1 reviews | Active since May 2016
Worst payment plan ever
I am extremely frustrated with my experience with Float and the lack of resolution despite trying to resolve this matter for more than a week.
I made a purchase at Polo using Float, expecting to pay through monthly instalments. However, two amounts, R318.50 and R955.50, were deducted separately from my account and initially both showed as pending. The R318.50 has since been released as a payment to Float, but the R955.50 has remained pending against my available credit since 26 August. I have effectively paid the full balance, yet R955.50 is still being held as pending. I even tried making a payment when my account had a zero available balance, but it could not go through because the funds were unavailable.
I contacted my bank and requested that they release the pending amount to Float. The bank advised me that I need to obtain an authorisation letter from Float confirming that the pending amount can be cleared. They further confirmed that the amount is currently hanging and will remain pending indefinitely until Float provides this authorisation. Once they receive the letter, they will be able to release the funds.
I therefore request that Float urgently provide the required authorisation letter to my bank so that the R955.50 can be released without further delay. I have already paid the full balance, so I do not understand how this is still being treated as an instalment transaction when the full amount has effectively been taken from my available credit.
Secondly, I also made another purchase where items were returned and a refund was processed. However, my Float instalment amount has remained unchanged. The store has provided me with email confirmation that they submitted the request to Float to adjust the instalments, but no adjustment has been made.
I have been trying to resolve both issues for more than a week, with no satisfactory resolution. This has caused unnecessary inconvenience and financial pressure because funds that should be available to me remain tied up.
Please urgently investigate both matters, provide the authorisation letter to my bank, and correct the instalment amount relating to the refunded purchase. I am extremely disappointed with this experience. Float is advertised as a monthly instalment payment solution, but in my experience the way these transactions have been handled has defeated the purpose of using an instalment plan. At this stage, I do not feel confident using Float again.
Thank you for sharing your feedback. We're truly sorry to hear about your experience. We value your input and are committed to assist you adequately.
Float is a card-linked instalment platform that lets you split any Visa or Mastercard credit card purchase into an interest-free monthly instalment plan. While we do reserve the full amount on your credit card, only the first interest-free instalment is charged, and the reserve then reduces as you pay each instalment.
The core benefit of Float is that it allows you to make big purchases without being charged the full amount upfront, which gives you time to manage your credit card repayments instead of dipping into your cash.
We make sure to explain this process in detail in our "How it Works" pop-up, the instalment schedule at the time of purchase, follow-up emails, and on our website. The goal is to ensure that you can manage your finances easily without taking on any new credit or facing additional charges over your purchase price.
We hope you can understand that we cannot instruct your Bank to refund/reverse any reserve whilst your instalment plan is still active.
Refunds are always initiated and processed by the merchant you purchased from. Once the merchant confirms and notifies us of the refund, we immediately adjust the instalment plan and ensure everything on our side is updated. At this stage, we had received formal confirmation of refunds from the merchant, and we had processed this accordingly.
We are disappointed to hear about your experience but value your feedback. If you have any further concerns, please reach out to us on *********** so we can adequately assist you. We believe that one of our agents are already communicating with you to try address your concerns and assist.
Regards,
The Float Team
Thank you for sharing your feedback. We're truly sorry to hear about your experience. We value your input and are committed to assist you adequately.
Float is a card-linked instalment platform that lets you split any Visa or Mastercard credit card purchase into an interest-free monthly instalment plan. While we do reserve the full amount on your credit card, only the first interest-free instalment is charged, and the reserve then reduces as you pay each instalment.
The core benefit of Float is that it allows you to make big purchases without being charged the full amount upfront, which gives you time to manage your credit card repayments instead of dipping into your cash.
We make sure to explain this process in detail in our "How it Works" pop-up, the instalment schedule at the time of purchase, follow-up emails, and on our website. The goal is to ensure that you can manage your finances easily without taking on any new credit or facing additional charges over your purchase price.
We hope you can understand that we cannot instruct your Bank to refund/reverse any reserve whilst your instalment plan is still active.
Refunds are always initiated and processed by the merchant you purchased from. Once the merchant confirms and notifies us of the refund, we immediately adjust the instalment plan and ensure everything on our side is updated. At this stage, we had received formal confirmation of refunds from the merchant, and we had processed this accordingly.
We are disappointed to hear about your experience but value your feedback. If you have any further concerns, please reach out to us on *********** so we can adequately assist you. We believe that one of our agents are already communicating with you to try address your concerns and assist.
Regards,
The Float Team