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Motonovo just paid out
Friday I received a payment of £3345 and change into my bank from motonovo. I have had no emails or letters to say what it is and because my agreement has finished my online motonovo account is limited but it dose have the payment listed as just refund.
Will contact them today and see what they say.
Comments
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Given FCA have yet to rule on this. Amazing that they have paid out. Unless it relates to something else they found.Life in the slow lane1
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Looking through my account the credit is listed as compensation refund.0
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Why not ring and ask them, it's unlikely to be DCA related given the FCA may decide there was no mis-selling
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Update: 30 July 2024
We’re investigating whether some car finance customers were charged too much on their loans. If you’re owed compensation, we want to make sure you get it in the best way possible.
We’re now planning to announce the findings of our investigation and next steps in May 2025. This will give us the time needed to assess whether we should allow firms to handle complaints in the usual way or introduce a different approach.
While we’re investigating, we’re also proposing to further extend the deadline that providers (lenders or brokers) have to respond to certain car finance complaints from 26 September 2024 at the earliest, to after 4 December 2025.
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I just had an email saying they were pushing back the whole process until MAY 2025! What a joke 😁0 -
Not really, as has been pointed out before on here, they are struggling with old records and how to deal with them, how to determine if DCA was both present AND used to raise rates (or even lower them), plus pending an appeal against one of the court cases. This is a proper investigation and it was noted on here a couple of months ago it was highly unlikely it would get to September and everyone would get a huge refund. It's better to read comments from people with ear close to the floor, rather than sensationalist headlines. Remember the FCA may still say there was no wrong doing.mee-kal said:I just had an email saying they were pushing back the whole process until MAY 2025! What a joke 😁Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Where is the joke?mee-kal said:I just had an email saying they were pushing back the whole process until MAY 2025! What a joke 😁
The FCA seem to be handling this so much better than they did with PPI.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.1
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