Urgent | “Value” customers are in trouble… the installments payment system is broken, and the company is asking them for late fines

Customers of the “Valu” company for the services of installment purchases were shocked, after they paid the value of the financial installments that they owed to the company before the specified dates, and the company confirmed that they had received that money, but they were surprised, days later, that it was asking them for the installments that they owed with delay fines.

Sameh Al-Sayed, one of Valu’s customers, said that he had paid the value of the financial installments he owed to Valu via its electronic application on time, but a few days later he discovered that the installment had not been paid, but rather, delay fines were added to him for being late in paying it.

Al-Sayed continued, I tried to contact Value customer service via the electronic application, the hotline, or messages via their Facebook page, but no one contacted me, indicating that every day he incurs delay fines that exceed the value of the installment.

Ahmed Anwar said that he discovered that the installment was loaded with late fines amounting to EGP 1,000 above its value, and that the company is asking him to pay the installment and delay fines.

Al-Fajr learned from its own sources that there was a breakdown in the company’s system for collecting the installment funds, as the system did not record the installments paid by the company’s clients.

Al-Fajr tried to communicate with Walid Hassouna, CEO of Valu, to inquire about the reasons that led to the failure of the private system, and whether it was due to an electronic hack or some other reason, and what is the fate of the customers who paid the value of the installments they owed to the company and are currently required to pay them, which are loaded with the value of delay fines. But he did not answer.

One of Valeo’s clients said that he was surprised by a message from Valeo asking him to pay the value of the monthly installment, but he was surprised that the value of the installment was increased every month, as he discovered that the company had imposed delay fines on him, although the date for paying his installment had not yet come.

He added, “Value’s customer service is very bad. I am trying to contact them to find out the truth of the matter, but no one answers. This is the last time I will deal with the company, especially as it requires high interest rates, in addition to the fact that there are better companies that have appeared in the consumer financing sector.”

Legal sources confirmed to Al-Fajr that in the event that the customer pays the value of the monthly installment, and the company refuses to acknowledge this matter, he must go to the Financial Supervisory Authority and file a complaint with the company.

And the FRA had issued Law No. 18 of 2020 regarding the regulation of consumer financing activity to impose control on the activity of financing the purchase by installments of goods in Egypt by controlling the relationship between the consumer and the providers of consumer goods and services from companies, regulating this activity and including it under a supervisory umbrella.

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