Why is the first month payment higher than the normal monthly payment?
Depending upon when the case completes, the customer will pay initial interest to the end of the opening month, plus the first full month’s payment. For example, customer completes on the 15th Feb, the first monthly payment will be taken the following month in March and will therefore be calculated from the 15th Feb. to the 31st March. Please note if a preferred payment date is not stated on the application, it will automatically default to the first of the month.
