We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Car finance reclaim
Comments
-
Hi I bought a car around Dec 2009 my memory is a sketchy but I know we took out finance for about £3K the dealer used clydesbank? who I think used barclays. Last year I seem to recall getting a letter from barclays saying they owed me 37p or something like that but it wasn't worth the phonecard to ring them and claim it. Do you think I've got a chance of getting anything back? Thanks0
-
Nothing in your post suggests you are one of the people affected or not.Mrbowie said:Hi I bought a car around Dec 2009 my memory is a sketchy but I know we took out finance for about £3K the dealer used clydesbank? who I think used barclays. Last year I seem to recall getting a letter from barclays saying they owed me 37p or something like that but it wasn't worth the phonecard to ring them and claim it. Do you think I've got a chance of getting anything back? Thanks
At this time, we await the FCA report (due September) which will set out the FCA's view and what process will be put in place. If the FCA decide there has been wrongdoing, then its likely you will start to see lenders publish whether they used discretionary interest or not. Some have already started saying they don't.
Its early days and plenty of time and we will know more once the FCA publish their report.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Hi, I had a car finance deal with PCF bank in 2020 they are now in voluntary liquidation,
Would I still be able to claim compensation on any mis sold finance? And how would I do that because I am already on a claim with a previous vehicle but the company I have used said they can't claim against PCF.0 -
If a firm is in default then no. It is unknown as to whether the FSCS step in. I hope not as its not what the FSCS was introduced to do but it has been used that way sometimes in the past.Willyw89 said:Hi, I had a car finance deal with PCF bank in 2020 they are now in voluntary liquidation,
Would I still be able to claim compensation on any mis sold finance? And how would I do that because I am already on a claim with a previous vehicle but the company I have used said they can't claim against PCF.
You need to wait until the FCA publishes the report.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you read your contract and there is any free way to get out, then you should use it. The firm you have used use the same free complaint process you would have used and will have the same chance of success but will take probably 25% of any refund at the leastWillyw89 said:Hi, I had a car finance deal with PCF bank in 2020 they are now in voluntary liquidation,
Would I still be able to claim compensation on any mis sold finance? And how would I do that because I am already on a claim with a previous vehicle but the company I have used said they can't claim against PCF.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards