Edgars should be Edgars Con not Edcon

<p>1. 3 May 2017, Cape Town: The National Consumer Tribunal has found that the “Club Fee” attached to Edcon’s Credit Customers is ******** and against the National Credit Act (NCA).</p> <p>According to the National Consumer Tribunal, the NCA does not allow for any other costs, charges or any additional fees to be included in Credit Agreements.</p> <p>Edcon charges an additional R34,00 "Club Fee" on-top of its standard monthly service fee charges on its credit accounts.</p> <p>“It is now settled that the charging of a club fee on credit agreements is not permitted by the NCA‚” said Jacqueline Peters‚ manager of investigations and enforcement at the NCR.</p> <p>An independent audit of Edcon’s loan book will now be requested by the regulator to determine exactly how many consumers should be refunded, dating back to 2007.</p> <p> </p> <p>2. They have life insurance on my account (I think it is from Hollard) – there is supposed to be a cash pay-out every 5 years when you don’t claim – the insurance is if I die the account is paid up in full so that I don’t leave my family with debt.</p> <p>So an employee asked me the other day when I paid my account: “Why do you cancel your insurance every time before you are supposed to get a pay-out? That’s plain stupid”</p> <p>So I told the employee that I’ve never cancelled my insurance on my account – I had the insurance from the day I opened my account and was paying it every month together with all the club charges and interest on my account.</p> <p>So is Edgars conning me out of my insurance pay back as well?</p> <p> </p> <p>I have an account at Edgars from 2009 – which means:</p> <p> Insurance Club fee</p> <p> 2009 R408<br /> 2010 R408<br /> 2011 R408<br /> 2012 R408<br /> 2013 R5000<br /> 2014 R408<br /> 2015 R408<br /> 2016 R408<br /> 2017 R408<br />TOTAL R5000 R3672<br /> </p> <p>GRAND TOTAL R8672<br /> Conclusion: They owe me R8672 or credited on my account WITH 21% interest, because they raise 21% interest on your account monthly and putting extra fees on will increase the interest amount and the total account as well.</p>