Car finance reclaim

Leannez

I sent the email to the finance company I was with and got a response saying they did not use a discretionary commission agreement

Does this mean I cannot take this any further? 

Thanks

DullGreyGuy

Leannez said:

I sent the email to the finance company I was with and got a response saying they did not use a discretionary commission agreement

Does this mean I cannot take this any further? 

It means you have no grounds for complaint about discretionary commission... did you have any other complaints to make about them? 

Brie

yes.  when did you take out the finance?

Leannez

DullGreyGuy said:

Leannez said:

I sent the email to the finance company I was with and got a response saying they did not use a discretionary commission agreement

Does this mean I cannot take this any further? 

It means you have no grounds for complaint about discretionary commission... did you have any other complaints to make about them? 

No no more complaints just followed the advice from Martin Lewis 

Leannez

Brie said:

yes.  when did you take out the finance?

2014 and 2016

Largeshark70

Any ideas please.
I followed the link to the company doing the group claim for PPI and Volkswagen Finance Services are not listed? I am wanting to claim for a Skoda that I had purchased on a PCP contract.

DullGreyGuy

Leannez said:

DullGreyGuy said:

Leannez said:

I sent the email to the finance company I was with and got a response saying they did not use a discretionary commission agreement

Does this mean I cannot take this any further? 

It means you have no grounds for complaint about discretionary commission... did you have any other complaints to make about them? 

No no more complaints just followed the advice from Martin Lewis 

Then thats it, you know your APR wasn't hiked to give the sales guy more commission and so there is no complaint to be made about conflicts of interest. 

Brie

so you're in the right time frame but they claim not to have used discretionary finance so that's it.  If you thought it was not affordable or that you shouldn't have been given the finance then that's a different issue and one you might still raise a complaint about.  

mikewill34

Just used the form to compose and fire off three emails.
(Ford Credit, Santander, Black Horse)

Lets see what their response is...

Excellent work from the MSE team as usual.

dunstonh

Excellent work from the MSE team as usual.

I'm not so sure.  They are creating significant volumes of work unnecessarily. Most of which will result in nothing apart from adding costs that consumers will end up paying for.

The FCA has paused the complaints process on car finance discretionary interest and waiting until the outcome from that is a more sensible option.   Especially as one of the options that they are considering is making the firms that did it proactively refund it.

Sheriff23

It is not clear to me why "Car finance reclaim" is being described as the result of a "scandal".  Surely when an individual signs a finance deal the rate of interest is clearly stated.  Whether or not this is boosted by a discretionary commission element is irrelevant as long as this is included in the agreed rate  If you sign a deal at the stated interest rate it means you have accepted said stated interest rate.
This once again smacks of PPI reclaims where agreements are signed without reading the small print which is entirely the fault of the person signing.  As with any agreement if you don't like the terms and conditions (including the small print) don't sign it!   I can say this as someone who refused PPI many years ago having read the small print and realised it was a waste of money (like most insurance) and who recently refused a car finance deal because the rate was not acceptable to me.