MFC's Huge Overcharge on my account.

I Have posted my report on 25 September to MFC, was promised feedback and today 3 october 2013 no feedback at all in any way? My MFC Statement No: 015 received on 23/03/2013 reflects a o/s balance of R208 811.23. After this 6 Payments were made with the total value of R36 200-00. The statement i received today on 3 October Shows a o/s balance of R205 411-88 ?????? I am Starting to feel the only way to resolve this is to start a campaign in SA to close MFC down. MFC's way of doing business and treating clients are way our of line with the CPA and very unethical for that matter.

Can some-one at MFC please explain to me why there is a R46 000-00 difference between MFC statement and my records re. my outstanding balance.I have for the last year added 1.4% interest per month less payment. My records show a o/s balance of R166 994-00. MFC statement i just received shows no arrears with a o/s balance of R213 354-88. this is my 3rd major Issue with MFC. Could you please explain to me what exactly you busy doing to me!!!

MFC Breach of their own contract

As per my previous letter regarding MFC (
Some Time ago, As it happens on a Daily basis to Thousands of People, Due to the Economy My business in Construction did not do as well as Previously.My 2009 Volvo C70 was at this time Financed Trough MFC also known as the Motor Finance Corporation.
I Contacted MFC To request their assistance in This regard by Re-financing my Volvo so i could pay a lower monthly installment.
I was met by MFC with a Cold, No care Attitude. They responded and i quote " I am afraid we will not be able to assist you as you are already over your period" ??I Certainly did not understand this statement, I had the Car for 2 Years already paying approx R9500-00 per month. If MFC Wanted to help they could have, They were just simply not interested in Assisting a Client.
I Then Decided ( As i was now left with no other option ) To Surrender the Car as i was well aware of the fact that the Market value of the car is Similar to the amount i owe ( R400 000 )
When MFC's Employee / Collector Collected the Car ( As you can imagine was a very sad moment for me ) Myself and the Collector Had a Verbal agreement that if the car,s value after valuation by MFC is much lower than the market value i must be informed prior to sale on auction whereafter i will take the car back and make a plan to pay the installments. The Collector from MFC Ensured me that he takes the car to the MFC wharehouse where it will be evaluated. He also ( As per our agreement ) Insured me that MFC will contact me first to discuss the process forward after valuation before Auctioning.
I Was NOT CONTACTED. The next correspondance from MFC was a electronic Statement reflecting the following amounts. Car Sold R 171 000-00 Balance outsanding R 229 000 -00 at the normal monthly installments???? After lots of complaints on Hello peter by myself the end result was that MFC claim they can not trace any agreement and trust i find all in order, I mean are you freeking kidding me, I Realised to late that i was Stupid enough to Trust that MFC Will honor a Verbal Agreement, Trust me, THEY DONT ) MFC Has now issued a summons at the High court against me for the R 229 000-00. After reading the summons and consulting with my attorney it became clear.... MFC has no regard for either the consumer protection act or for their own Contract!! To name just a few issues out of many issues is the fact that (1) MFC collected my car without a court order. This is illigal !! (2)Before the car was sold on auction legally and as set out in MFC's own contract MFC was supposed to contact me, explain what they would sell the car for on auction and give me the opportunity to take the car back. This is the legal contractural process. MFC again acted in contrevension of their own contract. My case continues.

Trying Hard to settle arrears but MFC demand repo

My letter to MFC after numerous calls from different debt collectors

 

Brenda

 

I was contacted by " Marius" on 4 February 2013 to "Collect the Nevara" Nor yourself or Marius was aware that i have made a payment on 3 February 2013 and did not even bother to ask? On 5 february i was contacted by a women from, what seems to be another debt collector totally uninformed of the proof of payment For R 6700-00 that i faxed to marius on the 4th. She also was unaware of my payment and promised ( on my request ) to mail me the statements on account JACOBS 10032838 for the last 12 months....I received no mail from her brenda.How many debt collectors do you send at once to a client??

 

I promised you personally that i will bring this account up to date. My effords can be seen by the payments i make.I have also requested you personally to refrain from getting people to contact me threatening to "Fetch" my vehicle while i am making payments as best i can to update the account. This Request, it seems you have no regard for.

 

I am a client trying my atmost best to get my account up to date, i am not, Not paying and nor am i not taking calls or making false promises. Also for this it seems nor yourself or MFC Management has any regard for. Like with my previous case i am also fully aware of the FACT that when MFC reposesses a vehicle from a client, MFC sell same on auction for a fraction of the true market value and still hold the client responsable for the outstanding amount as oppose to selling the vehicle for what the market value is.

 

I am going to ask you again Brenda, Stop sending these debt collectors after after me while i am making payments to get my account up to date. You are causing me an enormous amount of personal stress!

 

Regards

 

The next day i was contacted again by the debt collector to reposess my Vehicle" My response was another letter to Brenda at MFC.

 

 

Brenda.

 

After i sent yourself letter below, i was contacted again by Marius Today 7 february 2013 to "Fetch" my vehicle

 

It is now Clear to me me that MFC has no regard for a client's problems and not willing to assist in any way as set out in the consumer protection act. i therefor wish to inform you that i will NOT be handing over the vehicle to any-one of your debt collectors as i wish to settle this matter in court with the media present.

 

Awaiting your summons.

 

Regards

MFC Unfair Practice

Can you for the life of me Believe this. I have 3 Accounts with MFC (Motor finance Corporation) As per my previous Post with My Volvo C70 where i feel that MFC Kicked me when i was lying down the next issue arrises.
Because of the situation with My volvo C70 i decided to take my other 2 accounts away from MFC. the first one My Renault scenic. I received an account 2 days ago stating my outstanding balane R 104 000. Take one guess what the settlement amount is....After and taken in consideration another payment wich should bring the balance down to about R 102 000 the Settlement amount is R 106 000. MFC Never stops to amaze thats for damn sure.

I Am making a case against MFC for Unfair practice as set out in the Consumer protection act.

Abused By Motor Finance Corporation

Some Time ago, As it happens on a Daily basis to Thousands of People, Due to the Economy My business in Construction did not do as well as Previously.My 2009 Volvo C70 was at this time Financed Trough MFC also known as the Motor Finance Corporation.
I Contacted MFC To request their assistance in This regard by Re-financing my Volvo so i could pay a lower monthly installment.
I was met by MFC with a Cold, No care Attitude. They responded and i quote " I am afraid we will not be able to assist you as you are already over your period" ??I Certainly did not understand this statement, I had the Car for 2 Years already paying approx R9500-00 per month. If MFC Wanted to help they could have, They were just simply not interested in Assisting a Client.
I Then Decided ( As i was now left with no other option ) To Surrender the Car as i was well aware of the fact that the Market value of the car is Similar to the amount i owe ( R400 000 )
When MFC's Employee / Collector Collected the Car ( As you can imagine was a very sad moment for me ) Myself and the Collector Had a Verbal agreement that if the car,s value after valuation by MFC is much lower than the market value i must be informed prior to sale on auction whereafter i will take the car back and make a plan to pay the installments. The Collector from MFC Ensured me that he takes the car to the MFC wharehouse where it will be evaluated. He also ( As per our agreement ) Insured me that MFC will contact me first to discuss the process forward after valuation before Auctioning.
I Was NOT CONTACTED. The next correspondance from MFC was a electronic Statement reflecting the following amounts. Car Sold R 171 000-00 Balance outsanding R 229 000 -00 at the normal monthly installments???? After lots of complaints on Hello peter by myself the end result was that MFC claim they can not trace any agreement and trust i find all in order, I mean are you freeking kidding me, I Realised to late that i was Stupid enough to Trust that MFC Will honor a Verbal Agreement, Trust me, THEY DONT.

I Started this Blog To warn People, If you think MFC will at any given time Assist you when you have financial problems, think again. Out of experience i can tell you, MFC will repo your car, Sell it for way way below Book or market resale Value and at the original Agreed Monthly payment hold you responsable for the Balance.

I went trough this feeling that MFC stepped on me and kicked me when i was lying down.

If You had a similar experience with MFC you are welcome to put your article / Complaint here.