Cancel Openpay: The Right Way to Settle Your Balance

How to cancel your Openpay account and settle your balance

Understanding Openpay and your position during liquidation

Openpay was a buy now, pay later provider that let you spread purchases across flexible instalment plans ranging from 2 to 24 months, with transaction limits up to A$20,000 depending on merchant approval and credit assessment. The service operated across automotive, healthcare, home improvement and retail sectors, serving thousands of Australian customers. However, Openpay entered liquidation and stopped accepting new sign-ups, which means if you hold an existing account, you need clear steps to close it or settle any remaining balances.

This guide walks you through your cancellation options, explains your rights under Australian Consumer Law, and helps you avoid the confusion many customers face when a buy now, pay later provider enters administration. Understanding your position now means you can act with confidence and protect yourself from unexpected charges during the liquidation process.

Why customers cancel Openpay accounts

Most people cancel because they have finished paying their plan, want to halt ongoing account activity during the company's restructuring, or face billing confusion caused by gaps between merchant refunds and plan reconciliation. Others cancel after disputes over returned items or unexpected fees that accumulated after normal trading ceased. If you are unsure whether to close your account, review your current balance and outstanding payment schedule first, then decide based on your financial position.

The current status of Openpay

Openpay is in liquidation, meaning the company no longer trades normally and has stopped accepting new customers. However, existing account holders can still manage their plans via the Openpay app or website until all obligations are settled. This status creates real urgency: you should confirm your balance, request closure documentation, and ensure no unexpected charges accumulate. Acting now protects you from the risk that account records become harder to access as the liquidation progresses.

Your consumer rights under australian consumer law

Australian Consumer Law gives you specific protections even when a financial services provider enters liquidation.

Statutory protections that apply to your Openpay account

Under Australian Consumer Law (Part 3-2 of the Competition and Consumer Act 2010), you have the right to clear information about your plan terms, fees, and remaining balance. Openpay must provide accurate statements and respond to disputes within a reasonable timeframe. If the company charged you unauthorised fees or failed to apply merchant refunds correctly, you can lodge a dispute and potentially claim a refund. Your legal position is strong: the liquidator is bound by the same consumer law obligations as the original company.

If you purchased goods or services through a merchant using Openpay and those items were faulty or not as described, your rights under the consumer guarantee laws remain intact regardless of how you financed the purchase. This means you can pursue the merchant for a refund or replacement, and your Openpay instalment plan should be adjusted accordingly. The financing method does not weaken your rights to receive goods that are safe, fit for purpose, and free from defects.

Cooling-off rights and early termination

Cooling-off rights for unsolicited purchases (made online or at distance) typically give you 10 business days to change your mind. However, these rights may not apply to all Openpay transactions, particularly if you initiated the purchase directly with a merchant. Check your original contract terms to confirm whether cooling-off applies to your specific plan.

Early termination of an instalment plan is not automatically free. Openpay's terms may allow the company or liquidator to calculate remaining principal and applicable fees if you request closure before the final scheduled payment. Request a final settlement figure in writing before submitting your cancellation, so you understand exactly what you owe and can budget accordingly.

How to cancel your Openpay account

You have three primary channels to cancel: online via the app or website, by phone, or by postal mail to the company's registered office.

Cancel via the Openpay app or website

The fastest way to cancel is through your online account. Follow these steps:

1. Log into your Openpay account on the app or at openpay.com.au
   • Use the email address and password you created when you opened your account
   • If you have forgotten your password, use the "Forgot Password" link to reset it
2. Navigate to Account Settings or My Account
   • Look for a gear icon or "Settings" menu, usually in the top right corner
   • Select "Account" or "Profile" from the dropdown menu
3. Find the option to close your account or request cancellation
   • This may appear under "Account Options" or "Manage Account"
   • Select "Close Account" or "Request Closure"
4. Review your outstanding balance
   • The system will show you any remaining payments or fees
   • Note this figure - you will need it to settle your account
5. Confirm your cancellation request
   • Read the confirmation message carefully
   • Click "Confirm" or "Submit" to send your request
6. Save your confirmation reference number
   • Screenshot or note the reference number for your records
   • You will need this if Openpay asks you to verify your request later

The online method is fastest because you receive immediate confirmation and can save a digital record of your cancellation request.

Cancel by phone

If you prefer to speak to someone or have questions about your balance, call Openpay customer service:

1. Call 1300 168 359 during business hours
   • Have your account number ready - you will find this in your app or on your statements
   • Have your personal identification (name, date of birth, email) on hand
2. Request account closure
   • Tell the operator clearly: "I want to cancel my Openpay account"
   • Ask for the total settlement amount you owe
3. Ask for written confirmation
   • Request that Openpay email you a cancellation confirmation and settlement figure
   • This protects you if there are later disputes about when you cancelled
4. Note the operator's name and call time
   • Write down the date, time and operator name in case you need to reference this conversation
5. Request the liquidator's contact details
   • Ask for the postal address and email of the liquidation administrator
   • This gives you an alternative contact if the phone line becomes unavailable

Phone cancellation gives you direct contact and the chance to ask questions, but ensure you get written confirmation by email to create a clear record.

Cancel by post

If online or phone contact does not work, or if you want a formal written record, send a cancellation letter to Openpay's registered office:

1. Prepare a letter requesting account closure
   • Include your full name, account number, email and phone number
   • State clearly: "I request immediate closure of my Openpay account"
   • Ask for written confirmation of the cancellation and final settlement amount
2. Include supporting documents
   • Attach a copy of a recent statement showing your account number
   • Include a copy of your identification (driver's license or passport) to verify your identity
3. Send by registered mail or courier
   • Use Australia Post's Registered Mail service so you have proof of delivery
   • Keep the receipt and tracking number
4. Send to the address listed below
   • See the cancellation address section at the end of this guide
5. Allow 10 to 15 business days for a response
   • The liquidator may take longer to respond than the original company would have
   • If you do not hear back, follow up by phone or email

Written cancellation creates the strongest legal record and is essential if Openpay disputes whether you requested closure.

What happens after you cancel

Understanding what comes next helps you avoid confusion and ensure your account closes cleanly.

Settling your balance

Once you request cancellation, you must settle any remaining balance on your account. Your options depend on your current plan status:

• If you have scheduled payments remaining, you can continue paying them on your normal due dates until the plan ends naturally
• If you want to close immediately, request a lump-sum settlement figure and pay it in full before the deadline Openpay provides
• If you dispute the amount, lodge a complaint with Openpay first, then escalate to the Australian Financial Complaints Authority (AFCA) if the company does not respond satisfactorily within 21 days

Openpay must accept settlement by direct bank transfer, credit card, or debit card via the app or website. Ask for a settlement confirmation email once you have paid the final amount.

Merchant refunds and disputed charges

If you returned items to a merchant after using Openpay to pay, the merchant should have refunded your money within 30 days. However, this refund goes back to Openpay first, not directly to you. If you do not see a refund applied to your account within 30 days of returning the item, contact the merchant and ask them to confirm the refund date. Then contact Openpay with proof of the return and request that the refund be applied immediately. When Tocancel members face this issue, they often resolve it faster by providing the merchant's refund confirmation to Openpay in writing.

Account closure confirmation

Once your balance is settled, request written closure confirmation from Openpay. This confirmation should state:

• Your account has been permanently closed
• No further charges will be applied
• The date the account closed
• A statement that you owe no remaining balance

Save this confirmation in your email and store a printed copy with your financial records. This protects you if Openpay attempts to charge you after closure, or if a debt collector approaches you claiming you still owe money.

Refunds and what you can recover

You may be entitled to a refund in several circumstances during the Openpay liquidation.

Merchant refunds and credit disputes

If a merchant refunded your purchase after you paid via Openpay, that credit should appear in your Openpay account within 30 days. If you do not see it applied, you have the right to request an immediate reversal and refund. If Openpay refuses to process the refund or disputes the amount, you can lodge a complaint with AFCA, which is Australia's free dispute resolution service for financial complaints. AFCA can investigate whether Openpay's refund process was fair and may order the company to repay you.

Unauthorised charges and fee disputes

If Openpay charged you fees that were not in your original contract, or if you were charged after you requested cancellation, you can request a refund. Write to Openpay or the liquidator with evidence of the disputed charge (a screenshot of the charge in your app or a statement) and explain why you believe the charge was unauthorised. Openpay has 21 days to respond. If the company refuses your refund claim, escalate to AFCA within 12 months of the charge.

No refund for completed payments

If you have successfully completed a full instalment plan with no disputes, you cannot request a refund simply because Openpay is in liquidation. However, if you can prove you paid more than the original plan terms allowed, you may claim a refund for the excess. Tocancel advises reviewing your statement from the first payment to the last payment to identify any unexplained charges.

Common mistakes to avoid when cancelling

Cancelling during a liquidation is stressful, and small oversights can delay your closure or leave you exposed to unexpected charges. Here are the pitfalls Tocancel has seen catch other customers:

Not requesting a settlement figure in writing before paying

If you call and ask your balance, the operator gives you a verbal figure. However, if you pay that amount and Openpay later claims you still owe money (due to fees or interest that accrued), you have no written proof of what the correct balance was. Always request a written settlement statement via email before you pay any lump sum.

Assuming online cancellation is complete without confirmation

Some customers cancel via the app and assume the account is closed immediately. In reality, the cancellation request is submitted, but the account may remain open until your balance is paid. Log in the next day to confirm the cancellation status, or call to verify. Do not assume silence means success.

Cancelling without keeping records

If you cancel by phone and do not request written confirmation, you have only your word against Openpay's if a dispute arises later. Always keep a screenshot of your app showing the cancellation request, an email confirmation, or a reference number. Store these in a separate folder or email thread so you can find them quickly.

Paying a balance before understanding what you owe

During liquidation, some customers have been charged unexpected late fees or interest. Before you pay, request an itemised statement showing exactly what charges make up your final balance. If any charge seems wrong, dispute it before you pay rather than paying and hoping for a refund later.

Ignoring merchant refunds

If you returned items to a merchant, keep the proof of return (receipt, email confirmation, tracking number). Follow up with the merchant directly after 30 days to confirm the refund was processed. If it was, then follow up with Openpay to ensure the credit appeared in your account. Many customers cancel their account before confirming all merchant refunds have been applied, leaving money behind.

Not checking your account after cancellation

Even after you think you have cancelled, log in after 7 days to verify your account shows as closed. If you still see activity or an outstanding balance, contact Openpay immediately. The longer you wait, the harder it becomes to prove when you cancelled.

How to escalate if Openpay refuses to cancel

If Openpay ignores your cancellation request or disputes your right to close your account, you have a clear escalation path.

Step 1: lodge a formal complaint with Openpay

If Openpay does not respond to your cancellation request within 10 business days, send a formal complaint letter. Include:

• Your original cancellation request (date and method)
• Proof you sent it (reference number, email receipt, or registered mail tracking)
• A clear statement: "I have requested cancellation and received no response. I expect acknowledgement and closure within 10 days"
• A deadline: "Please respond by [date 10 days from now]"

Send this by registered mail and keep the receipt. Openpay's complaints process must comply with Australian Consumer Law.

Step 2: escalate to AFCA

If Openpay does not respond to your complaint within 21 days, or if the company refuses your cancellation request, lodge a dispute with AFCA. AFCA is Australia's independent financial complaints authority and its decisions are binding on financial services providers.

You can lodge a complaint online at afca.org.au, by phone on 1800 931 678, or by post. There is no cost to you. AFCA will investigate whether Openpay's response was fair under Australian Consumer Law and may order the company or liquidator to cancel your account immediately and refund any disputed charges.

To lodge with AFCA, you will need:

• Your account number and the dates of your cancellation requests
• Proof that you complained to Openpay first (email copies, letters, reference numbers)
• Evidence of the dispute (statements, screenshots, refund proof from merchants)
• A summary of what you want AFCA to do (cancel account, refund balance, etc.)

AFCA typically investigates within 30 days and issues a decision within 60 days. If the liquidator or Openpay refuses to comply with an AFCA decision, you can pursue the matter in court, though this is rare.

Key steps to protect yourself during cancellation

Taking these actions ensures your cancellation is documented and your rights are protected.

Frequently asked questions about cancelling Openpay

Can i cancel even if i still owe money?

Yes. You can request cancellation at any time, even if you have outstanding payments remaining. However, you must settle your balance before the account closes. Openpay cannot prevent you from cancelling, but you cannot avoid paying what you owe under Australian Consumer Law.

Will cancelling damage my credit score?

Cancelling your account will not damage your credit score. However, if you stop paying your remaining balance, that will be reported to credit bureaus and will harm your score. Pay your balance in full before cancelling, and your credit rating remains unaffected.

What if Openpay has charged me more than the original plan agreed?

Request an itemised statement showing every charge since you opened your account. Compare it to your original contract. If charges do not match, contact Openpay immediately and request a refund. If Openpay refuses, lodge a complaint with AFCA within 12 months.

Can i cancel if i am on a payment plan that has not finished yet?

Yes. You can cancel at any time. However, your contract may include early termination fees. Request a written settlement figure that includes any applicable fees. If the fee seems unreasonable (more than half your remaining balance, for example), you can dispute it with AFCA on the grounds that it is unfair under Australian Consumer Law.

How long does cancellation take?

Online or phone cancellation is immediate, but account closure (after your balance is paid) typically takes 5 to 10 business days. Postal requests may take 2 to 3 weeks. Always allow at least 10 business days before following up if you have not received written confirmation.

Why you should act now

Openpay's liquidation means the company is winding down its operations. The longer you wait to cancel, the greater the risk that:

• The phone line becomes unavailable or response times grow
• Your account records become harder to access as the liquidator transfers systems
• Unexpected charges continue to accumulate without explanation
• The liquidator's contact details change, making it harder to reach the right department

If you have decided to cancel, do it this week. The process takes 10 to 15 minutes by phone or app, and the time you invest now saves you months of potential disputes later.

Your cancellation address for written requests

If you choose to cancel by post or have difficulty reaching Openpay by phone, send your cancellation request to:

Use registered mail (Australia Post) when sending documents by post. Keep your receipt and tracking number as proof of delivery.

Final steps and next steps

Cancelling Openpay during liquidation is straightforward when you know your rights and follow a clear process. You have the legal right under Australian Consumer Law to close your account, request clear information about what you owe, dispute unauthorised charges, and escalate to AFCA if Openpay refuses to cooperate. Your consumer protections remain in force even during liquidation, and the liquidator is bound by the same obligations as the original company.

Tocancel has helped thousands of consumers navigate the cancellation of financial services, and the same principles apply here: document everything, request written confirmation, settle your balance clearly, and keep records long-term. If you encounter resistance, AFCA is a free, independent avenue that works in your favour. Start your cancellation today using the method that suits you best - whether that is the app, phone, or post - and follow up within 10 days to confirm your request was received. Tocancel's step-by-step guidance means you can cancel with confidence, knowing exactly what to expect at each stage and what protections you have under law.