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Zandi M

1 reviews | Active since Sept 2017

05 Sept 2017, 09:42

MFC Customers: Perhaps it's time to involve the FAIS Ombudsman?

Dear MFC,

We know about Treating Customers Fairly (TCF) and the FAIS Act.

What you are doing is not in line with the principles of TCF. You are bringing the reputation of industry representatives and other FSPs into disrepute. Shame on you.

My finance and I have spent about 2-3 days at Nedbank calling MFC and MFC lawyers to resolve this issue: He signed consent (debit order authority) for MFC to withdraw installments of R 6500 from his account on behalf of his mother. 3 months ago the account went into arrears and they repossessed the car. After making arrangements, they released the car, but then they started debiting R 8 4368 + R 3 802.40 to recover the amount in arrears. This is someone with a salary of R 15 000. MFC went into his account repeatedly to recover the amount.

Luckily we were smart enough to deposit R 17 100 into his cheque account before his salary came in, because last week Friday (01 September) they debited R 10 500. Yesterday they took another R 11 000+. Who authorized this transaction??

0
Replies (7)
Motor Finance Corporation
Motor Finance Corporation's reply05 Sept 2017, 10:02
Official

Good day Ms Mabesele

Please accept our apologies for the inconvenience this matter has caused.

We acknowledge receipt of the complaint.

A resolution specialist will be in contact with you.

Kind Regards

Terry-Lee Thompson

ZM
Zandi M's update05 Sept 2017, 10:27
Reviewer Update
Hi Ms Thompson Thank you for the reply. I've spent some time looking at the nature of reviews on MFC. Seems like it's become standard MFC practice. Let the resolution specialist make contact, we'd still like to escalate this complaint further. I think the Hello Peter platform works, but these reviews deserve another kind of attention. As an industry representative, I'm fed up with powerhouses like Nedbank and MFC taking advantage of our people's lack of financial literacy. This has to stop. Luckily for me - I'm attending conference with Noluntu Bam - the FAIS Ombud. I'll be sure to bring this matter to her attention and seek her counsel. If need be, we will start a campaign on social media and radio and television. I do not think for a minute MFC understands the implications of these complaints on the emotional and mental well being of its clients.. and for that, they must be brought to book at some point. Regards, Mabesele
ZM
Zandi M's update05 Sept 2017, 10:27
Reviewer Update
Hi Ms Thompson Thank you for the reply. I've spent some time looking at the nature of reviews on MFC. Seems like it's become standard MFC practice. Let the resolution specialist make contact, we'd still like to escalate this complaint further. I think the Hello Peter platform works, but these reviews deserve another kind of attention. As an industry representative, I'm fed up with powerhouses like Nedbank and MFC taking advantage of our people's lack of financial literacy. This has to stop. Luckily for me - I'm attending conference with Noluntu Bam - the FAIS Ombud. I'll be sure to bring this matter to her attention and seek her counsel. If need be, we will start a campaign on social media and radio and television. I do not think for a minute MFC understands the implications of these complaints on the emotional and mental well being of its clients.. and for that, they must be brought to book at some point. Regards, Mabesele
ZM
Zandi M's update05 Sept 2017, 10:27
Reviewer Update
Hi Ms Thompson Thank you for the reply. I've spent some time looking at the nature of reviews on MFC. Seems like it's become standard MFC practice. Let the resolution specialist make contact, we'd still like to escalate this complaint further. I think the Hello Peter platform works, but these reviews deserve another kind of attention. As an industry representative, I'm fed up with powerhouses like Nedbank and MFC taking advantage of our people's lack of financial literacy. This has to stop. Luckily for me - I'm attending conference with Noluntu Bam - the FAIS Ombud. I'll be sure to bring this matter to her attention and seek her counsel. If need be, we will start a campaign on social media and radio and television. I do not think for a minute MFC understands the implications of these complaints on the emotional and mental well being of its clients.. and for that, they must be brought to book at some point. Regards, Mabesele
ZM
Zandi M's update05 Sept 2017, 10:27
Reviewer Update
Hi Ms Thompson Thank you for the reply. I've spent some time looking at the nature of reviews on MFC. Seems like it's become standard MFC practice. Let the resolution specialist make contact, we'd still like to escalate this complaint further. I think the Hello Peter platform works, but these reviews deserve another kind of attention. As an industry representative, I'm fed up with powerhouses like Nedbank and MFC taking advantage of our people's lack of financial literacy. This has to stop. Luckily for me - I'm attending conference with Noluntu Bam - the FAIS Ombud. I'll be sure to bring this matter to her attention and seek her counsel. If need be, we will start a campaign on social media and radio and television. I do not think for a minute MFC understands the implications of these complaints on the emotional and mental well being of its clients.. and for that, they must be brought to book at some point. Regards, Mabesele
ZM
Zandi M's update05 Sept 2017, 10:34
Reviewer Update
Dear Ms Thompson APOLOGY NOT ACCEPTED. Until this matter is satisfactorily resolved and all monies reimbursed.
Motor Finance Corporation
Motor Finance Corporation's reply05 Sept 2017, 10:46
Official

Good day Ms Mabesele

Thank you for your reply.

Kindly be advised I have sent you an email to the gmail account in your message, requesting for details of your MFC account in order for us to proceed with the investigation.

Your response is highly appreciated.

Kind Regards

Terry-Lee Thompson