Irregular Accounting Used to Repossess People's Cars by MFC

I purchased my BMW with MFC back in 2014 on a 72 month term, with a 12% interest rate.

In 2018 (5 years) into my agreement term, I experienced some challenges and defaulted in some few payments.

What MFC went and did is that they increased my installment amount form appr R4700, to R6000, and kept my final installment date to Dec 2020. This was fair to me because I knew that I was in arrears, so I started paying the adjusted amount since Oct 2018.

Now here's the problem: I truly suspect that the Litigation officers at MFC have irregular relationships with the 3rd party collections agent, because while I was busy paying the R6000 installment monthly (with less than 18 month to go), MFC did not consider the adjustment (of which they proposed), but decided to look at my account as in arrears (based on the initial installment amnt) , and thereby sent agents to come collect my vehicle.

This was in June 2019 with only 18 months remaining on the agreement term.

These parasites (collectors) work on commission for each completed case. and once an account has been handed over to them, they will manipulate the system to favour a repossession.

The agent who came to my place had paperwork which reflected a monthly installment of R4100, and an interest rate of 12%. This way it will appear as if there is no adjustment, and that I am in more than 3 months arrears.

When I called MFC, I spoke to a lady called Renee Schluter, who is with no doubt doing her best to insure that my car get sold. She told me that there was actually a court order on my account, and that MFC has terminated my account, meaning that I cannot pay the "arrears", and I have to pay the full settlement for the car. I asked Renee (who never respond to my emails unless I start making threats) how much I would have to pay, and she said that she is still waiting for the Sheriff to factor in his charge. I have been waiting for this amount for the last 4 weeks.

Speaking of the Sheriff, the guy who came to my house was really *****, he refused to show me his ID, and the car he was driving was ***** with an expired licence disk, and according to him, had been ****** and found. A Toyota Yaris, Silver, Reg No. VPX 373 GP, vin, JTDKW***. I ran a search for this VIN online, and it showed that this disk does not exist. Could it be that MFC is doing business with some ******* personal to effect repossession of people's cars? I am definitely going to launch a ******** investigation on the agent and the sheriff who came to my house.

The problem that I have with the court order on my account, is that I had received no prior visits and have never signed a summon to court. This was the first time that I heard of it. This makes the court order null and void, because it was never delivered to me. I only hear of this for the first time on the call to Renee Schluter.

Here are my suspicions: 1. The litigation officers at MFC (Renee) is playing delay tactics by limiting correspondence, so that the Turn Around Time for them to sell my car is reached without me having time to respond and gather funds if necessary. This way, I am going to call her to inquire of the settlement amount and she will tell me that the car is already sold. of which I will go to court and sue her personally as liable for miss management of due process.

2. With 18 months remaining on the agreement term, the bank has already recovered it's investment on the asset, and can now make more money by auctioning the car, and factoring-in all sorts of costs (Incl. Legal, Repairs, Sheriff, etc). That way, I will lose the asset, and still have to pay an amount almost equivalent to that of the original term.

3. There's is either an irregular relationship which exists between the bank's staff, and the 3rd party collectors agents, or the bank's staff's KPI's and targets are set to force them to repossess as many cars as possible.

My conclusion: I am just so hurt by the fact that even though the bank could see that I was paying the full adjusted amount, with less than 18 months remaining, they chose to ignore this commitment, and used old financials to support their case. The fact that Renee Schluter chooses to ignore my calls, and emails, shows that someone, somewhere is fully aware that they have made mistakes, and are trying to cover up.

People develop personal relationships with their vehicles, especially after paying for so long. It is really unfair for someone to take that away (at such a convenient time for them) someone's hard earned vehicle in order to (perhaps) reach their monthly targets.

I am very hurt, and disappointing at your *****ed nature of handling customers, and without opening this can of worms, I wonder if my account would have been handled differently if I had a different surname, and spoke a different first language.