PCP Car Commission
in Reclaim bank & credit card charges
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Hi - just wondering if anyone has had experience with My Money Advisory - not to be confused with My Money Advisor - in respect of claiming for mis-sold PCP car finance and undisclosed commission. I'm just wary about the information they want and it seems that I am to be paid back a significant amount of money but it will take 6-12 months for the money to be repaid???
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If, as you say, you are wary about the information they want, then I'd advise to go with your instinct, think of it as a red flag and be very cautious indeed. They are probably only after what they can get out of you. Have they told you that you are to be paid back a significant amount of money? What is that amount? Don't let yourself be misled by this company as well as by the loan company.
Things like this you really can do yourself. In fact, there's some great info and help in the link below from this very site, tells you how to reclaim mis-sold car loans for free.
My advice about that company, for what it's worth, would be - don't do it.
I particularly don't like the way they have chosen a name far too close to another company's name for starters, in an obvious attempt to deceive people.
If they're using the lie about kickbacks to get you on a higher loan rate, how are you going to prove they deliberately did this or that they could have given you a lower rate?
These claims firms are hoping they can throw loads of mud and get some to stick with an auto-pay like with the lies about diesels.
The rules were changed in July 2020 on commission linked to interest (and became effective January 21) , they were not retrospective, even if you could prove they gave you a higher rate of interest (which you can't), it wasn't banned therefore nothing to "claim"