Blue Motor Finance - Car Finance Reclaim

Nizz
Nizz Posts: 4
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edited 13 February at 2:59PM in Reclaim car finance

Hello all on MSE forum :)

I'm excited to be part of this community! I wanted to start my first thread to share my experience and seek advice regarding the recently televised Car Finance Reclaim cause.

I've recently received a response from my previous finance provider, Blue Motor Finance, in connection with the helpful template provided by MSE. They confirmed that an element of DCA commission was paid in connection with my agreement.

However, in their response, they mentioned, "Please note that in light of the above [FCA pause], we will hold your complaint paused pending the outcome of the FCA’s investigation, and you will receive a final response from us within 8 weeks following the 25 September 2024."

I included in my initial letter the statement: "For the sake of clarity, this first request is purely for information and is not a complaint or expression of dissatisfaction, and is not subject to the FCA’s pause."

I'm seeking your advice on whether it would be best to submit a DSAR to BMF regardless or just wait it out. Any thoughts or similar experiences?

Thank you all for your help! I'm looking forward to reading your replies and contributing to the forums! :)

All the best

Comments

  • DullGreyGuy
    DullGreyGuy Posts: 9,184
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    You can do a DSAR if you want but you will still be waiting until September until any consideration of what, if any, compensation may be due. 
  • dunstonh
    dunstonh Posts: 115,724
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    I'm seeking your advice on whether it would be best to submit a DSAR to BMF regardless or just wait it out. Any thoughts or similar experiences?
    What would that achieve?
    They have already told you that they have identified there is an issue.    Now they are waiting for the FCA report.   And that is what you will be doing too without the need to do anything.

    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.
  • Nizz
    Nizz Posts: 4
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    You can do a DSAR if you want but you will still be waiting until September until any consideration of what, if any, compensation may be due. 
    Thank you, for your input.

    I appreciate your perspective on the DSAR and agree it seems like patience is key in this situation. In weighing up my options, I thought it proactive to gather as much informationas possible within my means during the interim but, waiting until September does seem like the primary course of action.

     :) 
  • Nizz
    Nizz Posts: 4
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    Newbie
    What would that achieve?
    They have already told you that they have identified there is an issue.    Now they are waiting for the FCA report.   And that is what you will be doing too without the need to do anything.

    Thank you for sharing your insights. I completely understand the importance of waiting for the FCA report, and I appreciate your perspective on not needing to take additional steps at this point.

    I did consider the DSAR as a way to have all the information at hand during this waiting period. It's reassuring to know that they've identified the issue and are awaiting the FCA report. Your point about not needing to do anything extra for now is duly noted, and I'll carefully weigh my options.

    I value the input from the community, and I'm open to any further suggestions or experiences anyone might have. Let's continue supporting each other through this process! 😊

  • Nasqueron
    Nasqueron Posts: 8,379
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    Nizz said:
    What would that achieve?
    They have already told you that they have identified there is an issue.    Now they are waiting for the FCA report.   And that is what you will be doing too without the need to do anything.

    Thank you for sharing your insights. I completely understand the importance of waiting for the FCA report, and I appreciate your perspective on not needing to take additional steps at this point.

    I did consider the DSAR as a way to have all the information at hand during this waiting period. It's reassuring to know that they've identified the issue and are awaiting the FCA report. Your point about not needing to do anything extra for now is duly noted, and I'll carefully weigh my options.

    I value the input from the community, and I'm open to any further suggestions or experiences anyone might have. Let's continue supporting each other through this process! 😊

    Having the info on hand (in this case, a load of paperwork) is redundant, you don't need to do it - the firm would get massive fines if they actively deleted data now a problem has been identified. They know you had finance, they know you may have been affected, so you just need to wait. DSAR is only really needed in things like the old PPI complaints where frontline staff couldn't see records so you'd want them to deep dive
  • Nizz
    Nizz Posts: 4
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    Newbie
    Nasqueron said:
    Having the info on hand (in this case, a load of paperwork) is redundant, you don't need to do it - the firm would get massive fines if they actively deleted data now a problem has been identified. They know you had finance, they know you may have been affected, so you just need to wait. DSAR is only really needed in things like the old PPI complaints where frontline staff couldn't see records so you'd want them to deep dive

    Thank you :) Your comparison with cases like old PPI complaints, where a deep dive might be necessary, is quite insightful. It helps me better understand the context and the different considerations involved.

    I'll take your advice to heart and resist the urge to jump into unnecessary paperwork. Patience it is, then. I'm grateful for your expertise and the guidance from the community. If there are any further developments or considerations, I'd be keen to hear your thoughts and those of others in the forum. On a side note, I hope my experience with Blue Motor Finance can be beneficial to others in the community who might be in a similar situation.

    If you're a Blue Motor Finance customer and have concerns or queries, it might be worthwhile exploring the avenues we've discussed here.
  • Nasqueron
    Nasqueron Posts: 8,379
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    edited 9 February at 2:29PM
    As your case is lodged, you can enjoy your summer and if you were affected, the FCA ruling will determine what, if anything, you are owed. Worst case you get £0 and are no worse off that today. If your finance was inflated, they may be forced to pay the difference between what you could have got and what you did and they usually chuck 8% simple (not compound) interest per year on top, or they might have to pay a fixed compensation sum or whatever, but again, don't be visiting Porsche dealerships until after the FCA decide!
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