Formal complaint regarding account restructuring and ballon payment

[Mot****shi Phalane] [Mot*******] [***] [03-02-2025]

Dear Sir/Madam,

I am writing this letter to formally lodge a complaint regarding the ongoing issues with my vehicle finance account under MFC. I was previously under debt review, during which my account was restructured. After regaining control of my financial situation, I obtained a court order confirming my ability to independently manage my finances.

I submitted this court order to MFC with the expectation that my account would be restructured back to the original contract terms as per our initial agreement. However, I am deeply disappointed to find that MFC has instead app**** terms that were not part of the original contract, including the addition of a balloon payment that was never agreed upon.

Furthermore, despite consistently making payments towards my vehicle from 2022, my outstanding balance does not seem to be reducing as expected. This situation is causing me significant distress, and I feel that my rights as a consumer are not being respected.

I respectfully request that MFC: - Provide a full statement and breakdown of my account, showing all payments made and how they have been allocated. - Explain why the balloon payment has been added to my account when it was not part of the original contract. - Restructure my account back to the original contract terms as per the court order. - Confirm how and when this issue will be resolved.

Should this matter not be resolved to my satisfaction, I will have no choice but to escalate the complaint to the appropriate financial ombudsman or seek legal advice.

I trust that MFC will treat this matter with the urgency and fairness it deserves. I look forward to your prompt response.

Yours sincerely, PHALANE M [***]