Consumers often face problems or disasters that arise from a “quick skim” of the Ts & Cs. While most people know they should read the terms and conditions before signing a document, many of us aren’t inclined to, especially when something we want is dangled in front of our noses.
Rami Sassen, CEO of South African retailer, Teljoy, believes consumers must familiarise themselves with this crucial document or potentially be stuck in a legal quagmire, especially when it comes to credit.
At its core, terms and conditions detail the rules that apply to fulfilling a contract, whether it is an agreement, arrangement or activity. However, reading this information doesn’t always give you a good understanding of what will happen if any of the terms are not met.
According to the Federation Against Software Theft, only 28% of people read the Ts & Cs before installing a piece of software. And admit it, we are all guilty of blindly clicking on “I Agree” without even reading the opening sentence.
Whether you’re buying floor tiles or a television, you must read and understand everything detailed in the document. Not knowing what you agreed to won’t give you any recourse, and this can translate into anything from additional fees or charges around a product, to being responsible for the costs involved in returning a faulty product purchased from, for example, an online store.
When it comes to credit, the Ts & Cs will provide information on the interest you must pay, your annual fees, a grace period (or cooling off period) when you can return a product, and so on. It can also highlight the steps to be taken if you fail to make a payment and the legal ramifications that could result in you being given a negative credit score and even in repossession.
The fine print is one of the most important bits every consumer must read before committing to a purchase. This document is also a tool that can be used to your advantage by providing the peace of mind that what you see is what you are signing up and paying for.
For more information, contact Teljoy via www.teljoy.co.za.
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