MFC - Do They Care?? NO.......

My business has three vehicles financed through MFC, one of them ends this year, another next year and the final one in 2023 - all were taken on 72 month agreements, so significant amounts of money have been paid on all three vehicles. Payments have pretty much been paid timeously up until the start of lockdown last year. Like most small businesses, we have had our share of stress, lack of work and income during this period, staff have been on short-time and account payments have been difficult to maintain. To be fair, MFC did provide me with some assistance during this period for a few months. However, thereafter I had to make a substantial payment toward the amounts missed during the assisted period and revert back to full payments, which I did and have done as best I can since. I am now a month and a half behind (I made a 50% payment for last month) and they have stopped talking to me and have sent in the aggressive collection agency. They have been quite clear in that if I do not repay 50% of the outstanding immediately and also pay my full payment due in the next several days I will have the vehicles repossessed. The fact I have paid without issue for between 4 and 5.5 years means nothing, I am nothing more than a mere number in the system........

I even contacted MFC and asked for a settlement figure for the vehicles and asked if I could re-finance them for an extended period so I could bring the instalment amount down, something you thought the banks might offer in such difficult times, but that was also unacceptable to MFC who made it quite clear they were not offering that option to their clients........ Do MFC realise we are still in a similar predicament to last year and whilst the lockdown may have reduced to level 1, the double recession we are experiencing is still at full speed and not showing any signs of slowing down. It's a real shame these banks are not more understanding, their actions are destroying businesses and losing people their jobs, homes and livelihoods.