Ah, those dreaded default fees – which you’ll never have to pay, by the way, if you make all your scheduled payments on time. If you don’t make your payments on time, we won’t be mad at you. However, we will have to add a default fee of R85.00 (incl. VAT) to your account to cover our costs. A further R85.00 (incl. VAT) will be charged for every week that the payment remains unpaid for up to three (3) fee payments. Our default fees are capped at a total of R255.00 (incl. VAT). But, we strongly encourage you to get your payments up-to-date before you get to this point because, at this stage, your details may be passed onto a credit bureau (which could negatively impact your credit score).
Penalties are calculated as follows:
A R85.00 fee is charged the day after you default, and another R85.00 on day 7 and day 14 of the default period. Fees for late payments can reach a total of R255.00.
Please see Section 8 of the terms and conditions on our website.