I wanted to purchase a lounge suite from H&H Newcastle, they quoted me in store & they include the "mandatory" credit life insurance, the purchase price is R9999.00, where I wanted to pay a deposit of R6000.00 which meant that H&H (Rainbow finance) would be financing the difference of R4000 admin fees etc, when it comes to (CLI) for the quote the cost for that alone is just over R4000, therefore my total owing is the finance value, interest and the CLI. Now where does the cost for an insurance policy of R4000.00 for an amount owing/financed of R4000.00 plus interest etc. When H&H does another quote for an item that costs R4000 with no deposit on their system the CLI comes to around R1600. One would think that anyone with half a brain would realise that there is a problem with the system and the pricing yet management would just agree that that is the way the system is and even agree that the calculation for this insurance is correct. In a nutshell both quote examples have the same net result that I am only financing R4000, CLI varies significantly for both, people are getting if they don't notice this. I want to buy furniture not an insurance policy..
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