Money arriving in the account can differ from the financed balance. Ask for a breakdown if charges or cover are financed or deducted.
What to check
- Net transfer
- opening balance and itemised charges
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
A decision to avoid
Budgeting from the advertised amount rather than the actual payout.
A calculation you can check
Illustration only: cash received R2 000; three payments of R750; a separate required charge of R50. Total paid = 3 × R750 + R50 = R2 300. Difference from cash received = R2 300 − R2 000 = R300. This difference is not an annual interest rate. Include the charge only if it is outside the three payments; do not count it twice.
Questions about this decision
What should I check first?
Money arriving in the account can differ from the financed balance. Ask for a breakdown if charges or cover are financed or deducted.
Which information do I need for this decision?
Net transfer, opening balance and itemised charges.
Which mistake should I avoid here?
Budgeting from the advertised amount rather than the actual payout.
How do I check net transfer?
Locate the actual dated record for Net transfer. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
How do I check opening balance and itemised charges?
Locate the actual dated record for opening balance and itemised charges. Compare it with the other records in this checklist; ask the organisation responsible for any unexplained difference.
What should I do if a required detail is missing?
Mark it as unresolved. Ask for that precise detail before choosing; do not substitute an advertised example for your own document.
What is the next practical step?
Use the written quote to separate cash received, scheduled payments and charges outside those payments. Keep a calculation with each quote.
How can I verify the explanation?
Use the documents listed above. Check quoted amounts and dates in the original record; use the official reference links for the organisation’s guidance.
