Urgent Assistance Required for Unfair Treatment by MFC/Nedbank

Dear HelloPeter Team,

I hope this message finds you well. My name is Palesa Bridgette Webb, ID number ***, and I am writing to raise a concern regarding the unfair treatment I am experiencing with my vehicle finance account managed by MFC, a division of Nedbank.

I have always been a responsible client, making consistent payments on my vehicle finance account over the years. However, due to recent financial difficulties, I am no longer able to afford the original monthly installment of R4,000. I was fortunate enough to secure a restructured payment plan with MFC/Nedbank, which adjusted my monthly installment to R3,470.40—a manageable amount for my current financial situation. Here is the SMS confirmation of the restructured plan:

_"A DebiCheck debit order from Nedbank Vehicle and Asset Finance for contract *** in the amount of R3,470.40, 25th, Monthly has been updated by Nedbank Vehicle and Asset Finance within the terms of the authorisation. You do not have to give a new authorisation."_

However, on 20 September 2024, MFC/Nedbank sent me a letter stating that my interest rate had been adjusted due to changes announced by the South African Reserve Bank, resulting in an increase of my monthly installment to R4,055.63. This increase is unaffordable for me, and despite explaining my financial constraints to MFC, they refused to restructure my loan again. Below is the letter I received from them:

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**X1852 CHRUTSE STREET JOUBERTON KLERKSDORP 2574 20 Sep 2024**

**Dear MS PB GOVUZELA**

**Notice of change in variable interest rate**

**Reference number: *****

The South African Reserve Bank recently announced a change in interest rates, which will impact the interest rate on your loan, effective from 20/09/2024.

**Current loan details** Current interest rate: 16.90% pa New interest rate: 16.65% pa Current installment: R4,062.81 New installment: R4,055.63

Your installment includes any fees and charges but excludes VAT for rental deals. If your debit order date falls within five days of the interest rate change, we may change the payment amount with effect from your next payment date. However, the interest rate change is effective from the above-mentioned date.

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Since then, MFC has also increased my arrears from R5,000 to R7,000 in just one month. Despite my efforts to resolve the situation and settle the arrears, MFC/Nedbank is threatening to repossess my vehicle. I have requested that they extend the repayment term and reduce the monthly installment to a more affordable amount, but they refuse to consider this.

I am seeking assistance in addressing this issue as I believe I am being unfairly treated despite my efforts to make payments. I would appreciate your help in bringing attention to this matter and finding a fair resolution.

Thank you for your time and consideration.

Kind Regards, Palesa Bridgette Webb Contract Number: *** Contact Number: *** Email: ***