Old Mutual Finance (RF) (Pty) Ltd - NCR Reg No: NCRCP 35 | FSP Reg No: 25494 - © 2017
Legal Disclosures | PAIA | Report Fraud
Select one of our frequently asked questions below to read more on the subject.
Our personal loans work as follows:
Interest Rate - Each customer's situation is unique. The interest charged on your loan will be calculated based on your personal credit profile.
Monthly Service Fee - A standard monthly service fee is applied to all loan accounts and is charged on a monthly basis.
Credit Life Premium - A credit life premium is charged monthly and the premium is based on the rand value of your loan at the time of application
If you apply online and have all required documents and you qualify, we will pay out the loan and notify you via SMS within 24 hours of your loan application being approved.
Credit life is an insurance policy that provides cover in respect of your loan in events such as death, disability or retrenchment.
Old Mutual Finance is entitled to require you to take out credit life insurance to ensure the loan is repaid if you die, become disabled or are retrenched. Old Mutual Finance has arranged a policy through OMART, which is an Old Mutual insurance company.
You can either take this policy or provide your own policy when you apply. Not any policy will be accepted by Old Mutual Finance. It must be a policy that provides at least the same protection to you and Old Mutual Finance. Therefore it must cover at least the outstanding balance in the case of death, or permanent disability, if you are temporarily disabled it must cover the instalments for 24 months and if you are retrenched, it must cover the instalments for at least 12 months. It must also not have unreasonable exclusions or waiting periods.
If you know that you will be retrenched when you take out the loan and the cover, the policy will not pay out. If you injure yourself on purpose or commit suicide, the policy will also not pay out. If the disability or death is as a result of existing medical conditions not disclosed, exclusions will apply.
The credit life policy summary is available for you to read and you will get a copy. The cost of the credit life cover will be shown to you when we provide you with the loan offer.
If you have any further questions regarding the credit life policy or you would like to use your own policy, we need to refer you to a specialist to assist you, before we can finalise the loan. Please call them directly on 0860 000 886.
We look at your previous credit record when assessing your loan application; if you don't have previous debt we may not be able to proceed, but we will consider your personal circumstances and let you know what the outcome of your application is. You may only qualify for a small loan until you have built up a good track record.
We are able to offer you an affordable, yet innovative solution Download the Money Account Fee Structure.
Yes, if you are an existing Money Account holder, the biological parent or legal guardian of the child and the child is between the ages of 7 - 17 years.
You can open an account for a minor at your nearest Old Mutual branch and will need to bring along the following:
Parent
1) Parents original ID
2) Minors Original Birth Certificate (Unabridged/Abridged - surname should match parents surname)
3) Your cellphone
4) Cellphone number for the minor
Guardian
1) Guardian original ID
2) Minors original Birth Certificate
3) Proof of guardianship court order/certificate of adoption
4) Your cellphone
5) Cellphone number for the minor
We offer you unlimited free swipes because we want to encourage all our customer's to consider the more affordable safer, cash free lifestyle. But we do understand that at times, you will need some cash.
Your daily transactional limits are:
We encourage you to swipe because you have access to unlimited swipes with zero transactional fees. But we do understand that there are times when you need to get cash so, we made it easy for you.
1. Cash deposits
Cash deposits can be made at any till point of a Shoprite, Usave, Checkers, Boxer or Pick 'n Pay store.
To make a card deposit at Pick n Pay or Boxer stores, follow these easy steps:
To make a mobile deposit at any of the Shoprite, Checkers or USave stores, follow these easy steps:
2. Electronic fund transfer (EFT)
You can do an EFT into your Money account by using your Money Account banking details.
3. Switch Your Salary and Debit Orders
Step 1: Open an Old Mutual Money Account.
Either online or at your closest Old Mutual branch.
Step 2: Switch your Salary
To make sure that your employer or HR team has the correct details of your new Money account, simply fill out the MoneyAccount Mandate Form and email it back to us.
Step 3: Switch your debit orders
Let us take the hassle out of switching your debit orders. Just download the Debit Order Switching form and Annexure 1 form , complete these and return them with a copy of your ID to your closest branch. Alternatively, you can email your documents to MASwitching@omfinance.co.za.
You can submit these documents at your closest branch or email them to MASwitching@omfinance.co.za.
Old Mutual Money Account is a transactional product which is offered by Old Mutual in association with Bidvest Bank Limited.
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You can reset your cell phone banking Pin, in the branch or through the Old Mutual Money Account service center on 0860 222 252. A one-time PIN will be sent to you via SMS. You will then be required to enter this one-time PIN and set your new PIN.
Contact the Old Mutual Money Account Service Centre on 0860 222 252 to reset your Internet Banking password. Make sure that you have your cellphone with you. You will be required to validate the instruction to have your password reset. A one-time password will be sent to you via SMS. You will then be required to enter this one-time password and set your new password. The internet banking password can be reset with the mobile app.
R25.00
No, you can only transfer money to your SAVE account from your SWIPE account. This transaction is free so start saving today.
Yes Money Account Card is a VISA card and can be used internationally. The service centre should be informed of your travels and which countries you will be visiting. Our service centre number is 0860 222 252
You can reset your card PIN on the Old Mutual Mobile App or on Internet Banking. Alternatively please visit your nearest Old Mutual branch with your ID document or Smart ID card.
Knowing a credit status allows a person to know in advance what the potential is to get a good loan and a favourable interest rate, subject to the Terms and Conditions of the company taking the risk lending you the money. Furthermore,
Your credit report is a document created to record your credit history and credit worthiness. It's compiled by a credit bureau and keeps details regarding your account history and paying habits along with some personal information such as your name, address, employer and ID number as reported to it by different credit providers that you borrow money from. When you apply for a loan, credit providers will access your credit report for information and consider your repayment behaviour when making a decision on granting you a loan.
Your account history is a record of your accounts and how you pay them (i.e. missed payments, payment on time, legal action). It also includes the outstanding balance, monthly instalment and opening amount on each account. This information often determines credit providers' decisions on granting loans.
Credit providers (i.e. banks, stores, etc.) access your credit report when you apply for a loan or other credit products. They will ask your consent to conduct a credit check and they use this information to determine whether your credit will be approved. The information on your credit report (i.e. your account history) can affect their decision and influence the amount and interest rates they offer you.
Yes you can. You have a right to obtain one free credit report during your birth month or the month thereafter from the Credit Bureau. You can either view it online or request it directly from them. You can also request your FREE credit report from any Old Mutual Branch. Our Financial Consultants are trained to not only explain your credit report to you, but also to help you with financial education. You are welcome to visit any of our branches for assistance.
Old Mutual uses the score from Experian as part of their bigger calculations to see if you will qualify for a loan.
An option for you to consider would be to consolidate your debts into a single payment. Not only will you not have all different amounts coming off your account throughout the month, but also your interest rates could be better. Visit any of our branches and speak to a Financial Consultant about a consolidation loan. Alternatively, settle up some of your smaller accounts to make your debt more manageable.
Default data is negative information supplied to the Credit Bureau by the stores, credit providers or banks if you do not pay your accounts on time or miss payments. A default remains on your report for one or two years depending on the description of your default. Arrears is the total amount that you have not paid on an account, this is the sum of your missed payments.
Each store or bank has its own policies. In order for a credit grantor to submit a default, they must:
The best that can be done is to pay up the amount that is owed to the credit provider. This may sound hard but generally credit providers are still willing to help at this stage. Contact them and explain to them that you are in financial distress and ask them if you can restructure your payment, there is a good chance they will agree. Just remember, if you then default on the new restructured agreement they may not be so forgiving.
When you fall behind with your accounts or fail to make payments and fail to respond to reminder letters the stores, credit providers or banks may apply for a court judgment. A judgment is granted when a court has ordered that you make payment on the debt or outstanding account. A judgment remains on your report for 5 years.
The best thing to do is to pay the agreed upon monthly amount as set out by the court order. You can attempt to contact the credit provider to restructure the payments to make it more affordable for you, but the credit provider may not agree as you have already missed many payments. It's important that you make the payments set out by the judgement. If you continue to miss payments, the credit provider might apply for a garnishee/emolument* order. (*see number 14 below for further information)
The credit provider should have informed the credit bureaus that the judgement has been paid, but that isn't always the case. You have a couple of options on how to proceed:
This is a legal judgement that is given to your employer forcing them to pay the debt on your behalf. This means that the monthly payment is taken from your salary before you even receive your money. This is why it's important to make sure that you do not get to this point. If you find that you have a garnishee/emolument order on your payslip that you are not aware of or was not communicated to you, please contact the Credit Ombudsman (0861 662 837) for assistance in taking the matter further.
Different credit providers will have different systems, these will be in the agreement documents that you signed. That being said, they will only get to this point if you have missed multiple payments. If you pay the agreed amount on time they will not take this action.
It's important that the information on your credit report is accurate as it will affect how credit providers grant you credit. If any of the information is incorrect, inaccurate or if any of your details have changed you should contact your Credit Bureau to get this updated. If this hasn't been resolved in 20 business days, contact the Credit Ombudsman (0861 662 837).
Your credit provider may not have sent through an update to the Credit Bureau. Follow these steps to update your information:
Whenever someone queries your credit, it leaves a footprint and should give some details. Use these details to contact whoever is involved and ask why they were accessing your credit report. Nobody can access your credit report without consent. If you cannot get hold of the company, contact the Credit Ombudsman (0861 662 837).
No, every individual has his/her own credit report even though you may be married in community of property.
This is because it's a legal document. The National Credit Act requires credit providers to write their credit agreements in plain language. Make sure that you read your agreement and understand what it means. Don't be scared to ask questions. It's important that you understand the agreement before you sign it.
This is probably due to interest. When you take out credit, there will be an interest rate that is included in the monthly payment. Make sure that you understand what this interest rate means before signing any credit agreements.
Firstly it's important to know when this happens. You should obtain your free credit report at least once a year so that you can see if anyone has made purchases using your ID. Visit your nearest Old Mutual branch to request your FREE credit report or access it online from one of the Credit Bureaus. If you find an account that you didn't open, follow these steps:
Contact SAFPS (0860 101 248) immediately and explain your situation to them.
| Categories of Consumer Credit Information | Description | Maximum Period |
|---|---|---|
Details and results of complaints lodged by consumers. | Number and nature of complaints lodged and whether a complaint was rejected. No information may be displayed on complaints that were upheld. | 6 months |
Enquiries | Number of enquiries made on a consumer's record, including the name of the entity/person who made the enquiry and a contact person if available. | 1 year |
Payment Profile | Factual information pertaining to the Payment Profile of the consumer. | 5 years |
Adverse classifications of enforcement action. | Classification related to enforcement action taken by a credit provider. | 1 year or within the period prescribed in section 71A. |
Adverse classifications of consumer behaviour. | Subjective classifications of consumer behaviour. | 1 year or within the period prescribed in section 71A. |
Debt Restructuring | As per section 86 of the Act, an order given by the Court or Tribunal. | Within the period prescribed in section 71 (1) of the Act or until a clearance certificate is issued. |
Civil Court Judgments | Civil Court Judgments including default judgments. | The earlier of 5 years or until the judgment is rescinded by a court or abandoned by the credit provider in terms of section 86 of the Magistrates Courts Act 32 of 1944 or within the period prescribed in section 71A of the Act. |
Maintenance judgments in terms of the Maintenance Act 99 of 1998. | As per the court judgment. | Until the judgment is rescinded by a court. |
Sequestration Order | As per court order. | 5 years or until rehabilitation order is granted. |
Rehabilitation Order | As per court order. | 5 years |
Administration Order | As per court order. | 5 years or until order is rescinded by court. |
DebiCheck is the name for a specific process to collect customer payments from their bank accounts. This is more safe and secure than current debit orders. A DebiCheck mandate must be confirmed electronically once-off at the start of your contract. You confirm the details of the debit order with your bank before it gets processed to your bank account.
For DebiCheck debit orders, you will receive a request from your bank to confirm the debit order via your cellphone, your bank's ATM or internet banking, related to the new loan contract you have signed with us. Your bank can then verify your loan information every time before the debit order is processed to your account. If the information is correct, the debit order will be processed. If not, the debit order is rejected.
You do not need to change or update your existing debit orders. For new DebiCheck debit orders, you will need to check and confirm the new debit order information in the manner requested by your bank. Make sure you recognise and are comfortable with the creditor, the debit order date and the amount to be debited before you accept any mandates. For your protection, we ensure that all new loan debit order mandates are approved by you before a loan is paid into your account.
No, your bank will never send you a link or ask that you provide your card PIN, password or personal details. You must always keep these safe. A request like this may be a form of phishing. If you are not sure, please check with your bank.
One of the primary means of contacting you to perform a DebiCheck confirmation is via your cellphone. Remember, DebiCheck puts you in control and allows you to confirm your DebiCheck debit orders for new loans, directly with your bank. For this to happen, your bank has to know which number to contact you on. Please make sure your bank has your correct cell phone number.
Yes. As an Old Mutual Money Account customer you will be able to approve DebiCheck debit orders for products or services from another bank or credit provider who uses DebiCheck.
You can approve or reject DebiCheck debit orders using Internet banking or Cellphone banking - dialing *120*257#. If you need help with using these options, call us on 0860 445 445.
You can contact your bank, dial OMF's customer service centre at 0860 445 445 or visit www.debicheck.co.za.
Send Money is a functionality where you can send money to someone who doesn't have a Money Account, or even another bank account.
The money can be collected from a cashier at any Shoprite, Checkers or Usave store.
You can send money to anyone with a valid South African cellphone number - including yourself.
Money Account customers identified a need to send money to non-Money Account holders.
*Remember to send the 4-digit secret code to the recipient.
There is a R12 fee for every Send Money transaction sent via USSD or the Old Mutual Banking app. This fee will be charged whether the recipient withdraws the money or not. This fee will be deducted from the Sender's Swipe account.
South African Shoprite, Checkers, Checkers Hyper, Usave, K'nect, OK Furniture, House & Home and selected OK Foods Franchise stores.
A sender can have five active vouchers (in total) sent at a time. More vouchers can be sent after at least one of the five active vouchers have been redeemed.
Old Mutual will send the voucher code to the cellphone number you selected but it is your responsibility as the sender to send the secret code to the recipient of the voucher.
Yes you can by going to "Resend Send Money" under "Send Money". Only voucher codes for valid vouchers can be re-shared with the intended recipient and it will cost 50c to resend the SMS. This fee will be deducted from the Sender's Swipe account.
It is important not to disclose the voucher and secret code to anyone other than your intended recipient. If you experience any issues please contact the Old Mutual Service Center at 0860 222 252.
Only the Sender can cancel an unredeemed Send Money voucher by contacting the Old Mutual Service Center at 0860 222 252. The recipient of the voucher will be notified of this cancellation.
Terms and Conditions can be viewed at: https://bit.ly/omsmt and needs to be accepted by the sender for each Send Money transaction sent.
The voucher will expire if not redeemed within seven working days (at midnight on the seventh working day) and the voucher amount will be credited back to the customer's Swipe account. The R12 fee charged for the Send Money transaction will still be charged.
Customers will need to go to their respective app stores to download the latest version (Version 7.6.0 or later) of the Money Account Banking app to use Send Money.
You can apply for a personal loan online. Apply Now.
We have over 300 branches nationwide. To find your nearest Old Mutual branch, click here.
Click here to go to the 'Contact us' page to see all the ways you can contact us.
Old Mutual Finance (RF) (Pty) Ltd - NCR Reg No: NCRCP 35 | FSP Reg No: 25494 - © 2017
Legal Disclosures | PAIA | Report Fraud
