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Motor finance commission enquiry
Oscar1942
Posts: 5 Forumite
I tried to use Volkswagen Financial Services own form to submit a claim but it was useless as it hung when trying to send twice. Used Martin’s proforma and got an instant acknowledgment from VWFS, well done Martin
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Comments
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Used Martin’s proforma and got an instant acknowledgment from VWFS, well done Martin
Why Martin? Resolver was founded by James Walker.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 -
This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?0 -
MyFavPurple said:This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?
Seriously?
Unless you have evidence to the contrary move on. Most agreements did not have DCA.
No pay day for you.1 -
Many people will have had the responseMyFavPurple said:This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?
Nobody will have any way of knowing it wasn't true (commission does not have to be disclosed)
The FCA fined Clydesdale bank £20m for lying about PPI data, VW are highly unlikely to want to be paying yet another fine after all the rinsing they got from ambulance chasers over the diesel emissions issueSam 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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This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.Do you have any evidence to support your allegation that they could be committing fraud?
Do you know the consequences to a financial services company that knowingly does that?“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”most have had that response but not a sole would have found it not to be true. What a bizarre thing to ask.
has anyone else had this response and found it not to be true?
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 -
Assuming the FCA find a systemic problem, and there is no guarantee that they will, then it's likely they will require a redress programme to be put in place which will include oversight, sampling etc. The regulators missed the whole PPI thing which is why it turned into the !!!!!! it did rather than having a redress programmeNasqueron said:
Many people will have had the responseMyFavPurple said:This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?
Nobody will have any way of knowing it wasn't true (commission does not have to be disclosed)
The FCA fined Clydesdale bank £20m for lying about PPI data, VW are highly unlikely to want to be paying yet another fine after all the rinsing they got from ambulance chasers over the diesel emissions issue0 -
An era of light touch regulation that extended well beyond PPI.DullGreyGuy said:
Assuming the FCA find a systemic problem, and there is no guarantee that they will, then it's likely they will require a redress programme to be put in place which will include oversight, sampling etc. The regulators missed the whole PPI thing which is why it turned into the !!!!!! it did rather than having a redress programmeNasqueron said:
Many people will have had the responseMyFavPurple said:This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?
Nobody will have any way of knowing it wasn't true (commission does not have to be disclosed)
The FCA fined Clydesdale bank £20m for lying about PPI data, VW are highly unlikely to want to be paying yet another fine after all the rinsing they got from ambulance chasers over the diesel emissions issue0 -
Oh for sure, I was just saying it's incredibly unlikely VW would deliberately lie about someone not having a DCA agreement when they did, knowing the risk of fines, regardless of any redress programDullGreyGuy said:
Assuming the FCA find a systemic problem, and there is no guarantee that they will, then it's likely they will require a redress programme to be put in place which will include oversight, sampling etc. The regulators missed the whole PPI thing which is why it turned into the !!!!!! it did rather than having a redress programmeNasqueron said:
Many people will have had the responseMyFavPurple said:This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?
Nobody will have any way of knowing it wasn't true (commission does not have to be disclosed)
The FCA fined Clydesdale bank £20m for lying about PPI data, VW are highly unlikely to want to be paying yet another fine after all the rinsing they got from ambulance chasers over the diesel emissions issueSam 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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Won't be just one person though. There'll be many with similar contractual agreements that were underwritten in a similar fashion over a period of time. Head them off at the pass so to speak.Nasqueron said:
Oh for sure, I was just saying it's incredibly unlikely VW would deliberately lie about someone not having a DCA agreement when they did, knowing the risk of fines, regardless of any redress programDullGreyGuy said:
Assuming the FCA find a systemic problem, and there is no guarantee that they will, then it's likely they will require a redress programme to be put in place which will include oversight, sampling etc. The regulators missed the whole PPI thing which is why it turned into the !!!!!! it did rather than having a redress programmeNasqueron said:
Many people will have had the responseMyFavPurple said:This is what VOLKSWAGEN FINANCIAL SERVICES sent me. Could they be lying and how can I be sure this is a honest statement.“We’ve investigated and can confirm that a discretionary commission arrangement was not used on your agreement.”
has anyone else had this response and found it not to be true?
Nobody will have any way of knowing it wasn't true (commission does not have to be disclosed)
The FCA fined Clydesdale bank £20m for lying about PPI data, VW are highly unlikely to want to be paying yet another fine after all the rinsing they got from ambulance chasers over the diesel emissions issue0
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