DCA Payment

meggiemoo91

Hi, we have been informed by blackhorse that they did have a DCA on one of ours vechiles and have logged our complaint they said will be in touch after the 24th September, how long after this do I have to wait for a payout? Thank you

Ayr_Rage

Don't hold your breath, "next steps" will be announced then.

https://www.fca.org.uk/news/statements/fca-statement-regarding-motor-finance-firms-financial-resources

Hoenir

Ayr_Rage said:

Don't hold your breath, "next steps" will be announced then.

https://www.fca.org.uk/news/statements/fca-statement-regarding-motor-finance-firms-financial-resources

That's an article from April and has been superceded.

Now late 2025. 

Ayr_Rage

Hoenir said:

Ayr_Rage said:

Don't hold your breath, "next steps" will be announced then.

https://www.fca.org.uk/news/statements/fca-statement-regarding-motor-finance-firms-financial-resources

That's an article from April and has been superceded.

Now late 2025. 

Sorry!

@meggiemoo91 hold that breath for even longer, make sure you read the embedded links in the article below.

https://www.fca.org.uk/news/statements/update-motor-finance-work

Nasqueron

meggiemoo91 said:

Hi, we have been informed by blackhorse that they did have a DCA on one of ours vechiles and have logged our complaint they said will be in touch after the 24th September, how long after this do I have to wait for a payout? Thank you

No-one knows if there even will be a payout, let alone when it'll be decided. Do you know if your DCA was negative i.e. rate was increased to your detriment or just that they used it but don't know if your rate was adjusted?

dunstonh

meggiemoo91 said:

Hi, we have been informed by blackhorse that they did have a DCA on one of ours vechiles and have logged our complaint they said will be in touch after the 24th September, how long after this do I have to wait for a payout? Thank you

You are way ahead of yourself.

First of all, the 24th September 2024 date no longer applies.   The FCA has pushed it back to May 2025 for their report, with the complaints process reopening September 2025.   However, that is largely provisional as there are several legal cases going through the courts and the FCA has acknowledged that it could be pushed back into 2026 or later.

Secondly, being told your dealer had DCA doesn't mean there is a wrongdoing where you will receive redress.   You have positive, negative and neutral DCA.   

Positive is where they used DCA to reduce the interest rate.  Typically used to get a deal over the line by reducing the monthly payments or where there was a special offer on (to help the dealer hit sales targets or the launch of a new vehicle.

Neutral is where it was available to be used but was not.

negative is where the interest rate was increased.  This is the area the FCA are looking at and what the courts will be looking at.   Its not yet known if it is an issue or not.