Millions who bought a car pre-2021 could be due a payout as mis-selling investigation launched

dunstonh

RedBalloon said:

I had a vehicle on PCP with VW Financial Services, I'll get my letter sorted today. When that ended (a year ago) I took out another for 4 more years. Should I send a letter for both separately?

It doesn't matter whether you do it separately or together.  The FCA has suspended the complaints process on discretionary interest whilst they decide if there is actually any wrongdoing and what needs to be done going forward.  So, whether you do it once or twice, they are going end up in a pile that does not get actioned until the FCA report has been published.   By then, we should also know more about which lenders did it and didn't do it.   Waiting could well the best option.

RedBalloon

dunstonh said:

RedBalloon said:

I had a vehicle on PCP with VW Financial Services, I'll get my letter sorted today. When that ended (a year ago) I took out another for 4 more years. Should I send a letter for both separately?

It doesn't matter whether you do it separately or together.  The FCA has suspended the complaints process on discretionary interest whilst they decide if there is actually any wrongdoing and what needs to be done going forward.  So, whether you do it once or twice, they are going end up in a pile that does not get actioned until the FCA report has been published.   By then, we should also know more about which lenders did it and didn't do it.   Waiting could well the best option.

Thanks - I'm going to take Martins advice and get the letters off ASAP while we wait.
Does anyone know if claiming for CURRENT car finance is possible?  

Nasqueron

RedBalloon said:

dunstonh said:

RedBalloon said:

I had a vehicle on PCP with VW Financial Services, I'll get my letter sorted today. When that ended (a year ago) I took out another for 4 more years. Should I send a letter for both separately?

It doesn't matter whether you do it separately or together.  The FCA has suspended the complaints process on discretionary interest whilst they decide if there is actually any wrongdoing and what needs to be done going forward.  So, whether you do it once or twice, they are going end up in a pile that does not get actioned until the FCA report has been published.   By then, we should also know more about which lenders did it and didn't do it.   Waiting could well the best option.

Thanks - I'm going to take Martins advice and get the letters off ASAP while we wait.
Does anyone know if claiming for CURRENT car finance is possible?  

As dunstonh said - until the review is finished and firms identified then there is little point speculating. You can follow Martin's advice as you wish, nothing will happen until after 25/9/24

There is no "claim", if the deal was after 28/1/21 then no you have no complaint; if it was before that, IF the firm used DCA and IF it applied to you, you may get some compensation (note, you will almost certainly not get anything more then a refund of what you qualified for vs what they offered)

Smegger213

Hi. I have used the tool to send an email to FIAT Car Finance. This was for 3 cars, all bought from a Stoneacre dealership in Worksop on PCP finance. All between 2015 to 2020. Not had any reply yet. Also, my wife has sent an email to Motonovo for 2 cars bought on normal finance from Carshop in Doncaster. She hasn't had a reply back yet either. Fingers crossed for an update soon.

dunstonh

Smegger213 said:

Hi. I have used the tool to send an email to FIAT Car Finance. This was for 3 cars, all bought from a Stoneacre dealership in Worksop on PCP finance. All between 2015 to 2020. Not had any reply yet. Also, my wife has sent an email to Motonovo for 2 cars bought on normal finance from Carshop in Doncaster. She hasn't had a reply back yet either. Fingers crossed for an update soon.

You are not going to get an update soon.

The FCA has suspended complaints about discretionary interest.   Firms are not required to investigate or do anything about them.    Although some my reject complaints if they didn't have discretionary interest and don't need to wait until the FCA have completed their review.

The FCA review is due to be completed by September and a report issued at that time.

Smegger213

dunstonh said:

Smegger213 said:

Hi. I have used the tool to send an email to FIAT Car Finance. This was for 3 cars, all bought from a Stoneacre dealership in Worksop on PCP finance. All between 2015 to 2020. Not had any reply yet. Also, my wife has sent an email to Motonovo for 2 cars bought on normal finance from Carshop in Doncaster. She hasn't had a reply back yet either. Fingers crossed for an update soon.

You are not going to get an update soon.

The FCA has suspended complaints about discretionary interest.   Firms are not required to investigate or do anything about them.    Although some my reject complaints if they didn't have discretionary interest and don't need to wait until the FCA have completed their review.

The FCA review is due to be completed by September and a report issued at that time.

Yet, I have seen some reports from people saying they got a response from the emails they sent. IE some people have been answered, or been told their complaint has been registered.

dunstonh

Smegger213 said:

dunstonh said:

Smegger213 said:

Hi. I have used the tool to send an email to FIAT Car Finance. This was for 3 cars, all bought from a Stoneacre dealership in Worksop on PCP finance. All between 2015 to 2020. Not had any reply yet. Also, my wife has sent an email to Motonovo for 2 cars bought on normal finance from Carshop in Doncaster. She hasn't had a reply back yet either. Fingers crossed for an update soon.

You are not going to get an update soon.

The FCA has suspended complaints about discretionary interest.   Firms are not required to investigate or do anything about them.    Although some my reject complaints if they didn't have discretionary interest and don't need to wait until the FCA have completed their review.

The FCA review is due to be completed by September and a report issued at that time.

Yet, I have seen some reports from people saying they got a response from the emails they sent. IE some people have been answered, or been told their complaint has been registered.

An acknowlegement is likely but then it sits in a pile in the corner for the next 9 or so months

Boro1234_2

Hi all, I got my car in February 2021, I know the cut off date is 28th January will it be worth while to send the finance company a email regarding this matter even tho it’s just after the cut off date?

kind regards Colin  

Nasqueron

Boro1234_2 said:

Hi all, I got my car in February 2021, I know the cut off date is 28th January will it be worth while to send the finance company a email regarding this matter even tho it’s just after the cut off date?

kind regards Colin  

Firms were banned from selling cars using the DCA model as of January 2021 so if they continued, they would have been fined by the FCA. If you bought after DCA was banned, logically you would not be affected

Jonty6262

45 week?  is that the norm?

", in respect of complaints concerning motor finance agreements with discretionary commission arrangements, the date that we must issue you with a final response has been delayed by 45 weeks."