Misrepresentation of Cashback Offer Linked to MFC Vehicle Finance

Dear MFC Customer Relations Team,

I trust this message finds you well.

I am writing to lodge a formal complaint concerning a telephonic interaction I had with one of your agents regarding a cashback incentive allegedly linked to my existing MFC vehicle finance agreement.

During the call, I was thanked for being a loyal MFC customer and was advised that I qualified for a cashback reward of R200.00 per month for the remaining duration of my vehicle finance term. I was explicitly informed that this benefit was a goodwill gesture from MFC/Nedbank for maintaining my vehicle finance and that all that was required of me was to consent to the opening of a Nedbank account in my name. No further qualifying criteria were disclosed during the call, and I was assured that the monthly cashback would be paid until the conclusion of my finance agreement.

Based on this representation, I accepted the offer in good faith and calculated that, over the remaining 61 months of my agreement, I would receive R12,200, less the monthly account fee of R100.00, amounting to a net benefit of R6,100.00. I was later notified via SMS that I would receive further information about card collection.

Due to work commitments, I was unable to collect the card. However, a subsequent call from another agent informed me that, in order to qualify for the cashback, my salary had to be deposited into the Nedbank account and my vehicle debit order had to be processed from that account. This was not disclosed during the initial call. This constitutes a material misrepresentation and failure to provide full and honest disclosure, which violates principles of contractual good faith and fair commercial practices, as envisaged in the Consumer Protection Act 68 of 2008 (CPA), particularly:

Section 41 (False, misleading or deceptive representations), and

Section 48 (Unfair, unreasonable or unjust contract terms).

I contend that the offer as originally presented to me was clear and binding, and I accepted it under the reasonable assumption that no additional conditions (such as salary deposits or account switching) would apply. The principle of estoppel should apply here, preventing MFC from enforcing new terms after I had already accepted the offer on the original basis.

Given the circumstances, I respectfully request that the cashback arrangement be honored in full, as agreed during the initial call, for the remaining 61 months of my finance term, or that alternative equitable relief be offered.

I trust MFC will uphold the standards of transparency, accountability, and fairness expected from a registered financial services provider and address this matter in line with the Treating Customers Fairly (TCF) principles as outlined by the Financial Sector Conduct Authority (FSCA).

I would appreciate your urgent attention to this matter and look forward to a resolution that reflects both the legal and ethical obligations owed to your customers.

Kind regards,

My number *** | Email ***