Complaint regarding PayJoy – Concern about total cost and outstanding balance

I am writing this complaint because I am extremely unhappy and confused about my PayJoy agreement.

I financed an Honor 200 Lite through PayJoy. At the time, the phone was worth approximately R4,000, but according to my agreement, I am required to pay a total of approximately R8,043, including my deposit and weekly payments.

My weekly payment is R192, and I have been making payments towards the agreement. However, I have recently checked my account and I am still showing an outstanding balance of over R4,000.

I understand that financing comes with additional costs, but I feel that the overall amount I am paying is extremely high compared with the actual value of the phone. I would like PayJoy to provide me with a clear and detailed breakdown showing:

• The original amount financed • All fees and additional charges included in the agreement • All payments I have made to date • Any arrears, penalties or other charges on my account • My exact outstanding balance • The amount required to settle the agreement in full

I would also like an explanation of why the total cost of the agreement is approximately double the cash value of the phone.

I am not refusing to pay my agreement. I simply want transparency and a clear explanation of exactly what I am paying for and why my outstanding balance remains so high.

I would appreciate PayJoy investigating this complaint and providing me with a detailed written response.