Having purchased a vehicle financed by MFC, I owed 185K at this time. I have now received a statement which indicates that I have been migrated, at a finance charge of 46K added to the amount I owe. This is indicated by the term "INITIAL FINANCE CHARGES".
This is totally unacceptable and there has been no response from the company. I will be reversing any payment made from my account this month. I see a reply on another complaint where the response was that the account has been interest loaded, which I believe is no longer permitted. Also, if this is true, I cannot identify the settle amount as I could before, and ITC will show a higher risk profile since I will owe R230K on the car where it a really only R185K.
No answer from 0860 879 900, despite being on hold for 30 minutes.
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