Important information if you choose to pay by the month
Who are Attvest Finance
Attvest Finance (Attvest) is an established premium funding provider that PDL has partnered with to provide our members with the option to pay their PDL membership including Professional Liabilities (PI) insurance premium on a monthly basis. When a member elects the monthly instalment payment option, they actually establish a loan with Attvest.
As this option is a loan, it does cost slightly more than paying upfront as it is subject to a monthly interest rate – the current rate is 5.5% per annum which equates to less than $2.00 extra per month.
How to elect to pay via PDL’s monthly instalment option/set up a loan
If you are eligible, the monthly instalment option can be selected online when you first join PDL or renew your membership each year. If selected, you will be required to nominate your preferred credit card or bank account to have your monthly instalments deducted from.
If you are an existing member and have previously had a loan cancelled by Attvest due to multiple defaults, this option may not be made available to you.
Monthly instalments are deducted on the 30th of each month unless that day falls on a weekend or a public holiday wherein the amount will be deducted on the last business day before the 30th. The instalment represents payment for the following month.
All instalment amounts are equal except the first that may be subject to rounding.
Monthly payment option terms & conditions
You agree and acknowledge that by electing the monthly instalment option that:
- You are taking out a loan with Attvest Finance Pty Ltd.
- Attvest Finance will pay Pharmaceutical Defence Limited (PDL) the insurance premium and membership fee payable on your behalf,
- You are subject to Attvest Finance’s Terms and Conditions
- You become indebted and obliged to pay the monthly instalments as calculated.
- If during the period of cover you commence a temporary leave of absence, you will be required to pay the instalment amounts for the remainder of the policy period to ensure that cover for incidents prior to your absence is extended per the Additional Benefit provided by the policy.
- If you do not comply with Attvest Finance’s Terms and Conditions your loan and PDL Membership (including PI cover) will be cancelled effective from the date that your last instalment was paid to.
Loan management and communications
For any approved loan, Attvest will contact members directly to provide them with a Welcome Pack.
They will also make direct contact with PDL members in the following circumstances:
- a monthly debit is ‘dishonoured’ / is unsuccessful
- they need to confirm payment details to resolve a disputed transaction, or
- need to advise you of a pending cancellation due to non-payment.
They will also keep PDL informed of these activities to ensure that we contact you should there be any impacts to a member’s membership / PI insurance.
- Change your credit card or bank account details for your monthly instalment deductions, or
- payout / cancel your loan.