Any Black Horse replies?

Thailand

dunstonh said:

But the news segment I saw on ITV stating Lloyds (Black Horse) has put aside £450m in the event they need to start saving a lot more than that. Who knows, but them putting it aside is a good omen at least! 

Its a new regulatory requirement where there are potential issues.  Its not a sign of anything other than BH complying with regulatory requirements.

Oh so they've all done it, one lives and learns. 

BoGoF

Thailand said:

dunstonh said:

But the news segment I saw on ITV stating Lloyds (Black Horse) has put aside £450m in the event they need to start saving a lot more than that. Who knows, but them putting it aside is a good omen at least! 

Its a new regulatory requirement where there are potential issues.  Its not a sign of anything other than BH complying with regulatory requirements.

Oh so they've all done it, one lives and learns. 

No, have you done any reading? The majority had no DCA.

There's going to be a lot of disappointed people once they realise 'Martin' has over egged it.

dunstonh

Thailand said:

dunstonh said:

But the news segment I saw on ITV stating Lloyds (Black Horse) has put aside £450m in the event they need to start saving a lot more than that. Who knows, but them putting it aside is a good omen at least! 

Its a new regulatory requirement where there are potential issues.  Its not a sign of anything other than BH complying with regulatory requirements.

Oh so they've all done it, one lives and learns. 

I suspect the ones that have not used DCA haven't.  However, according to the financial press, several where it did apply have put aside money just in case.

The new requirement to put aside money where there may be issues was created to prevent firms from siphoning off money to directors and leaving nothing in the company, resulting in them dumping their liabilities onto the FSCS.   

At this stage we don't know what the FCA is going to rule.  They may say no case to answer.   Although leaks of information have suggested they are neutral where it was used with new cars, they are focusing on used cars.

kbm271186

Letter received yesterday stating there was a DCA in place on my agreement, a complaint has been logged and they will write again once the FCA have announced the outcome of their investigation.

w.ashcroft

After months of "we're still checking" emails, I received the attached letter in the post today.

Finance was provided via Tesla.

[Image removed by Forum Team]

dunstonh

w.ashcroft said:

After months of "we're still checking" emails, I received the attached letter in the post today.

Finance was provided via Tesla.

Don't get too hopeful yet.   DCA could be used positively as well as negatively.    e.g. the dealer could reduce the interest rate on the finance during special offer periods or promotions or where they wanted the vehicle sale to hit their targets and felt you were wavering.      Positive DCA won't result in any redress.     Its not even clear that negative DCA will as the FCA haven't decided yet (data collection information suggests used car sales are where they are taking a particular interest and not new car deals).

w.ashcroft

dunstonh said:

w.ashcroft said:

After months of "we're still checking" emails, I received the attached letter in the post today.

Finance was provided via Tesla.

Don't get too hopeful yet.   DCA could be used positively as well as negatively.    e.g. the dealer could reduce the interest rate on the finance during special offer periods or promotions or where they wanted the vehicle sale to hit their targets and felt you were wavering.      Positive DCA won't result in any redress.     Its not even clear that negative DCA will as the FCA haven't decided yet (data collection information suggests used car sales are where they are taking a particular interest and not new car deals).

Thanks, but this thread is about communication/updates from Black Horse. Nobody mentioned or asked about possible outcomes.

dunstonh

w.ashcroft said:

dunstonh said:

w.ashcroft said:

After months of "we're still checking" emails, I received the attached letter in the post today.

Finance was provided via Tesla.

Don't get too hopeful yet.   DCA could be used positively as well as negatively.    e.g. the dealer could reduce the interest rate on the finance during special offer periods or promotions or where they wanted the vehicle sale to hit their targets and felt you were wavering.      Positive DCA won't result in any redress.     Its not even clear that negative DCA will as the FCA haven't decided yet (data collection information suggests used car sales are where they are taking a particular interest and not new car deals).

Thanks, but this thread is about communication/updates from Black Horse. Nobody mentioned or asked about possible outcomes.

Its an open discussion for whatever we like.    No harm in adding some clarifying points  for others reading.  Just because you don't care doesn't mean others feel the same way.

w.ashcroft

dunstonh said:

w.ashcroft said:

dunstonh said:

w.ashcroft said:

After months of "we're still checking" emails, I received the attached letter in the post today.

Finance was provided via Tesla.

Don't get too hopeful yet.   DCA could be used positively as well as negatively.    e.g. the dealer could reduce the interest rate on the finance during special offer periods or promotions or where they wanted the vehicle sale to hit their targets and felt you were wavering.      Positive DCA won't result in any redress.     Its not even clear that negative DCA will as the FCA haven't decided yet (data collection information suggests used car sales are where they are taking a particular interest and not new car deals).

Thanks, but this thread is about communication/updates from Black Horse. Nobody mentioned or asked about possible outcomes.

Its an open discussion for whatever we like.    No harm in adding some clarifying points  for others reading.  Just because you don't care doesn't mean others feel the same way.

Thanks for your contribution... now back on topic.

Nasqueron

w.ashcroft said:

dunstonh said:

w.ashcroft said:

dunstonh said:

w.ashcroft said:

After months of "we're still checking" emails, I received the attached letter in the post today.

Finance was provided via Tesla.

Don't get too hopeful yet.   DCA could be used positively as well as negatively.    e.g. the dealer could reduce the interest rate on the finance during special offer periods or promotions or where they wanted the vehicle sale to hit their targets and felt you were wavering.      Positive DCA won't result in any redress.     Its not even clear that negative DCA will as the FCA haven't decided yet (data collection information suggests used car sales are where they are taking a particular interest and not new car deals).

Thanks, but this thread is about communication/updates from Black Horse. Nobody mentioned or asked about possible outcomes.

Its an open discussion for whatever we like.    No harm in adding some clarifying points  for others reading.  Just because you don't care doesn't mean others feel the same way.

Thanks for your contribution... now back on topic.

While I understand why people want to share things like this on a forum, ultimately it won't change anything - if you got feedback but someone else didn't, it doesn't mean a firm is going to have records for the second person and is hiding them, nor if DCA was present or not, nor indeed, if it was positive DCA. In short, you cannot infer anything from getting a response, so saying you got one, or not, doesn't matter in terms of outcome.

Ultimately if you get an acknowledgement or not, nothing will happen until the FCA finishes their investigation (at the least, end of September, more likely into next year) and then decides what to do. If the FCA say that as DCA was fine at point of sale back then, there is nothing to be done so all the cases will be closed. If they say there was a problem and instruct every lender to contact everyone affected, they will do that regardless of whether you sent in a form and/or whether you got a response.

Dunstonh is correct in that nothing will happen until the FCA has finished and whether 10 or 100 people post on here that they got a holding letter, it will not affect any individual case as none of them are linked as each finance sale is unique. Everyone on here is perfectly free to post if they got a response, it's a free site after all, just it simply doesn't mean anything for anyone.