Rejection

Sevs66

Hi

I've sent two claims into previous finance companies using the template the site provided. One has responded already. Their response is below

1.            We do not use and have never used the discretionary commission arrangement model with any of our brokers or dealers. 

2.            The interest rate charged on your agreement was based on your credit profile at the time you originally applied for the finance. There was no discretion applied to the interest rate, so the broker was unable to change the rate applied. 

3.            As we’ve never used the discretionary commission model, we haven’t raised a complaint in response to your query.

Question I have is do I accept this response or is there any advice on a follow up to explore further.

TIA

Mark

MattMattMattUK

Sevs66 said:

Hi

I've sent two claims into previous finance companies using the template the site provided. One has responded already. Their response is below

1.            We do not use and have never used the discretionary commission arrangement model with any of our brokers or dealers. 

2.            The interest rate charged on your agreement was based on your credit profile at the time you originally applied for the finance. There was no discretion applied to the interest rate, so the broker was unable to change the rate applied. 

3.            As we’ve never used the discretionary commission model, we haven’t raised a complaint in response to your query.

Question I have is do I accept this response or is there any advice on a follow up to explore further.

TIA

Mark

At the moment there is nothing else you can do, once the full scheme launches you may be able to query it again but will almost certainly get the same response. All lenders are regulated and as such they must make factual and truthful statements, they are incredibly unlikely to be saying that they did not use the discretionary/variable commission arrangements if they did as that in itself would be a breach of the regulator's guidance. 

What makes you think that they are not telling the truth? 

Ayr_Rage

Seems 100% clear to me, that one is binned.

Desmond_Hume

Do not pass go. Do not collect £200. 

Nasqueron

Sevs66 said:

Hi

I've sent two claims into previous finance companies using the template the site provided. One has responded already. Their response is below

1.            We do not use and have never used the discretionary commission arrangement model with any of our brokers or dealers. 

2.            The interest rate charged on your agreement was based on your credit profile at the time you originally applied for the finance. There was no discretion applied to the interest rate, so the broker was unable to change the rate applied. 

3.            As we’ve never used the discretionary commission model, we haven’t raised a complaint in response to your query.

Question I have is do I accept this response or is there any advice on a follow up to explore further.

TIA

Mark

I am genuinely confused here

You complained you were miss-sold finance by a firm using the DCA model. They have told you they didn't use it. What more action is needed? You can't force a company to pay you a refund on the basis of something they never did.

You were not miss-sold, so you should be happy?

DullGreyGuy

Or sue them for £1tn just because they're a bank so obviously can afford it. Just start saving up for having to pay their costs for a vexatious claim.

sleepyjones

I think the Op is more questioning whether or he thinks they're just "trying it on" or just trying to fobb him off ...but in response to that, they're regulated so it wouldn't be a good idea for them.
You kinda have to take their word for it.

Nasqueron

sleepyjones said:

I think the Op is more questioning whether or he thinks they're just "trying it on" or just trying to fobb him off ...but in response to that, they're regulated so it wouldn't be a good idea for them.
You kinda have to take their word for it.

Don't even need to take their word for it, FCA regulate the bodies, they are more than happy to chuck out massive fines for firms who lie about stuff like Clydesdale Bank getting £20m for pretending they didn't have PPI data when they did.