My vehicle is financed by MFC and have had a good relationship for the past 6 years up until this morning. I received an sms from my bank notifying me that MFC had withdrawn a substantial amount of money from my account. Upon verifying this information it turns out that MFC had indeed taken the said amount and it was because it was my last installment and I had residual. Fair enough. There is a residual department (I have subsequently discovered), could nobody at this Dept have called me to inform me that this amount would be deducted from my account? As far as I remember, we had an agreement for a specific amount every month, Because of this unauthorised deduction, my account has gone into arrears and my rent has not as yet been paid. Ive been told a quote has been sent to Residual Dept and I must wait 7-10 working days for a reversal of the money. What do I tell my landlord in the meantime? who pays for the interest that will now accrue from that late payment, who pays for the interest charged by the bank for the arrears? what a bitter taste in my mouth and a definite ruin of a relationship that has lasted so long. I will work tirelessly to convince people never to use MFC.
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