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.
