Flex Default Payment-Plan

[Revels]

Monzo Flex: Nickel and diming

To explain a few points… The original logic for “defaulting to 12 instalments” rather than 3 if you don’t pick a plan is that it’s worse to take 1/3rd of a payment from a customer what want’s to have a 12 month plan than the other way around. This is because for that customer, having a larger payment taken from their current account than they’re expecting in a month could make their financial position worse. The risk of “defaulting to 12 instalments” for the customer who wants a 3 month inter…