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DCA letters using tool provided on site

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dunstonh Posts: 119,524 Forumite

27 September 2024 at 3:36PM

I can imagine banks and all those that are involved are going to fight this , even though I have been confirmed I have a DCA I think its best to forget about for now
Have they said you have negative DCA or just said DCA may have existed?
negative DCA is when they increase the interest rate (the bit the FCA didn't like)
positive DCA reduced the interest rate (you were a winner and don't go expecting more money)
neutral DCA is where the dealer had the option to do it with the lender but didn't actually use it.

At the moment, the lenders are generally not looking at whether DCA was neutral, positive or negative but just whether the dealer had the option to use DCA or not. ie. "did this dealer have DCA available or not". If they did, they notify you that you did" and then they pause it until FCA completes its report. If they didn't they can reject it.

There are court cases, hence the delay. The FCA is currently using dates assuming those cases get heard and concluded in a timely manner. However, many expect there to be appeals when the judgements are reached and that will likely see it pushed back another year or two or three.

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.

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