Premium Credit’s market leading brand for collecting payments for golf membership subscriptions, Fairway Credit, has agreed to step in to help after rival Zebra Finance closed for new business in golf membership funding.
The news comes as members of golf clubs who have a credit agreement with Zebra Finance have been told they will need to continue paying by direct debit, irrespective of the issues the company is facing.
Zebra Finance provides financial options to people who buy memberships at more than 200 golf clubs, but recently the company announced that it is no longer accepting credit applications from new or existing golf club customers.
The issue revolves around the company’s funder, Raphaels Bank, which has detailed how it will achieve a solvent wind-down involving a commitment to cease all lending. This decision has placed Zebra in the position of being unable to accept any new applications for credit.
According to Peter Fletcher, CEO of Zebra Finance, the company hopes to be in a position to accept credit applications from new or existing customers again soon.
“We are solvent and we are trading,” he said.
“We were reliant on one lender but we will be back soon and this time we will spread the risk. We’ve been inundated with interest from potential funders and we’re stretching every sinew to ensure we’ll be able to restore our position as a lender shortly.”
Zebra Finance’s website states: ‘Zebra Finance continues to operate to service existing customers. Your credit agreement with Zebra Finance is still live and you will need to continue paying by direct debit. Zebra Finance will continue to collect your payments as normal. This will be by direct debit and will show as RRSZebra on your bank statement.
‘If you have received your activation/ Direct Debit Instruction letter your loan will be live, payment will be made to your services supplier (club/clinic) and payments will be taken as detailed in your credit agreement, they will show as RRSZebra on your bank statement.
‘If you are an auto renewal customer, your credit agreement will not be renewed. You will need to contact your club to arrange alternative payment methods for your season ticket/golf membership.’
In the aftermath of the news story, a spokesman for Fairway Credit has said: “Golf clubs around the UK will have seen news that Zebra Finance is no longer accepting credit applications from new or existing customers to fund their annual golf membership.
“Since this news broke Fairway Credit has been bombarded with calls from clubs needing help and is once again demonstrating our ability to step in and support both clubs and their members at a moment’s notice.
“Fairway Credit have funded golf clubs and their members successfully for over two decades. Whilst other funders have come and gone over that time, none have managed to build the critical mass of clubs needed to ensure a sustainable model.”
The spokesman added that, subject to approval where terms and conditions apply and for over 18s only, Fairway Credit can fund golf clubs’ members’ annual subscriptions and additional fees, such as locker fees and bar levies. He said the application process is “simple, online, paperless and membership renewals are simplified – no need to reapply, renewals are completely paperless.”
The system is also integrated with Club Systems / HowDoIPay, saving clubs from administration, he added.
“All this from the number one finance provider for golf membership funding in the UK – a quick, simple solution for clubs and their members.”
To understand more about what Fairway Credit can offer, please call 01372 746 073 or email leisure@pcl.co.uk
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