu of payment) this would need a formalised agreement and this is where the new FCA refs kick in.
If the club was to just state that the payments were to pay a "future balance" and each payment is aggregated to that balance (not deducted from as this would be credit again) then it would circumvent the rule. Few are willing to do that though as they mostly want the full funds in the club coffers asap. Easiest way is to deal with a CP. The CPs don't work for free and so charge a fee in the form of interest.

I think the days of clubs being able to work month to month on trusting people will pay and not just walk away are gone or at least fading fast.

Cost to become CCA is prohibitive to most clubs.
 
a few clubs Ive been a member of have all done the spread payments this way. I thought about it when i was a member of 4 clubs and all the fee's were due on the 1st Jan.So did as someone else suggested, put them all on a IF Credit card and paid it off that way.
 
I've used Fairway Credit for the past four years at both my former and current club; there has been no credit check appearing on my file for any of those periods.

After the initial application it just auto-renews each year, i've never had to do anything other than to tick a box on the digital credit agreement they send me at the start of each season.
 
Last edited:
Our place has been using them for years. It does a credit check but I've never heard of anyone being refused and it does auto renew each year with no bother. Interest wise it does whack on the equivalent of 1 months subs in interest which isn't great.
 
My club use Fairway Credit and it's the only way to spread the payments they offer. I always pay in full and save the charges
 
My club uses them. The club gets the full fee straight away which allows them to budget better. Personally, although having used Fairway credit before, I now pay mine in 2 lumps each year.
 
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