Updates to Payment Plan Program

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Posts 271
LogosEmployee
Glenn Airoldi (Faithlife) | Forum Activity | Replied: Wed, Dec 16 2015 1:20 PM

When adding new purchases to an existing payment plan, or when combining payment plans, the resulting plan may not exceed 20 months.

Someone who has 17 months remaining on a payment plan can add new purchases and continue to pay at a new rate over the 17 months remaining.  If the new purchase qualifies for more than 17 months, the resulting plan could grow to no more than 20 months.

Someone who has 21+ months remaining on a payment plan has the option to add new purchases to this plan, but the resulting plan will be capped at 20 months and the individual monthly payments adjusted accordingly. 

Posts 6158
DAL | Forum Activity | Replied: Wed, Dec 16 2015 2:18 PM

Super.Tramp:

DAL:
SuperTramp is wrong don't listen to him :P just kidding.

I just checked with Sales, I'm right. (not kidding Stick out tongue)

Now it's up to Glenn to prove me wrong.  

Well  that sucks! I guess logos staff  needs a serious course on communication skills.  To me the expression, "WITHOUT HAVING TO REDUCE the  length of their plan" does not mean it's going to get reduced.  It's like they are always communicating things backwards.  Anyway, it doesn't matter, the new changes don't affect me as much as others so it's OK I guess if they want to say "I know this is what it says, but this is what it means..." it's fine  I already got most of what I wanted before the changes took place.  And in the end (if you think about it in a positive way) it keeps people from overspending money that they don't have.  It's not personal people it's just business :)

Blessings!

DAL

Posts 3
Lance Muller | Forum Activity | Replied: Wed, Dec 16 2015 4:12 PM

Initially I thought that this change was a sad situation for my plans to continue upgrading. I started out with the Silver program and have faithfully upgraded as funds permitted. I am now at Diamond and had plans to upgrade to Portfolio as a Christmas gift to myself. This new payment plan down payment has put a slight delay to that idea. With my discretionary finances stretched during Christmas and this new policy, I will need a couple of months to save for the next upgrade. 

It took a bit of research thru these forums to get a handle on what was happening and to see that it was for the good of the business and my investment that these changes were made. Communicating these facts from the outset would have put my fears to rest. Possibly hiring a communications director or policy change that all material changes are fully vetted and prepared communications in place well advance of the launch.

While there might be a drop initially in new purchases of the base packages and larger purchases, the new cash flow model will ensure that Faith Life remains financially strong and stable as a company. As an "investor/customer" I appreciate that!

Posts 495
Greg Masone | Forum Activity | Replied: Wed, Dec 16 2015 5:54 PM

I don't understand why this change is so controversial. It limits us from spending money we don't have while also strengthening Faithlife as a company.

Let me give you a real world example in a way FL can't. A few years back I was paying off my outstanding balance and a FL employee got my account mixed up with someone else's. Here's what was sent to me: "If I am understanding correctly, you would like to make your past due $525 payment and a $600 payment today. Then we would have your payment plan resume on 8/6 at the newer rate of $511.05 for 43 more months."

Somebody out there had over $20,000 in payment plans with Logos. Over due at that. That's unsustainable, both for FL as a company and for the person too. Something has to give.

I think the current payment plans and 25% downpayment are very reasonable. They force us to be more mindful of our purchases and better stewards of our finances. Its not bad that we may have to save up on our own to get the collections we want. This is a good thing to do!

Posts 2992
SineNomine | Forum Activity | Replied: Wed, Dec 16 2015 7:51 PM

Greg Masone:
They force us to be more mindful of our purchases and better stewards of our finances. Its not bad that we may have to save up on our own to get the collections we want. This is a good thing to do!

A thousand times yes.

Posts 2851
Sascha John | Forum Activity | Replied: Wed, Dec 16 2015 8:24 PM

Thanks for this Statement Greg !!

Posts 2775
Doc B | Forum Activity | Replied: Wed, Dec 16 2015 8:31 PM

Greg Masone:
I don't understand why this change is so controversial.

Greg, this is very well-stated.

I've often considered writing something like this, but every time I tried, it was worded in such a way that I thought some would be personally offended. So I backed off and didn't post. You've managed to put it in a perspective that makes it clear without seeming to be attacking anyone.

I really appreciate the way you've done this.

My thanks to the various MVPs. Without them Logos would have died early. They were the only real help available.

Faithlife Corp. owes the MVPs free resources for life.

Posts 3
Lance Muller | Forum Activity | Replied: Wed, Dec 16 2015 8:50 PM

I am finding these Forums to be quite informative. I especially appreciate Bob's posts in explaining Faith Life recent policy decisions. He has given me the confidence to continue investing in Faith Life's fine products and make any necessary adjustments to my discretionary finances so that I can also manage the new down payments in the Plans. The business decision explanations make sense and are prudent for a healthy company and a long term future for the company and our investments. All of this and more has encouraged me to keep upgrading as I had planned. I am thankful for Bob and his team doing what they need to do.

Posts 36
Nathan Madison | Forum Activity | Replied: Wed, Dec 16 2015 9:40 PM

The 25% payment plans stop  a lot of responsible people from being able to purchase needed upgrades.. there are other ways to stop abuse of the payment plan system then this.. so those of us working in smaller "sized" ministries will now simply not be able to do what we've been doing over the last 15 plus years.. 

Nathan Madison

Posts 5244
Dan Francis | Forum Activity | Replied: Wed, Dec 16 2015 9:43 PM

Greg Masone:
Somebody out there had over $20,000 in payment plans with Logos.

YIKES!!! I cannot imagine having that much owing to FL.... 

-Dan

Posts 5244
Dan Francis | Forum Activity | Replied: Wed, Dec 16 2015 9:46 PM

Nathan Madison:
The 25% payment plans stop  a lot of responsible people from being able to purchase needed upgrades..

25% up to a maximum of  $500 is a barrier but not too high of one....

-Dan

Posts 26029
Forum MVP
MJ. Smith | Forum Activity | Replied: Wed, Dec 16 2015 9:52 PM

Nathan Madison:
The 25% payment plans stop  a lot of responsible people from being able to purchase needed upgrades.

Not if they save money up front to cover the 25% ... like one does for houses and cars (at least back in the dark ages). Yes it does serve as a deterrent for impulse buying which Faithlife's sales encourage but ...

Orthodox Bishop Hilarion Alfeyev: "To be a theologian means to have experience of a personal encounter with God through prayer and worship."

Posts 36
Nathan Madison | Forum Activity | Replied: Wed, Dec 16 2015 10:13 PM

MJ. Smith:

Nathan Madison:
The 25% payment plans stop  a lot of responsible people from being able to purchase needed upgrades.

Not if they save money up front to cover the 25% ... like one does for houses and cars (at least back in the dark ages). Yes it does serve as a deterrent for impulse buying which Faithlife's sales encourage but ...

thanks for the quick strike dark ages comment.... Surprise  but after looking at the proposed plan if you are making an additional purchase adding to a current payment plan then this step is a good move.. for instance when i make purchases i complete one plan before i start another... the 25% is also being applied to new purchase/ new payments plans not just those adding additional payment plans on top of payment plans they currently have.. 

Nathan Madison

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