Tim Boon, TLC – Payment Plans

“TLC’s mission is to provide clients access to businesses where they would receive the right result rather than make a decision based on price point.” – Tim Boon
From that amazing mission to this insightful podcast, you’ll learn how Tim and his team are helping people change their lives since 2019.
Tim is the Managing Director of TLC (Total Lifestyle Credit). Want to hear more? Listen the full podcast by tapping the LINK IN BIO
@tlc.social @anybodi_aesthetics @anybodi_industry @trishyhammond

Transcript – Tim Boon, TLC – Payment Plans

Trish

Hello, listeners. It’s Trish Hammond here from the Aesthetics Uncensored podcast. And today, I am joined by the delightful Tim Boon. Now Tim Boon is from TLC, which is Total Lifestyle Credit and he’s going to tell us all about what TLC is and how it can help everybody so welcome, Tim.

Tim

Hello Trish, how are you?

Trish

I’m great. Thank you for joining us at this some ungodly hour of the morning when we can both fit the scene. Thank you so much.

Tim

Happy Friday!

Trish

Yeah, exactly, exactly. So tell us, Tim. Now TLC is just like, it hasn’t been around for that long, making great waves in the industry and everybody knows about it. And so this is for the people that don’t know better, but tell us first of all, what is TLC? And who does it help?

Tim

Okay. Yeah, look, thanks for having me on so TLC started in 2019. It’s a funding platform designed for businesses to create another level of opportunity, and provide a service option for their clients by offering a payment plan really has been born out of me being involved in the medical aesthetics sector for over 17 years. And over that time, I’ve worked with, you know, 1000s of different medical institutions and businesses. And I’ve created TLC, really, to assess the patient to be able to enact the service sooner rather than later with a specific medical or aesthetic business and we operate unbelievably simplistically, so that there’s not really any business model changes for the clinic to get set up with. It’s a completely free service for them to use but we’re the only company in Australia that covers from two to 50,000. All employment types, from full time all the way to casual. We even do Centrelink, disability care and single parent so it means that a clinic can offer their services to a much broader patient market.

Trish

And I guess what I really love about it is the fact that it is a totally new way of borrowing, but also the fact that it’s really personal gentlemen, like every person that you deal with, it’s a personal transaction, isn’t it? It’s like, you’ve got… 

Tim

Yeah, that’s sort of important Trish, and I’ve really happy brought that up because after my first business model that I sold in 2016, so many interest free options came out, which it’s quite a cold transaction for client it, there’s really no conversation or dialogue, where with TLC, we actually have physical account managers that look after the patient from start to finish and I think that’s really important these days, because it’s a very personal emotive purchase, and a lot of people like talking about, especially if they’re going to be spending $25,000 on a treatment. 

Trish 

Yeah, absolutely. And I guess some like these days, with everything being online, I know you can do that, you start off your conversation online anyway so you can do it online. But the thing is, it’s when you’re in that vulnerable situation where you’re trying to borrow money for something that you want to get done. It’s just so good to have that someone that you can speak to in that real personalised service, because that way where you’re at at any given point in time.

Tim

Yeah, look, a lot of people are very daunted about working in this finance space because there are so many factors that can affect approving a client So, the difference with us is that when a patient does an application, it doesn’t affect their credit file, my team actually talk with them and find out exactly what their personal situation is. We are responsible lenders, we don’t do interest free or payday options so we are responsible for making sure that we get the right structure for the client. The great thing about our payment plan options is because we do so many rebatable treatments, our payment plans, we’ve got complete flexibility. So the patient can pay them off as quickly as they wish at no charge. So if they do get any private health rebates, they can put it straight back onto the payment plan at no charge and from a patient’s perspective, that’s what they want. They don’t want to be dictated to these days. Yeah, so they have a simple minimum payment to fit their budget but if they’ve got the option they can pay it off in a week and it means that they can choose the right clinic at the right time rather than shop around because the price point

Trish  

And correct me if I’m wrong. So what you’re saying is, it doesn’t affect you because when you apply for finance, it goes on whatever your credit record is. So basically, before that step, one of your team will actually speak to the person and work out whether they’re gonna be eligible, before you even put the application in. Is that right?

Tim

Correct. Yeah, because look, the other area that we work on is, we accept family members or partners to do the application on the patient’s behalf. We do paediatric funding, huge amount in the dental space, but there’s a lot of people that go through, two terms and other specialists where they’ve got their children that need to get specific medical treatments, tonsillectomies, things like that, we cover those fees for the patient on behalf but every patient is taken care of by an account manager so TLC almost becomes an extension of their business as well and from that, like I said, from the perspective of a clinic side, 99% of all conversations that clinics have Trish, are about concept and price. For the majority of patients that walk through the door already have the concept in the back of their mind, this is the treatment I want to get, I just want to make sure that you’re going to be the right one to deliver it and once that concepts been delivered, the only thing that causes procrastination is price point, because the majority of people out, they just don’t understand the charges and costings that are involved with medical treatment these days and the fact that so many people have moved away from private health insurance, it’s got a lot more expensive and what TLC gives the businesses is an opportunity to say, Look, I know the cost of my treatment is $20,000 however, with TLC it’s $100 a week, does that fit your budget? And it just gives them a variable to be able to say, Look, I know, there is a cost, but it is achievable.

Trish    

Yeah. And I guess, for patients, like I’ll just use weight loss patients as an example, people that have lost weight, and then they’re, or maybe they even want to lose weight. So if someone wanted to have a gastric sleeve to lose weight, and they couldn’t afford it, they can apply for finance to TLC?

Tim 

Yeah, so you know, I was one of the first if not the first to do bariatric funding back in 2006 but we also go a stage further so we cover all affiliate costs as a result of treatment. So if someone was looking at getting bariatric surgery, we not only cover the doctors fees, hospital, etc but we also cover as an option for the client, dietitian, psychotherapy, any assistance so that they can maximise the treatment potential.

Trish  

Okay. So say, for example, if someone has a sleeve, and they lose weight, and then they’ve got to actually even that in itself, that could be a life changing decision, because someone might be like, right on, like, Oh, my God, you don’t lose weight, you may not live for much longer, because I’ve heard that many, many times, if someone’s like, 50 60 70, even more kilos, overweight, like, it’s a desperate thing to get done. So say for example, if they go through luck, sorry, where they are if they didn’t have the money, and they think I can’t do it, I can’t afford it. Well, the thing is, sometimes it’s not about whether you can afford it there and then it’s about whether this is so important that you need to do whatever you can do to be able to get the funds together to do this because this could save your life.

Tim  

Well, I think it’s really important to make sure, number one, the client has done their due diligence on the treatment they’re looking at getting. But number two, it’s really important that depending on the treatment, they understand that like for instance, if someone’s getting an abdominoplasty you know there’s a very, very high chance they’ll get fibrosis and stuff so they’ll need remedial massage therapy and that obviously comes with a charge as well. So what do we do? It is suggested the client looks with you for another $1,000, it’s only going to cost you an extra $5 a week but you’ve got $1,000 in the kitty to cover you for remedial massage because a lot of people might be off, I did think about this is a hassle and not do it and therefore not get the benefit of the treatment so it’s not just a matter of speaking to a client and seeing if they can get funding, it’s also just making sure that we’ve done the right thing to to allow them to access and exercise every opportunity so they get the best out of that treatment. I think that’s so important these days. 

Trish

I think so too. I totally agree with you. So just, I wanted to ask you something else, so if someone was after, say 30 grand for some household renos could they do that for you as well, like it is TLC, like, pretty much credit for anyone or you just focused on medical?

Tim 

Well, I mean, look, medicals, the area that I’ve been involved in since 2004 and so proud to be kind of working in involved with some amazing businesses and clinic, we look after John of God hospitals nationally, huge IVF sub sectors, and so great Plastic Surgeons and Cosmetic Surgeons out there. But we also look after some of the biggest home improvement companies in Australia as well, we provide services to them, we also do funding to a key group of two of us out there that are in the jewellery association of Australia. So we also try to make magic and get a few more people married out there. Yeah, yeah, there’s a big vertical of what we do, the majority of our relationships are in the medical space. But yes, the funding platform I provide is available for a whole myriad of different business structures out there in Australia, we look after about just under 1900 businesses nationally now.

Trish 

Wow, wow and what, I have not heard one person say anything negative about TLC, it’s always really positive stuff and I guess that’s a testament to you, as well, because you know exactly what the client wants, what the business needs so you can kind of marry those two things together and provide a hassle free solution for patients basically.

Tim 

Well, oh, that’s very sweet of you saying that. And, look, the one thing that I have to compete with is, we’re not a big corporate conglomerate, we’re a small, private business, there’s nine of us in the business in totality. The one thing that we strive upon is service, service is absolutely key, if someone’s walking into a clinic, and being offered a $20,000 treatment, that service needs to be reciprocated through TLC and that’s what I think a lot of businesses and trust with us is that they know that we look after the client from start to finish. And from that perspective, it gives them an element of, I suppose, privacy, because, exactly, because at the end of the day, it’s a free service and if you can give your business 10 to 30% growth, then that’s a hell of a lot better than using a interest free option that’s going to take 10% of your costings and structures and from that perspective, it’s a great business model opportunity for the businesses out there.

Trish 

Yeah, totally and so I was gonna just say, so if someone was thinking, Oh, yep. Okay, is it a big deal, I’m looking at the stuff that you say sorry, when I say it’s a big deal, like sometimes people think, Oh, my God, this is just too much hassle, not I’m not going to worry about it for now and then they spend the next five years with that, Oh, my God, I wish I’d done this and just the extra head crap that you just don’t need, but just looking at what you need. So when someone was needed, basically all they needed to have was to be able to apply for finances, things like your, your pay slips, like your ID, bank statements. 

Tim 

Basically, you just have to be able to show. So obviously, under responsible lending, we have to adhere to a couple of things. One is you’ve got to be able to show that you can afford the minimum payments, and also the other with the other living expenses and overheads you currently have and you can’t have too many financial issues in your bank account, like delinquencies and miss payments as such but there are instances where there are legitimate reasons as to why these things have happened and that’s why we go to the As degree for our businesses, because we talk to the client, and there could be a reason, someone’s changed job, and they’ve gone from fortnightly to monthly payments, and they’ve missed a few payments in their bank accounts. Normally, banking systems will go automatic, sorry, we can’t assist you for delinquencies, where we’ll look at the other side of the opportunity because we actually talk to the client and find out exactly what’s going on. So because of that, it gives the client an elevated point of thank God, someone here is actually trying to look after us and the one thing that I kind of always look as a level of is the testimonials that we get back from our clients, and we’ve had clients that be waiting five years to get right up, plus the treatment that caught us up a year after treatment, and let us know that they’ve been engaged and got engaged and it’s an amazing thing for my team to hear, or someone was successful with their IVF treatment, and they mail us back eight months later and guys, you know, thank you so much for going to that level to assist us. So, we don’t look at people as numbers, but as people, they’re getting treatments and life changing procedures that are going to allow them to move forward in life, because obviously, some of these things can be stumbling blocks for them.

Trish 

Totally. And so for patients, you can do payment plans from 2000 up to 250 grand, is that right? 

Tim

Yeah, that’s right. 

Trish

All right. But TLC also has a commercial division, doesn’t it? So like, the business, is that right?

Tim 

Yeah. So we work really closely with BTL, which has been around for about three years and we provide a commercial funding arm for them, they provide a great service out to the market space, and their medical device equipment, really do seem to get the most amazing results for patients, my wife and I personally use them as well, it’s another extension to the business option so we do get from time to time businesses call up and go, Timmy, we’re looking at doing another fit out in the clinic and because they’ve got a relationship with us, we take care of them on the back end, to make sure that, that’s done fluidly and obviously, again, we are very, very impressionable, and the touch points, we make sure that they know exactly where they’re at, with getting funding for stuff like that. So, yeah, we do a huge amount of assistance in the dental space as well, for clinics that need to get new dental chairs or expand out their operations. 

Trish

So if someone had a business and they needed a new device, or something like that, they can come to TLC and get the finance to apply for the finance through TLC. Is that right?

Tim 

Yeah, that’s correct. Absolutely.

Trish

Okay. Okay. So if you need to, you know, if you want to take your business to the next level, you just can’t afford it. And you know what, I believe that as a business owner, myself, I believe that you’re actually better off to have a lot of that stuff on higher purchase.

Tim  

Yeah, use the cash flow for growing and marketing your business and there’s no point buying an asset, cash, if you can write it off and depreciate it off your balance sheet and claim the GST back on it. So there’s a whole different opportunity of using commercial funding as a foot forward so that you’re not eating into your cash flow. So many businesses over the last two decades, I’ve spoken to that have put their own cash into new clinics and then go Oh, my God, I didn’t realise the startup was going to be so hard because sometimes it can take three or four months to start generating good revenue.

Trish

Okay. Even when I started plastic surgery, I’m in hindsight, instead of using our savings, why didn’t I get a loan? And that way, it would have all been tech, whereas this way, it’s just been a loan out to us that we’ve not been able to pay back, but at least.

Tim 

Yeah, yeah, a lot of that situation is a lot of people, again, don’t understand that specific market space. And it’s important to talk them through those motions, Trish. And unfortunately, it’s not readily available for the regular person, is it?

Trish 

No, I will not say I think I think people just don’t know that it’s out there. Like unless it’s up to other people to it’s up to word of mouth, really, for the people don’t go looking for it online. Once they heard that, I didn’t know that I could do that and it wouldn’t affect my credit rating, because they’re going to check if I can get the credit first before we even put an application in which is a bonus. Yep. We’re not the checkout I mean, whether that person is going to be eligible or not, which means it’s not going to show on it. Yeah. Not gonna show on their credit history that they’ve applied for some finance and yeah, I love that. And I just want to ask you something else, so I love that you’ve got a really personal team and I think that’s the secret to see the fact is you actually, when you apply to so you kind of join a community in another community, but it’s like, Okay, welcome to the family, we’re going to help you as much as we can kind of thing. Sounds very mafioso doesn’t it? Anyway, you know what I mean? Welcome to the family thing.

Tim

You know, I am blessed with having a really good team. I’ve got a great office manager, Ella, she runs a very, very tight ship and as a result, we’ve had our biggest month ever in TLC history in March, and it’s a testament to the guys working so hard, they’ll stay back till seven o’clock to speak to a patient to assist them and they really do go to the nth degree, I think that’s such an integral part of my beliefs, attitude and ethic goes so far these days, and I think, a lot of other businesses that use us, build bonds with the team as well, because we actually care about the results for the patient, we want to make sure that they’re happy as well.

Trish 

Yeah. And you know, one thing about myself, sometimes when you apply for finance, you’re or for me, I get embarrassed, it’s like, Oh, my God, I need to apply for finance. It’s like, you know, why haven’t I got this money kind of thing so you kind of a little bit embarrassed. And your team is, like, none of that, none of that crap goes on. It’s just pure no problems, like, let’s do this and there’s nothing condescending or anything like that. It’s just like, Yep, sure, no problem, let’s get you this sorted and it just is a nice feeling.

Tim 

Thank you, it’s a really important thing to make it as seamless as possible. You know, if required, we are more than capable to get funding organised within the same day for quite so many people, especially coming up to these type of months, before Easter, and then, before the July holidays, we get a huge amount of cancellation opportunities for patients where someone will ring us because they go Oh, guys, I now need to have the procedure for Tuesday, can you get it organised and fast, his application to approval settlement was 80 minutes this year, which is amazing. So, the guy’s gone through hoops to try and get the result but we make sure that we’ve done and collect all the right information so that we can facilitate the client, I’d like to say to you know, if it’s not available for the client, we will try get a family member or partner together, apply on the patient’s behalf so that we can get that opportunity.

Trish 

Yeah, sure. So realistically, how long would it take someone to, once they’ve got their paperwork? How long would it take? What’s the, how long is the process?

Tim  

Um, so basically, it really depends on the client, you know, if they provide the information that is required based on their application, it really doesn’t take too long. It’s usually someone who has forgotten about having a credit card under their name that they haven’t used for the last year and they go, Oh, God, I forgot about that. So we do the due diligence, just to make sure that the information is true and correct. You know, we’ll even speak to a client and if they’re in a financial position where some of their structures are on a higher interest rate, we might speak for about, is this an option that you’d like to look at doing a consolidation because actually, it will lower your overall repayments and interest charges. So, you know, we try to give them the best opportunity, so that they’ve got the smallest, the most simplistic repayment, but obviously needs to be able to fit in their budget, that’s the most important thing. Yeah. You know, look, at the end of the day, unfortunately, there are so many new payment options out there that are readily available and a lot of payday type options out there that can charge anywhere between 40 and 80% interest and clients don’t realise that, oh, look, I want to take my boyfriend away for a quick weekend trip and that you found out that they’ve taken that 60% loan, and it’s taken 200 points off their credit file so a lot of people sometimes don’t realise that applying for these things can sometimes really affect your overall credit score.

Trish   

Yep, totally. And one of the things I was going to ask you all probably want to know, before we finish up this, I was gonna ask you how when the money comes through, do you guys pay the doctor directly or just the patient, you give the money to the patient, the patient pays the clinic?

Tim 

Yeah, look 99.9% of the time, we always find the patient, we follow AHPRA guidelines because it’s the patient that we’re assisting here. It also means that there’s no liability back on the clinic whatsoever, because there’s no link to the Credit Act. But also, we don’t require an invoice from the clinic so the amazing thing about our funding structure is we cover every single component, hospital and these puppies, aftercare devices, etc but if it’s emergency case work, in some instances where we’ve had to do register case, dental work and stuff we’ve had directly into the clinic, because they’ve had to do the treatment, same day, but 99.9% of the time, we always fund directly to the patient.

Trish  

That sounds like you go to work, you don’t know what you’re going to get that day, you might get someone who needs money, like before the close of business, and you guys just make it happen?

Tim 

Well, that’s the thing I look, we always update the clinic to let them know. So basically, the process is, hypothetically, Suzy Smith is now finally for $20,000 and then we update to say, I will receive funds in the next 24 hours, the clinic call up a patient to go, congratulations, Susie, and then issue out the request for deposit payments, so they can lock the client in. Sometimes the client pays up front to get everything covered and the great thing is that there is absolutely no stress. It gives the patient complete flexibility to know. Okay, I haven’t got to worry about anything else other than turning up for the treatment and getting the best result. 

Trish 

Totally. And I just want to ask you one more question, because I know that you’ve got to go and I really appreciate the time, but if someone was, say after, say $30,000 the back surgery or whatever and they say, Okay, I need to get $30,000. If I was to come to you tomorrow and say I need finance, what suggestion would you give me as to what term to pay that over like it like always everybody’s every loan, like a one year loan, or a two year or five year or something like that, or that or is some is it all different.

Tim  

So we can do up to seven year or 84 month terms. Generally speaking, we prefer to make sure the patient has complete flexibility in making the payment. But the great thing about it is Trish because we have no exit fees, it allows the patient to make any additional payments at any time. So hypothetically, if we set you over 84 months pay per term, but you have the capacity to pay it off in say three years, then you can make those additional payments as you wish by being paid initially. But obviously, we always try to err on the side of caution because you don’t know what’s coming up in the future, you might have holidays or you know, specific things where you just need a minimum payment and it’s always good to structure it so that it’s completely affordable for people these days, Trish like to keep their lifestyle in check. They don’t like their lifestyle to dissipate at all so they prefer the simple minimum payment for the option that they can pay off in full tomorrow.

Trish

That’s so true. So the general loan term is heavy usage, say I kind of missed that.

Tim

Generally speaking, we do it over 60 months, which is five years. But you know, for bigger treatments, for facelifts or surgery, or other treatments where we try and make sure that there’s good affordability structures, so we can do up to seven years for those ones.

Trish

Amazing. Oh, that’s so good to know. And so good to know, because I do get asked quite often I’m that guy. Yeah, I think it’s two years, maybe five, but I never have a definitive answer.

Tim

For everybody. Exactly.

Trish

Amazing. Look, Thanks, Tim, I got to thank you so much. Like you are definitely a legend in this industry and you’re so good at what you do, like come and at all in the world of finance, that’s for sure. So, um, well done you because how long has TLC been around?

Tim 

So you’ll see it’s been around since kind of started in 2019 end of 2018 but like I said before, I’ve been involved in this space since 2004. Working in and around it and the thing is, is that we love working with innovative and fantastic businesses that are trying to provide these amazing services out to the public and stuff so if anyone needs any assistance, they just leave it as send me an email at [email protected], they can update their clinic info on our website and the list your business. And like I said, it’s a free service, there’s absolutely no charge back to your clinic whatsoever. There’s no liability whatsoever. The great thing about it is it absolutely will create opportunity for patients to be able to utilise the services and options at the clinic.

Trish

Amazing. Thank you so much, Tim. That’s just been so helpful.

Tim 

No problem. Lovely. Thank you for having me.

Trish  

My pleasure. And listeners look so if you do want to find out so it was just T for total, L for lifestyle, C for credit.com.au. (tlc.com.au) You can also give them a call on 1300 045 047. And if that’s not enough info, just send us a DM and message and I’ll put you in touch with them as well. So thank you so much for joining us today, Tim. 

Tim 

Thank you so much. 

Trish  

Have a great day. You too bye.

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Well, like all good quickies it's time to dust off and get back to our day jobs! If you liked the podcast please rate us because we need the validation for our fragile hearts. If you have a story to share or have a burning question you would like us to cover please slide into our DM’s on Instagram at @transformingbodiespodcast. Stay positive, keep your boobs and chins high until we chat again xoxo Trish