– Richard Van Der Velde, Founder
They say most of the world’s best inventions are born from necessity BUT someone has to firstly recognise the need AND secondly, develop whatever is needed to overcome that particular issue. PayMyParents is exactly that.
PayMyParents was born from our personal experience based on loaning money to our children. Like most parents, we want to help our kids. After discussions and promises of when and how this money would be repaid, we happily handed over the cash.
We quickly came to recognise their lack of knowledge about the value of money as well as their total lack of understanding about how Loans work along with the responsibilities associated with borrowing money.
The reality was that it took significantly longer than agreed to get repaid and whenever we brought up the issue about being repaid, there was a family dispute.
Because we are so close to our children, they are comfortable to argue with us and avoid making payments. Other areas of their life seem more important and that is not fair to us as parents nor does it teach good monetary skills.
Richard & Tonya Van Der Velde
The result – my wife (Tonya) designed a system where the kids can borrow money but do so using virtual, real life conditions. There is an affordability budget they need to do, there is a Loan Agreement and there are default costs. Like a real loan, they will receive reminders to ensure payments are made on time and chased up if payments are missed. They will need to set up regular payments AND those are managed through a third party, so as parents we do not have to confront the kids each time a payment is due. This saves so much personal conflict and because a third party manages the payments, the kids are more likely to pay on time and in full.
It is your choice whether or not you charge interest. All PayMyParents costs are covered by an affordable monthly subscription that is included in the repayment costs so as a parent there are no costs.
Using PayMyParents, your children get the loan they need, they learn lifelong money management skills which will be worth gold to them later in life, no more family disputes AND as parents, you get paid!
Our Education/Schooling system does not teach good money management skills nor does it educate our children about loan contracts, default issues and more. PayMyParents is never designed to damage your children’s credit file BUT it is designed to teach lifelong, positive monetary habits.
We live in a world where our children are hammered with online marketing to “get it now – pay later”. PayMyParents is designed to help educate our children to live in today’s world and tomorrow’s world with a solid, educated knowledge base around managing their money.
End result – We get paid and the kids get educated!
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We have an Internal Dispute Resolution process . If you have a complaint about our services, please contact us. We aim to resolve the majority of complaints within five (5) business days. If we believe it may take longer to resolve your complaint or to investigate the matter thoroughly, we will let you know and keep you informed of progress.
You can make a complaint in writing (letter or email) or verbally (telephone or personal representation). Your complaint will be referred to our complaints officer for response.
All details are current as of May 20th 2020. We publish minor changes on our website and periodically will update our policies.