DCA - Moneyway Car Finance

g2b80

I've wrote to Moneyway and they came back with a rather blunt reply that my policy was not under the DCA, however when I submitted a Subject Access Request, there is a file called commission, which shows 2 payments, one for £200 and another for over £700.  I was aware of a £200 payment to the broker, however the £700 payment is labelled as a "Loyalty Payment" would this be related to the DCA?

Nearlyold

More likely a VQB type payment. Dealers would get bonuses based on how much business they gave the Lender. The chances that a lender would lie over whether a DCA was in place are tiny given the FCA' s current interest in the matter.

Nasqueron

g2b80 said:

I've wrote to Moneyway and they came back with a rather blunt reply that my policy was not under the DCA, however when I submitted a Subject Access Request, there is a file called commission, which shows 2 payments, one for £200 and another for over £700.  I was aware of a £200 payment to the broker, however the £700 payment is labelled as a "Loyalty Payment" would this be related to the DCA?

You were told they did not use DCA, the prospect of substantial fines if they lied will put off any lender from lying about it, particularly if they knew the documentation existed. You did not have DCA, they paid legal, non-DCA, commission.

g2b80

Thank you very much for you input folks.