Settlement Account

Hi

I recently contacted MFC to establish what my settlement amount is if I were to settle my account today.

The response received was shocking. My current outstanding capital amount is R 58 000 and the remaining number of months on my finance is 30 months +, but if I were to settle my account today, the total outstanding amount is R 52 000. Should the settlement amount not be lesser than this?

One of my family members settled their account with Wesbank finance - the outstanding capital amount was R 58 000 but if settled early, the settlement amount was R 22 000.

Mind you, I got a fixed interest rate of 11.75 % and the finance term was 72 months but I managed to push my finance and within 24 months I have settled more than my outstanding capital.

Shouldn't the terms be very much similar with Wesbank? I am very confused, this is a COMPLETE ******* and I AM DISSATISFIED WITH THE SETTLEMENT AMOUNT.

The response received from the Customer Service Representative is that MFC is not Wesbank.