In November 2012 I went to Coricraft, Tygervalley and enquired about purchasing items worth about R32 000. I was given a brochure from Coricraft where it outlined what my monthly payments will be for R32 000 which states that the monthly payment for items worth R32 000 will be approximately R1, 206 p.m. (See attached) It also states that at this amount and at 21% Interest pa, the Total Repayment will be about R45 382. This amount seemed fine with me and so I applied for my Coricraft RCS Card which was approved to the amount of R40 000.
I then bought items worth R32 316 with the impression that my Monthly payment including interest will be about R1, 206 as indicated to me over 36 Months. I knew that because I've bought for R316 more than the scheduled price, the monthly instalment will be more than R1, 206 p.m, but at least not more than R1, 281 p.m. as this was the Monthly amount indicated should I buy for R34 000.
When I received my first statement from RCS it indicated that my Monthly Instalment is R1, 517 which is R311 p.m. more than I was made to believe. If I make my own calculations this means that my Total repayment over 36 Months will be R54612 instead of the R45 382 (
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