Request for transparency is impossible

After my father passed away, he had Credit Life Insurance linked to the vehicle he financed through Toyota Financial Services (TFS). The insurance company only paid a portion of the outstanding balance, saying they do not cover “extras” such as delivery and other add-ons that were financed with the vehicle.

TFS then involved a law firm to recover the “outstanding balance” from our family. When we requested a breakdown of the amount, we were given vague explanations, but eventually received a total that was substantially higher than the portion the insurance refused to pay. Under pressure from legal threats, we made arrangements to pay the balance in full.

After payment, we asked TFS for a detailed statement explaining the extra amount. The statement they provided showed the account was R0.00 as of 3 October 2024, yet afterwards a new amount of R19,633.80 suddenly appeared. When I questioned this, I received conflicting answers — TFS claimed it was due to “arrears,” while the insurance company gave a completely different explanation.

Since then, TFS has avoided giving a clear response or proper documentation to justify this amount. This lack of transparency raises serious concerns about how financial institutions and insurers handle these matters, especially when families are dealing with the loss of a loved one.

Please be cautious when dealing with such companies — the stories from the finance provider and the insurer don’t align, and once they have your money, getting honest answers becomes nearly impossible.