I have recently settled an account with Russells Randburg on behalf of a friend. She cannot afford the repayments. Not having bought anything on hire purchase myself I was horrified to discover just how much Russells/JD Group charges in fees and interest. The initial debt was R9, 473. After the inclusion of an inititation fee, interest at 21% p.a., Comp life ins, comp product ins., club fee and a monthly service fee the goods will have cost close to R26 000! Although compliaing with the NCR they charge the maximum interest rate and fees permissable. I think this is appalling and not in the spirit of nation building. This "poor" person ends up paying 2.7 times what a cash customer pays.
When trying to find out the settlement amount &bank account number I called the call centre many times. On some days could not get through at all, on others I got cut off (many times). Is the call centre overloaded or faulty? The bank account details are not on the statement - strange - nor on the website. The staff I spoke to could not explain and did not understand that Russells are pre-loaded on the banking systems. I am now trying to get confirmation of receipt of payment.
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