Tuesday, 24 October 2017 12:54

Quick Loans Announces the Launch of Pay As You Warm

We are pleased to announce that we are moving ahead with our new service “Pay As You Warm”. The new service is completely different from anything else available because it will partially disable boilers if payments are not made on time.

Many poor people are locked out of buying a new boiler because of their poor credit histories. That’s despite them being able to save around 30-40% a month on their energy costs because of the massive efficiency improvements made by boiler manufactures over the last 10 years. This seems to us to be somewhat unfair, but we have worked out a way how to fix that.

What we are set to announce is “Pay As You Warm”. This facility would allow people with a negative credit history to be able to receive a new boiler without any upfront costs. We are able to do this because of a new device which allows us to control the boiler and alter the temperature of the water should repayments not be made on time.

Under no circumstances would we completely disable the unit due to non payment, but we would look to reduce the temperature of the water that is produced by the boiler should repayments not be made on time. We have set out an example below of the timetable of action we would take should repayments cease.

1 week late = temperature of water being reduced from maximum down to 70 Celsius (includes tap water and heating).

2 weeks late = maximum 50c

3 weeks late = maximum 30c

4 weeks late = maximum 20c

By reducing the boiler temperature remotely we would attempt to remind the user that payment needs to be made on time. We feel that to disable the boiler completely would be malicious and emotionally cruel. It’s much better for everyone to have a stepped down reduction in temperature to a minimum of 20c. This allows the user to wash in a reasonable manner, although we accept it would not be enjoyable. 

For users who have children, the disabled or are over the age of 81. They will have a minimum setting of 25 Celsius for their heating and tap water.

The device will be installed at the same time as the new boiler and works with around 30% of residential boilers on the market. The unit is very discreet, without our logo or branding. It uses the home owners WIFI connection to communicate with the payment centre. Any disruption to WIFI will result in the box disabling the boiler from operating above the minimum temperature on 20c.

Sign up to our alert section to receive more alerts about Pay As Your Warm. Numbers are limited due to likely demand.