National Credit Act
homechoice has always strived to offer you credit in the most responsible
way possible. With the introduction of the National Credit Act (NCA) on
1 June 2007, this became more apparent than ever.
As a homechoice customer, you can rest assured your buying rights are
always protected. We want to shed some light on exactly what the NCA
is all about.
What is the NCA?
The NCA aims to govern the manner in which all credit providers — such as shops, banks and other financial institutions
— offer credit to you, the consumer. Essentially, it is a move to ensure that before getting access to credit, you are able to afford
the product/s you are purchasing, or pay back the loan you are taking, thus offering protection against unscrupulous lenders who
take their customers for a nasty ride without them knowing.
What will you see?
1. Catalogues and promotional material
The instalment amounts you see in your catalogue or product flyers reflect the instalment payable for a particular item. However,
depending on the day you place your order, your instalment may differ from the one advertised! The reason for this is the NCA
requires that we calculate the interest on your account daily, for your benefit.
2. Invoices and monthly statements
You will get a breakdown of exactly what you are paying for each month, in terms of instalments, fees and charges.
Each amount will be clearly reflected on your invoice and monthly statement, along with the total amount due.
Interest is calculated on your daily balance. Therefore it is better to make your payment earlier than month end or to pay more
than your minimum installment, because it reduces the interest charges. If you pay less than the minimum amount or make a late
payment, your interest charges will increase and you will end up paying even more for your goods.