CASH BACK FOR LOAN PAYMENTS

We're here for you during this difficult time and are giving qualifying customers a percentage of their balance back in cash for the duration of the cash back benefit period.

To qualify for cash back, you only need to make three or more consecutive payments before 30 June 2020. The percentage you get back depends on how many consecutive payments you've made and whether or not you're an active Money Account customer.

*Active Money Account customers earn double the cash back.
Calculation: Month-end outstanding balance*cashback percentage/12
Covid 19 Cash Back Benefit Terms and Conditions
  • You will receive a percentage of your loan balance back [1] if your third and/or subsequent consecutive agreed monthly instalments are paid towards your outstanding loan balance during the period 1 April 2020 to 30 June 2020.
  • Your percentage cash back is based on the number of consecutive payments made to date as set out in the table above.
  • If you are an active Money Account customer [2] , you will receive double the cash back benefit.
  • You will receive the cash back benefit retrospectively the month after the qualifying instalment was received. The money will be paid into your bank account that is being debited for repayment of the Old Mutual Finance loan as per our records on the date of payment.
Eligibility

You will be eligible for the cash back benefit if:

  • You have an active loan with Old Mutual Finance.
  • You pay your third and/or subsequent consecutive agreed monthly instalments in the period between 1 April 2020 and 30 June 2020.
Exclusions

You will not qualify for the cash back benefit if:

  • Your loan is under Debt Review or subject to an Administration Order.
  • You have submitted a Credit Life claim in respect of your Old Mutual Finance Loan.
  • Your loan account is in a Pre-Legal or Legal Collection stage for reasons related to your payment default.
  • No cash back benefit is payable on the last monthly instalment that settles the outstanding balance owed to Old Mutual Finance in respect of your loan.

Note:
Agreed monthly payments towards a previous Old Mutual Finance loan which was settled by us internally as part of a subsequent loan agreement with Old Mutual Finance is taken into account to determine eligibility as the loans are regarded as one continuous loan for purposes of the cash back benefit.


[1] Calculation: Month-end outstanding balance*cash back percentage/12
[2] A customer who used their Money Account for 5 or more external debit transactions in the month that the instalment which qualifies for the cash back benefit was received. External debit transactions are card or non-card related transactions that are debited to the Swipe Account and includes: swiping your card at Point of Sale (POS); ATM and retail cash withdrawals; beneficiary payments; debit orders; online purchases and airtime, data, SMS and electricity purchases.

[3] The period during which the cash back benefit is on offer and the eligibility criteria therefore may be amended at the sole discretion of Old Mutual Finance (RF) (Pty) Ltd.