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Car Finance Claims.....
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johnlbh
Posts: 3 Newbie
I'm a little stuck on if i can actually claim against anyone as its been that long now and I don't have paperwork.
As its been reported the last few days about the claims towards the dealers / finance companies.
I purchased a car in Nov 2009 on a 5 year agreement. The finance firm was bought out about 6-8 years ago and the car dealership has been bought out.... so I'm looking for advice if anyone can helps.... can i contact one of the owners of these firms, are they responsible for the previous owners actions?
TIA
As its been reported the last few days about the claims towards the dealers / finance companies.
I purchased a car in Nov 2009 on a 5 year agreement. The finance firm was bought out about 6-8 years ago and the car dealership has been bought out.... so I'm looking for advice if anyone can helps.... can i contact one of the owners of these firms, are they responsible for the previous owners actions?
TIA
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Comments
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Depends on what's actually happened from a legal perspective... did they actually buy the company or did the just buy their in-force book of business and maybe brand names. What's happened to the legal entity since the sale?johnlbh said:
I purchased a car in Nov 2009 on a 5 year agreement. The finance firm was bought out about 6-8 years ago and the car dealership has been bought out.... so I'm looking for advice if anyone can helps.... can i contact one of the owners of these firms, are they responsible for the previous owners actions?
You need to check the legal entity name (and ideally number) of the finance provider and then get over to Companies House to see if it still exists, current owner etc.1 -
Hi. I’ve completed the hidden commission form and emailed it via MSE as suggested. I know some banks etc are acknowledging receipt but mine has not. Should I expect a response? Thanks.0
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The FCA has suspended complaints about motor finance. Firms are just stacking them up until Autumn when the FCA report is out. You would expect most to acknowledge them but with the complaints process suspended, there is no hurry.RetiredChaz said:Hi. I’ve completed the hidden commission form and emailed it via MSE as suggested. I know some banks etc are acknowledging receipt but mine has not. Should I expect a response? Thanks.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 -
Better to make your own thread in future for reference if you need more help so people don't get mixed upRetiredChaz said:Hi. I’ve completed the hidden commission form and emailed it via MSE as suggested. I know some banks etc are acknowledging receipt but mine has not. Should I expect a response? Thanks.
Do note that there is no issue with hidden commission, only if there was the DCA model of variable commission and then only if they inflated your deal for more moneySam 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.
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I got a complaint in before this all came out on the show . I took it to the ombudsman and won a big payout . Definitely worth pursuing0
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