1. Overview
This policy details the terms and conditions under which Snapcash (Sequence Industries (Pty) Ltd) issues refunds to customers. This document is governed by the South African Consumer Protection Act (CPA).
2. Eligibility and Payment Disputes
A customer is eligible for a refund primarily when their loan account reflects a credit balance. Handling of Payment Reversals If Snapcash issues a refund, but the customer subsequently disputes and reverses the original DebiCheck or RMS payment through their bank, snapcash reserves the right to take the following actions:
Legitimacy Verification: Snapcash will investigate the legal grounds for both the refund and the bank dispute.
Debt Recovery: If a bank reversal occurs after a refund has already been sent, the account will fall into arrears. snapcash will:
Demand immediate repayment of the refunded amount. Begin formal debt collection, including demand letters and the appointment of collection agencies.
Legal Action: In cases of unlawful disputes or bad-faith reversals, snapcash may pursue a civil lawsuit for breach of contract to recover the funds, including interest and legal costs.
Credit Bureau Reporting: Any unpaid balance resulting from a reversal will be reported to the South African Credit Bureaus, which will negatively impact the customer’s credit score.
Fraud Investigation: If a reversal is suspected to be fraudulent or malicious, the matter will be reported to the South African Police Service (SAPS).
Refund Revocation: If a refund was issued due to a clerical error or misunderstanding, snapcash may request the voluntary return of the funds or attempt to reverse the transaction.
3. How to Request a Refund
Customers must submit a formal request explaining the reason for the refund. This can be done via email or telephone.
4. The Refund Process
Initiation: Contact support at support@snapcash.africa or call +27 10 500 7991. You must provide your account details or ID number.
Review: snapcash will evaluate the claim and may request further documentation to verify the credit balance.
Approval and Timing: Once approved, funds are typically processed within 72 hours.
Disbursement: Refunds are sent back to the original bank account used for the loan disbursement.
Note: Final clearance depends on your bank’s processing times.
5. Common Refund Reasons Refunds are generally issued for:
Overpayment of a loan balance. Errors during the loan disbursement or installment collection. Payments received from customers currently under formal Debt Review.
6. Dispute Resolution
If you disagree with a refund decision, please contact snapcash support to resolve the matter amicably. If a resolution is not reached, customers maintain the right to escalate the matter to relevant South African consumer protection bodies under the CPA.
7. Essential Requirements
Proof of Payment: You must provide a bank statement clearly showing the transaction details to facilitate a refund. Policy Updates: Snapcash reserves the right to modify this policy. All updates will be published on the official website.
8. Contact Information
For any queries regarding this policy, please contact the snapcash Administrative Manager at support@snapcash.africa.