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Caleb B

1 reviews | Active since Mar 2009

30 Jul 2015, 12:31

Changing debit order amount

So we all know the interest rate was increased by 25 basis points effective from the 24th of July - last week Friday. It is my understanding that interest in vehicle finance is charged daily - this was also confirmed to me by MFC's call centre.<br> However, my debit order went off on the 27th (3 days after the rate increase) but the amount was the new instalment based on the new interest rate. While the amount isn't a huge difference, why should I be charged interest back-dated to the beginning of July if the rate is only effective from the 24th? Like I said the amount isn't the issue but the principle. If I were to short pay my instalment by the same amount, MFC will eventually hand me over to their lawyers.<br> <br> Speaking about the amount, if MFC has say 1 million clients &amp

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Replies (1)
Motor Finance Corporation
Motor Finance Corporation's reply30 Jul 2015, 14:32
Official
Hello brownley,

Dear brownley

Thank you for raising your concerns with us.
I confirm a service resolution specialist will be in contact with you to advise you in respect of the matter raised.

Kind regards
Farzaana Bhikhoo

Client Value Management
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