Hi
I deposited an amount of R30, 000 to bring down an initial debt of R120, 526.87 and asked that my terms be reduced from 72 to 60 months. My interest rate is 12.95%.
Clearly, both my terms AND my monthly payment (currently R2545.46) will be reduced due to the interest saved. MFC's own calculator tool on [URL Removed] proves this.
It appears that MFC have reduced my terms to 60 without taking into account my R30, 000 amount paid in the latest schedule sent to me 3 days later (not 24-48 hours promised).
Please just sort it out. R30, 000 paid in. Reduce terms from 72 to 60 and let me know the new instalment. Should be straight forward and simple!
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