DCA Found

coffeeguy66

Thanks to this brilliant website from Martin I filled out the template tool and emailed Startline Motor Finance requesting info regarding a DCA etc.
They replied the following day saying yes there was a DCA added and that they have lodged my complaint.
No wonder my monthly payments were bigger than expected. I went ahead anyway as my credit rating wasn't as good back then. Ended up paying this off a year early.
Thank you Martin Lewis for highlighting this. 

dunstonh

No wonder my monthly payments were bigger than expected.

All they have said is that DCA existed.   They haven't said whether it was negative, positive or neutral.   

It is believed that the FCA will not penalise neutral or positive DCA but only negative DCA.   Although recent court case outcomes and thrown a spanner in the works and could cause havoc with the motor industry and car finance and its possible that intervention may be necessary.   So, don't go expecting any money yet.

bluesman65

I've started mine with the template from Martin  Startline had confirmed I do have a DCA  the question when will be getting compensation well I feel it will be sometime though key verdicts have been made in the courts, I'm pretty sure the fight is not over. 
If we do get compensation nothing is guaranteed we are dealing with large influential business and lending  institutions so I said to my wife one day I might get an surprise email , or not , 
Lastly I hear all the moaning this is could cripple the auto industry personally I could care less good I say, if your  going to be doggy and deceiving customers then you should be in business simple. 

       

dunstonh

I've started mine with the template from Martin  Startline had confirmed I do have a DCA  the question when will be getting compensation well I feel it will be sometime though key verdicts have been made in the courts, I'm pretty sure the fight is not over. 

You should read the posts in the thread before making your question.  So, I wont answer that question as its already answered.

Lastly I hear all the moaning this is could cripple the auto industry personally I could care less good I say, if your  going to be doggy and deceiving customers then you should be in business simple. 

There was no regulatory requirement to do it.  This is all retrospective legal points of view.

Nasqueron

coffeeguy66 said:

Thanks to this brilliant website from Martin I filled out the template tool and emailed Startline Motor Finance requesting info regarding a DCA etc.
They replied the following day saying yes there was a DCA added and that they have lodged my complaint.
No wonder my monthly payments were bigger than expected. I went ahead anyway as my credit rating wasn't as good back then. Ended up paying this off a year early.
Thank you Martin Lewis for highlighting this. 

How do you define "bigger than expected"? Your credit rating was poor, your got a higher rate, nothing there is suspicious. The issue is if the rate was increased artificially on top of what a lender offered. If you had a high rate, they may have been neutral on DCA as they realised you wouldn't go for the finance if they pushed it up higher. Wait for the review to finish, please don't take it that high rate = you will get money, you may do and be pleasantly surprised, better than assuming you will and being disappointed.