Motonovo(Carlyle finance)

bevs123

I requested my finance agreement from Motonovo, they have admitted a DCA was used on my agreement, I have just received my agreement started in 2010, but how do I understand the interest rates and what % was used for the DCA.

born_again

If the FCA rules in September that finance co's have to refund. Then there is standard 8% interest on refunds.

As to interest rates @ the time. Finance co's will have that info, of FCA will issue guidance on rates they have to work from.

Nearlyold

What APR does your agreement state? 

Nasqueron

bevs123 said:

I requested my finance agreement from Motonovo, they have admitted a DCA was used on my agreement, I have just received my agreement started in 2010, but how do I understand the interest rates and what % was used for the DCA.

You don't need to, none of that will be calculated by you anyway, if the FCA recommends redress, they will tell the lenders what to refund, which they will do. There will not be any negotiation and whatever sums you come up with will not matter - they will simply pay you what the FCA requires (which may be £0)

400ixl

You just sit on your hands until September and see what the regulator decides should happen.