MFC - Misleading Predatory Practice

Disgusted with MFC – A Division of Nedbank

I am absolutely appalled at the way MFC, a division of Nedbank — a supposedly respected financial institution — has treated someone who approached them in good faith to resolve a financial issue. There is nothing respectful, ethical, or even seemingly legal about how this situation has been handled.

The individual voluntarily surrendered their vehicle on Tuesday, 27 May. Today is 30 May, and they are already being threatened with auctioning the vehicle. Just three days later. This is shocking and unacceptable.

Despite actively reaching out to MFC to find a solution, they have refused to offer any sort of repayment plan or reasonable agreement. Communication has been vague, aggressive, and unhelpful throughout. The individual did not fully understand what signing the voluntary surrender meant, and it was never clearly explained. English is not their first language, and MFC made no effort to ensure clarity or fairness.

Instead of working with someone who is trying to take responsibility, MFC has fast-tracked this into a punitive process. The vehicle was taken without transparency around authorisations, additional costs were slapped on without consent, and now, despite making every effort to cooperate, the person is being threatened with losing their only means of transport.

If this is how MFC treats individuals who reach out in good faith to fix their situation, then it’s a disgrace. This is not how a responsible financial institution should behave. There is nothing “Nedbank quality” about this experience — only ************, poor communication, and a complete lack of human decency.

Shame on you, MFC!!