Incorrect Payment Allocation and Interest Charges

I am writing to lodge a formal complaint regarding the management of my Edgars account (Account Number: 700001001000013471552.

Despite my ongoing efforts to settle my balance, I have noted several irregularities in how my payments are being allocated and how interest is being calculated on my 24-month budget facility. I have called your call centre numerous times and have not been able to find anyone who can provide an explanation to how my account is being managed.

Specific Issues: 1. Expiry of Budget Facility: Several transactions on my 24-month budget facility have now exceeded the 24-month term. These should have been fully amortised, yet I am still being charged monthly interest on these balances. 2. Incorrect Payment Allocation: I have been making additional payments every month with the intent of reducing the interest-bearing budget balance. However, these extra funds are being allocated toward my 6-month interest-free transactions instead. 3. Financial Prejudice: Because the additional payments are not reducing the budget facility as intended, I am being charged avoidable interest monthly while the principal balance remains largely stagnant due to "small" automatic instalments. Why are the instalments on the 24 month purchases not being calculated over the 24 month period. How long am I expected to pay interest on these transactions as some are now over 36 months ! 4. On the April statement you will notice that R995.00 was allocated as payment on the latest 6 month purchase whilst only R37.58 was allocated to the 24 month purchase made on the 14 Dec 2023. This in my view is blatant ***** as RCS is continuously charging me interest on the 24 month transactions beyond the 24 month contracted period whilst allocating all my additional payments to the 6 month interest free transactions.

Required Resolution: I request that RCS conducts a full audit of my account from January 2022 to the present and provides the following: • A detailed statement showing how each payment has been allocated. • Reallocation of my past "extra" payments toward the interest-bearing 24-month budget facility. • A reversal of all interest charged on transactions that should have been settled after the 24-month term. • Correction of my monthly instalment to ensure the budget facility is settled immediately.