MFC refusing my refund

I am writing to formally lodge a complaint regarding the unacceptable handling of my vehicle finance account with MFC (Nedbank).

I have never missed a single payment on my vehicle account, and the account was fully settled following my final instalment in January 2026. However, due to payments being made simultaneously by both myself and the debt review company, an overpayment of +/-R1700 was made toward the account.

Despite the account being settled in full and despite my submission of proof of payments on multiple occasions, MFC has refused to refund the overpaid amount. I find this extremely frustrating and unfair, particularly considering my consistent payment history and good faith efforts to resolve this matter amicably.

It is unreasonable that I am required to repeatedly provide documentation while my funds are being withheld without proper explanation. The overpayment is clearly reflected by the payment records already submitted, and there is no valid justification for the continued delay or refusal to process the refund.

I hereby request the following:

Immediate confirmation that my account reflects a zero balance and has been fully settled.

Processing of the refund amounting to +/-R1 700 without further delay.

Written confirmation of when the refund will be paid into my account.

A clear explanation for the failure to resolve this matter despite sufficient proof being provided.

Should this matter not be resolved within 7 working days of receipt of this email, I will have no option but to escalate the complaint to the relevant regulatory bodies, including the National Credit Regulator and the Banking Ombudsman.

I trust that MFC will treat this complaint with the seriousness it deserves and resolve the matter promptly.