The most common and most likely answer to this crossword clue is the 4 plus 8 letter word HIRE PURCHASE
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More clues leading to the result HIRE PURCHASE
Buddy explains!
The straight part
We know that "payment plan" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case payment plan = hire purchase.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does HIRE PURCHASE mean?
HIRE PURCHASE adjective- Alternative spelling of hire purchase