Motor Finance Corporation
Asking Additional Charges

A few months ago MFC migrated to Nedbank which I understand.
I received a statement from them in May, stating that my CAPITAL BALANCE INTEREST ACCRUED (Closing Balance) is R152, 000, in July I received a new statement (after the Nedbank migration), stating that my outstanding balance is now R175, 000 adding an additional R23, 000 "initial finance charges" - this after two more payments.
I have called and email now on numerous occasions, but the only feedback I get is that they "migrated to Nedbank". We UNDERSTAND that, but you can't charge me R23, 000 because you migrate.
How many clients is this happening too, without them ever realising it?
This is not acceptable - now where in my contract does it state anything in connection to an "initial finance charges". I hope at last I can get a decent explanation out of them.

Company: Motor Finance Corporation
Country: South Africa
City: Cape Town

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