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innocentmariti I

1 reviews | Active since May 2016

04 Oct 2023, 07:27

Proof of insurance -MFC- *** and ********* VAPS

I am writing to express my deep dissatisfaction with the recent developments in my vehicle finance agreement with MFC, which I believe are both ********* and unfair.

Despite having comprehensive insurance in place, I was surprised to discover that MFC unilaterally added a Value Added Product (VAP) to my monthly installment without conducting a proper affordability check or obtaining my explicit consent. This action is not in line with ethical business practices and raises concerns about the transparency and fairness of MFC's dealings with its customers.

I had the opportunity to discuss this matter with Ms. Jade Stanfliet, who advised me to personally email her proof of my comprehensive insurance at ***. In good faith, I promptly comp**** with her request by providing the necessary documentation.

To my dismay, on the morning of September 4, 2023, I received an addendum email stating that an additional R1000 would be added to my monthly installment. This abrupt change in my financial commitment is both unexpected and burdensome, especially after being assured by Ms. Stanfliet that the VAP would be removed upon providing proof of insurance.

It is fundamentally unfair for me to be paying for both my regular installment and the VAP, especially when I have fulfilled the requirement of providing evidence of my insurance coverage. Therefore, I urgently request the following actions:

The immediate removal of the Value Added Product (VAP) from my vehicle finance agreement. Issuance of a new addendum reflecting the corrected installment amount without the VAP charges. I believe that taking these actions is not only necessary to rectify an unjust situation but also to maintain the trust and integrity of the customer-service provider relationship.

I kindly request your prompt attention to this matter and a timely resolution. Your cooperation in resolving this issue will be greatly appreciated. Please do not hesitate to contact me at *** to discuss this further or to provide any additional information you may require.

Thank you for your prompt attention to this matter.

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Replies (1)
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innocentmariti I's update04 Oct 2023, 20:52
Reviewer Update
Sharon wrote me an email back stating me that i need to wait 21 days

Firstly, I appreciate her prompt response to my query, but I must express my dissatisfaction with the prolonged timeline for this issue to be resolved. It's disheartening to note that MFC was able to list me within 24 hours for a premium non-receipt, despite the payment being made on the same day as the contract for the vehicle finance. However, as an individual, I am left to wait for 21 working days for a correction. This discrepancy is both frustrating and unjust, as it negatively impacts my ability to secure loans from other credit institutions and reflects poorly on my creditworthiness.

Furthermore, I was somewhat concerned that the case was closed without an opportunity for me to provide input or feedback on the matter. I believe open communication is crucial in resolving such issues satisfactorily.

I would like to request a more expedited resolution to rectify the incorrect credit bureau listing and restore my financial standing. Additionally, I would appreciate being kept informed throughout the process and having the opportunity to contribute to the case's closure.

Your assistance in addressing these concerns promptly would be greatly appreciated. I believe that a fair and equitable resolution will be beneficial to both parties involved.