|.................................................................................Customer Service ..> FAQ|
- All about credit
At OK Furniture we offer the lowest prices everyday – cash or credit. If you choose to make use of the credit option, the Sales Consultant will hand you a Credit Application Form to fill in, or this can be done on-line on the Internet Website. This looks very frightening , but it’s actually very simple. This form is the start of a legally binding Contract, so we will need to see your ID book and an original of your latest wage/salary slip. Make sure you understand everything in the contract, read the small print and ask any questions. The Sales Consultant will gladly help and explain everything you want to know.All we are trying to do is find out if you are creditworthy and by learning more about you, we can establish how much you can afford to purchase, (if buying on credit). Nobody wants to get into trouble over money and we don’t want you, or your family to suffer either.
Make sure you fill in the credit application correctly, with as much detail as possible – this will make the response much quicker. All the information you give us is captured into a Computer, where your details are checked against a lot of data in other Computers in other Companies in South Africa. This is why it is important to have a good credit record, as every Store where you have purchased on credit, reports about your payments. It tells if you have a good credit history, or a bad credit history.
Most credit agreements allow you to pay off your purchase over two years. The exception to this is VCRs, DVDs, Cellphones and Bicycles, which by law, have to paid off over a maximum of 18 months. It is in your interest to pay your instalments regularly and on time, as it will save you finance charges (and improve your credit record). Depending on the number of Contracts in the Computer awaiting authorization and the amount of detail to be checked, credit approval may be as quick as half an hour, or in extreme cases, decisions may take up to three working days. Your Branch will keep you in the picture.
Prime lending interest rates are controlled by the South African Reserve Bank, while the Department of Trade and Industry monitors interest rates levied in accordance with the Credit Agreements and Usury Acts. Interest rates can change, depending on the state of the economy, the inflation rate and the strength of the Rand against other currencies in the world. When you borrow money from a Bank, they charge you interest – calculated as a percentage of the amount that you borrow. It is the same with all other Retailers, including OK Furniture.
If you have bought with us before, or you have a good credit record with other Furniture, or similar Retailers, you may have the opportunity to buy without a deposit. The whole process related to this deal is different to a normal credit agreement, as the loan is financed by a national Bank, with OK Furniture acting as the Agent.
Paying a deposit is actually a good thing as it reduces your monthly instalments. 10% is the minimum required in terms of the Credit Agreements Act and if you have no previous credit history, you may however be requested to pay a higher deposit.20% Deposit
When you buy luxury goods like a VCR, DVD or a Cellphone, the minimum deposit required is 20%.40% Deposit
If you are a non South African Citizen in the country on a temporary basis, you will be asked to pay a 40% deposit and to produce a copy of your work permit and employment Contract. (The Employment Contract must be for a period less than the time remaining on your work permit).
I am a good Customer with OK Furniture and from time to time I qualify for pre-approved credit and yet when I get to the Store my credit is turned down?
This can be very embarrassing, but when we sent you the letter to say that your credit has been pre-approved, OK Furniture’s records at the time reflected that you had a good history with us and that you were not a risk of being over committed.
However to comply with the law, we MUST check your details against all the other Retailers’ computers at the time when you decide on your purchase and if you have recently bought a lot, or missed payments at another Store, it will show up on the Computer and we unfortunately may have to decline the offer – even if you have a good credit record with us. This is the same in all Retail Stores.
In legal language this reads: Pre-approved credit and No Deposit loans are subject to final credit approval in terms of the Credit Agreements and Usury Acts.
At the same time you fill in your Credit Application Form, your Sales Consultant will talk to you about guarantees. There are several kinds of guarantees, all of them designed to protect you.FACTORY GUARANTEE
A Factory Guarantee is provided to cover manufacturing defects. Everything you buy from OK Furniture, has a factory guarantee. Every factory guarantee is for a fixed period of time, for example, from one to twelve, twenty four, or even up to sixty months. This means the Factory that made your product, guarantees the goods and undertakes to maintain these and keep them in perfect condition for this period of time. If you find your purchase breaks, or doesn’t work correctly because the Factory made it badly, or used faulty materials, OK Furniture will arrange for the Factory to repair (and if the problem is repetitive), to replace the goods free – no problem!FACTORY WARRANTY
On some products, such as base sets, when the time of your Factory Guarantee expires, you will still be protected by a Factory Warranty. A warranty is also set for a fixed time, for example from 1 to 10 years and if your purchase is found to be faulty after a few years – say in year 4 of a 7 year warranty – the Factory will pay a portion (4/7ths), towards the cost of repair, or replacement of such goods.
However, if the damage is due to you not looking after your product properly, the Factory will not pay under any circumstances. The warranty also excludes:
· Dirty, stained, unhygienic goods;
For additional peace of mind, and at minimal cost, OK Furniture also provides an extended guarantee on most appliances and home entertainment products. Because labour and hi-tech spares are so expensive, it makes a lot of sense to pay a little bit extra for complete protection, peace of mind and No Problem ownership.
For only a few Rands extra every month, as part of your 18 or 24 month instalment, you can make the Manufacturer’s Guarantee stretch from 12 to 36 months and any repairs will be free for the full 3 year period.WHAT IS COVERED BY AN EXTENDED GUARANTEE?
Appliances, Microwave Ovens, Fridges, Stoves, Washing Machines, Tumble Dryers, Deep Freezers, and Dishwashers.
Home Entertainment: TV’s, VCR’s, Hi-fi’s and DVD’s.
Extended Guarantees do not cover:
· Cleaning of filters in Washing Machines, Tumble Dryers and Dishwashers;
In today’s difficult times, it makes sense to protect yourself and your family against theft, retrenchment, or death. By taking out an insurance policy, the insurance Company pays for you when you cannot. It is law that you must have an insurance policy when you enter into a Credit Agreement, as the goods still belong to the Retailer, until your final payment is made. This may be taken out through OK Furniture, or should you wish and can confirm this, your own insurance may be provided.
Certain conditions apply to all form of insurance cover, wherever you buy it, so make sure you study the small print, and ASK QUESTIONS if you don’t understand anything. It’s your right!
At OK Furniture, we are able to offer you a No Problem package deal at very competitive rates.
Depending on which plan is selected, OK Furniture’s Customer Protection Plan includes:
· Instalment Protection (Death, or Disability Cover);
Temporary Disability Benefit: means that your instalments will be paid during the months that you are off ill, or not paid by your Employer, due to temporary disability, apart from cases of normal sickness and due to minor surgical procedures.
Permanent Disability Benefit: means that the full amount outstanding on your account will be paid, if you are diagnosed as permanently ill, or disabled.
Death Benefit: means the full payment of the balance of your account, in the unfortunate event of your death.
Firstly, your account payments must be up to date. Then within 30 days of a specific event, please go to your nearest OK Furniture Branch and tell them that you need to lodge a claim. They will give you a claim form. If you need help completing it, the Store will assist you … no problem!
Remember, certain conditions apply to all form of insurance cover and the time to ask questions is before you buy – not after! Make sure you carefully study the small print before signing. Don’t be rushed, ask questions and don’t be forced into signing anything you’re not happy about. It’s your legal right!
Temporary and Permanent Disability and Death Claims
If Temporary Disability is claimed, a Medical Certificate, or Doctor’s note must also be handed in. No payment is made for the first 30 days of absence.
If Permanent Disability is claimed, you also need a Medical Report and a letter from your Employer saying you can no longer work.
Where the death benefit is claimed, a Death Certificate must be attached to the claim form.
Retrenchment and Redundancy claim
You must also have a letter from your ex-Employer stating the exact reasons for your retrenchment, or redundancy. Claims for retrenchment, or redundancy, where you knew of, or expected the retrenchment, or redundancy, at the time of entering into the contract, will not be paid.
Loss, or Damage Claim
Your completed from must then be taken to the closest South African Police Station and they will give you what is called a Case Number and stamp the form. You must return this information to the Branch.
Once your credit application has been approved, the Branch Staff will then arrange for your product(s) to be delivered. The Branch Manager decides which truck is going your way and when.
It is an OK Furniture policy that goods sold to first-time Buyers must be delivered by the OK Furniture Delivery Agents, to confirm the address, where the goods are located.DELIVERY
We know that you want your purchase home as soon as possible and we always try to deliver when it suits you. But sometimes things can and do go wrong. Perhaps our Delivery Agents were delayed at a Customer before you, which means the truck will be running late, or maybe a Customer was out at the time of delivery, which means that the truck might be early. Sometimes we have so many things to deliver that we think we’ll be with you on a certain date, at a certain time, but due to the number of deliveries, we run out of time. There are even cases when the driver is off ill, the truck has broken down, or it may even have been hijacked, so if you have any queries or concerns, please contact the Branch Manager, or your Sales Consultant at any time.