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Frequently asked questions
Cancel Myfico: The Right Way
How to cancel Myfico and protect your consumer rights in south africa
What is Myfico and why you might want to cancel
Myfico is a subscription service that provides you with access to FICO credit scores, comprehensive credit reports, and real-time credit monitoring tools to help you understand your financial standing. The platform alerts you immediately when changes appear on your credit report, offers identity theft protection with accompanying insurance coverage, and delivers restoration support if your identity is compromised. You select payment terms that suit your needs-monthly, quarterly, or annual billing are all available.
If you enrolled in Myfico but have since decided the service no longer serves your needs, want to switch to an alternative provider, or prefer to manage your credit yourself, cancelling is a straightforward process. Understanding your refund entitlements and the precise cancellation steps will protect you from unexpected ongoing charges and ensure a clean exit from your subscription.
When cancellation makes sense for your situation
You may choose to cancel if you have successfully improved your credit score and no longer require continuous monitoring, if the monthly fee no longer fits your budget, or if you determine that the service features do not align with your needs. Many users discover that free credit monitoring tools or services offered by their bank provide sufficient visibility. Others cancel because they prefer to monitor their credit less frequently or want to reduce their total subscription expenses.
Cancellation is your legal right
South African consumer law protects your right to cancel subscriptions without incurring penalties, provided you follow the correct procedure and adhere to any stated timeframes. Yafee helps thousands of South African consumers navigate these cancellations every year, and we want you to feel confident exercising your rights when cancelling Myfico.
Your consumer rights under south african law
The Consumer Protection Act, No. 68 of 2008 (the CPA) provides you with substantial protections when you cancel subscriptions and distance services. Understanding these rights ensures you can stand firm if Myfico resists your cancellation or refuses a refund to which you are entitled.
Right to cancel within the cooling-off period
Under section 19 of the Consumer Protection Act, you have the right to cancel distance contracts (including online subscriptions) within 5 business days of the purchase date without incurring any penalty, provided you notify the supplier in writing. If Myfico does not explicitly state a longer cooling-off period in their terms and conditions, this 5-day rule applies as your baseline protection. Save your purchase confirmation email immediately after signing up, as you will need proof of the purchase date if any dispute arises.
Right to clear and fair contract information
Myfico must provide you with transparent, legible information about billing dates, automatic renewal terms, cancellation procedures, and refund eligibility before you pay. If their terms are vague, contradictory, or buried in difficult-to-read text, this constitutes a potential breach of the CPA's transparency requirements. Take screenshots of their terms and conditions at the time of purchase as evidence, should you need to escalate a complaint.
Right to dispute unfair or unauthorised charges
If Myfico continues charging you after you cancel, charges you for services you did not authorise, or processes incorrect charges, you can dispute the transaction with your bank or payment provider. The National Credit Regulator (NCR) investigates complaints about unfair billing practices, and Yafee can guide you through the escalation process. Your bank remains your first line of defense against ongoing unauthorised charges.
Your legal position: You have the right to cancel without penalty within 5 business days. After that period, you can cancel at any time, though Myfico may apply cancellation terms set out in their contract. If charges continue after cancellation, you have the right to dispute them with your bank and lodge a formal complaint with the National Credit Regulator.
How to cancel Myfico step by step
Myfico offers multiple cancellation methods depending on your preference and account setup.
Cancel online through your Myfico account dashboard
This is the fastest method and provides instant written confirmation.
- Navigate to the official Myfico website and log in using your registered email address and password.
- If you have forgotten your password, click "Forgot Password" and follow the email reset instructions.
- Locate and click the account settings or subscription management section.
- This is typically found under "Account", "Settings", or "My Subscription".
- Find the option labelled "Cancel Subscription" or "End My Membership".
- Myfico may prompt you to confirm the cancellation or offer a retention discount.
- Follow the on-screen instructions to confirm your cancellation.
- You will be asked to select a cancellation reason.
- The system will display a confirmation message and send a confirmation email within minutes.
- Save a screenshot of the confirmation page and forward your confirmation email to your personal email address for safekeeping.
- Do not delete this email-you will need it as proof if a dispute arises.
Cancel by contacting Myfico customer support
If you cannot access your account or prefer direct contact, you can request cancellation via email or phone.
- Contact Myfico customer support through their official website or your account statement to obtain the correct phone number and email address.
- Do not rely on contact details from third-party websites.
- Send a written cancellation request via email, or call and ask for the cancellation to be processed immediately.
- Email is preferable because it creates a written record.
- In your email, include the following information:
- Your full name and registered email address.
- Your subscription account number (if visible on your statement).
- Your request to cancel the subscription effective immediately.
- A request for written confirmation of cancellation.
- If you contact Myfico by phone, write down the name of the agent, the date and time of the call, and any reference number provided.
- Follow up immediately with an email confirming the telephone cancellation.
- Retain copies of all emails and written confirmations.
- These form your evidence if you later need to dispute charges.
Cancel by instructing your bank to block the charge
If Myfico refuses to cancel or does not respond to your cancellation request, you can instruct your bank to stop future payments.
- Contact your bank's customer service by phone, email, or through your online banking portal.
- Explain that you have cancelled Myfico but want to prevent further charges.
- Request a stop or reversal of the payment arrangement or standing order with Myfico.
- Your bank may ask for proof of cancellation.
- Provide your cancellation confirmation email or screenshot.
- Ask your bank to confirm in writing that the payment has been blocked.
- Save this confirmation email.
Refund policy and what to expect after cancellation
Myfico's refund entitlements depend on the timing of your cancellation and the terms stated in your subscription agreement.
Refunds within the 5-business-day cooling-off period
If you cancel within 5 business days of purchase, you are entitled to a full refund of fees paid, provided you have not used paid features in full. Myfico must process this refund within 5-10 business days of receiving your cancellation notice. If a refund does not appear in your account within this timeframe, contact your bank and provide them with your cancellation confirmation.
Cancellations after the cooling-off period
After the 5-business-day period expires, your refund rights depend on Myfico's stated policy and your subscription plan. Some plans offer pro-rata refunds (a partial refund based on unused days), while others may not offer refunds for the current billing period. Check your subscription agreement or confirmation email for the exact terms. If the terms are unclear, contact Myfico in writing and request clarification before proceeding with cancellation.
Preventing unwanted future charges
Cancellation should stop all future charges immediately. Nevertheless, monitor your bank statement for 30-45 days after cancellation to ensure no further charges appear. If you see a charge after your confirmed cancellation date, dispute it with your bank immediately and provide them with your cancellation confirmation. Yafee recommends setting a calendar reminder to check your statement one week after cancellation-this simple step catches errors quickly.
Pricing and subscription plan comparison
Understanding Myfico's pricing structure helps you decide whether cancellation is the right choice and what refund you might be entitled to.
| Plan type | Monthly cost (approx.) | Billing frequency | Cancellation window |
|---|---|---|---|
| Basic monthly | R99-R149 | Monthly | Anytime; no refund on current month |
| Annual prepaid | R999-R1,299 | Annually | Within 5 days for full refund; after, pro-rata may apply |
| Quarterly prepaid | R399-R499 | Every 3 months | Within 5 days for full refund; after, contact support |
If you are on a monthly plan, cancelling costs you only the current month's fee. If you prepaid quarterly or annually, act within 5 business days to maximise your refund. After 5 business days, ask Myfico directly whether a pro-rata refund applies to your plan.
Common cancellation mistakes to avoid
Cancelling Myfico is straightforward, but a few missteps can lead to unnecessary charges or disputes. Being aware of these pitfalls will protect you.
Mistake one: forgetting to confirm cancellation in writing
If you cancel by phone, Myfico may claim no record of your request exists. Always request written confirmation-email is best because it creates a timestamped record. Never rely on a verbal promise to cancel.
Mistake two: not checking your statement after cancellation
Some companies continue charging customers who have cancelled because of system delays or billing errors. Check your bank statement 7-10 days after cancellation to confirm the charge has stopped. If Myfico charges you after your confirmed cancellation date, you can dispute the transaction with your bank and file a complaint with the National Credit Regulator.
Mistake three: deleting your confirmation email
Your cancellation confirmation email is your most important piece of evidence. Keep it permanently in a folder labelled "cancellations" or export it to a PDF. If Myfico disputes your cancellation later, this email proves the date and time you cancelled.
Mistake four: assuming a refund request and a cancellation request are the same thing
Cancellation stops future charges. A refund request asks Myfico to return fees already paid. Make both requests clear and separate. For example: "I request immediate cancellation of my subscription effective today, and I request a refund of R450 for the unused portion of my quarterly prepaid plan, as allowed under the Consumer Protection Act."
What happens after you cancel
Once your cancellation is confirmed, here is what to expect in the days and weeks that follow.
Immediate after cancellation
You will lose access to your Myfico account and credit monitoring tools within 24 hours of the cancellation taking effect. If you have downloaded credit reports or scores, save them to your computer now for your records. You will not receive further alerts or notifications from Myfico.
Billing stops
No new charges will appear on your bank statement after the cancellation date. Your subscription will not renew automatically. If an unexpected charge appears within 30 days, contact your bank immediately.
Refund processing timeline
If you are entitled to a refund, expect it to be processed within 5-10 business days. Bank processing times vary; refunds sometimes take a further 2-3 business days to appear in your account. If a refund promised by Myfico does not appear after 15 business days, contact Yafee or your bank for escalation.
When to escalate: filing a formal complaint
If Myfico refuses to cancel, ignores your cancellation request, or continues charging you after you have cancelled, you have the right to lodge a formal complaint with the National Credit Regulator.
Steps to escalate a complaint
- Gather all evidence: cancellation confirmation emails, screenshots, bank statements showing unauthorised charges, and any correspondence with Myfico.
- Contact the National Credit Regulator (NCR) at [email protected] or visit their consumer complaint portal at www.ncr.org.za.
- Provide the NCR with your full details, Myfico's contact information, a description of the complaint, and all supporting evidence.
- The NCR will investigate and attempt to resolve the matter within 20 business days.
- If the NCR does not resolve your complaint satisfactorily, you may escalate to the ombudsman or pursue a claim in court.
Yafee recommends documenting everything from the moment you first attempt to cancel. This creates a clear paper trail that protects your legal position if escalation becomes necessary.
Checklist: ensuring a successful cancellation
Use this checklist to confirm you have completed every step required for a clean cancellation.
| Action | Completed? | Evidence to save |
|---|---|---|
| Submit cancellation request (online, email, or phone) | ☐ | Screenshot or confirmation email |
| Receive written confirmation from Myfico | ☐ | Confirmation email with date and time |
| Request refund if entitled (within 5 days or per terms) | ☐ | Email with refund request text and date sent |
| Check bank statement 7-10 days later for continued charges | ☐ | Screenshot showing cancellation date and final charge date |
| Verify refund received (if applicable) | ☐ | Bank transaction confirmation |
| Store all evidence in a safe folder for 12 months | ☐ | PDF exports of all emails and screenshots |
Contact information for Myfico cancellation disputes
If Myfico refuses to cancel or continues charging you, use the contact details below to escalate your complaint.
Myfico customer service contact address
For certified mail or formal dispute notices, you may send correspondence to Myfico's arbitration notice address as stated in their terms and conditions. Alternatively, contact their corporate headquarters or support centre using the email and phone number listed on your account statement or confirmation email. Always send cancellation and dispute notices via registered mail or email with read receipt enabled, so you have proof of delivery.
National credit regulator escalation
If Myfico fails to respond or refuses to cancel, lodge a formal complaint with the National Credit Regulator at [email protected]. Include your cancellation evidence, and the NCR will investigate on your behalf. This is a free service for all South African consumers.
Final guidance: cancelling Myfico with confidence
Cancelling Myfico is your right under South African consumer law, and you do not need Myfico's permission to exercise it. Act within 5 business days of purchase for a guaranteed full refund, or cancel at any time with the knowledge that your bank and the National Credit Regulator will support your position if disputes arise. Follow the step-by-step procedures outlined above, save every confirmation email, and monitor your bank statement. Yafee has helped thousands of South African consumers cancel subscriptions safely and quickly, and we want you to have the same peace of mind. If you encounter resistance, escalate immediately to the National Credit Regulator-do not accept unauthorised charges or broken cancellation promises. Your consumer rights are backed by law, and enforcement is only a complaint away.
Important warning
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