Car Finance

Smudge_10

Hi.  Watching your program about potential mis sold Car Finance Loans.  I believe I may have been mis sold a policy back in 2003 but how do I check what percentage commission the Sales person was given by said finance company?  
Or do I just lodge the complaint regardless?

Thankyou

Nasqueron

How would you prove they deliberately inflated the interest rate to get more commission?
What documentation do you have to prove the finance existed?

Brie

all the details on how to make a claim are outlined on DebtCamel

Car finance commission scandal - can you get a refund? · Debt Camel

dunstonh

Also note that the FCA have put a pause on complaints regarding car finance.   So, nothing will be done until the FCA has decided what needs to be done (if anything).

~Brock~

2003 will be statute barred from court action and outside of FOS jurisdiction, who took on complaints about consumer credit from 2007.

Jux123456789

Hi all, just reading through the thread, and wondering is it worth me continuing with my complaint or should I hold on till it reopens with the fca?
I had a car on finance back in 2007, the finance company (British credit trust) are no longer trading, the email was returned as undeliverable, does this mean I email the car dealership? I have all the paperwork, but am unsure what to write? 

Many thanks

dunstonh

Hi all, just reading through the thread, and wondering is it worth me continuing with my complaint or should I hold on till it reopens with the fca?

You will get a difference of opinion on the board.  Some say wait until the FCA publishes its review and states what is wrong and what needs to be done next on the basis that at the moment, we don't know anything and the FCA could force companies to be pro-active rather than reactive.   Others say get it in now.  I am in the wait until the FCA report camp.

I had a car on finance back in 2007, the finance company (British credit trust) are no longer trading, the email was returned as undeliverable, does this mean I email the car dealership?

Lender is liable.  Not the dealer.   You may or may not have access to the FSCS but we don't know until the FCA has completed its review.  It may depend on when in 2007 you bought it.

[Deleted User]

If the lender is bust you have no recourse imo. Consumer credit is not covered by the FSCS, as was the case with pay day loans. When Wonga etc went bust… bye bye complaint and any payment unless you got in on the administration scheme and got a few pence in the pound. BCT has been fully dissolved since 2021 so that ship has sailed. You can email / complain to the dealership but everything being focused on is the lender’s responsibility as the lender of the loan. The dealer, as the credit broker in the finance sale, could not be held liable for any of the things currently under review. You could complain to them for the advice given if you think the advice about the product at the time was poor or misleading as that would be their responsibility, ofc only if you genuinely had a complaint. As has been said the FCA review could change this, as could later developments.