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Commission claim query
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Ozzybozz
Posts: 2 Newbie
Hi,
I purchased two Seat cars on pcp about 8 years ago via a Seat dealership who used Volkswagen Financial Services.
I have queried with them the commissioning model aligned to the agreements. They have replied with the email below, what does this actually mean and is there a case for a claim, if all commissioning arrangements were to be considered for refunds:
Good evening,
Thank you for your email.
The fixed commission paid under your agreement was a transaction between us and the selling retailer and therefore does not fall within personal data that can be shared.
We can however advise you that our fixed commission models are associated to finance campaigns and from our system we can see your vehicle was subject to such a campaign.
As an FCA regulated firm we are duty bound to provide you with accurate information, therefore you can be confident that the interest rate you received would not have been impacted in this instance.
I purchased two Seat cars on pcp about 8 years ago via a Seat dealership who used Volkswagen Financial Services.
I have queried with them the commissioning model aligned to the agreements. They have replied with the email below, what does this actually mean and is there a case for a claim, if all commissioning arrangements were to be considered for refunds:
Good evening,
Thank you for your email.
The fixed commission paid under your agreement was a transaction between us and the selling retailer and therefore does not fall within personal data that can be shared.
We can however advise you that our fixed commission models are associated to finance campaigns and from our system we can see your vehicle was subject to such a campaign.
As an FCA regulated firm we are duty bound to provide you with accurate information, therefore you can be confident that the interest rate you received would not have been impacted in this instance.
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Comments
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I have queried with them the commissioning model aligned to the agreements. They have replied with the email below, what does this actually mean and is there a case for a claim, if all commissioning arrangements were to be considered for refunds:It means they are not subject to DCA.
Plus, it is worth noting that the Government has intervened, as expected, and it looks like the DCA issue will be dead soon.
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 -
Do you think it's likely they will allow DCA to go on and kill off the more general issue of undisclosed commission / people not reading contracts?dunstonh said:I have queried with them the commissioning model aligned to the agreements. They have replied with the email below, what does this actually mean and is there a case for a claim, if all commissioning arrangements were to be considered for refunds:It means they are not subject to DCA.
Plus, it is worth noting that the Government has intervened, as expected, and it looks like the DCA issue will be dead soon.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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We can only guess but I suspect DCA will not be allowed to be put back but commission will be.Nasqueron said:
Do you think it's likely they will allow DCA to go on and kill off the more general issue of undisclosed commission / people not reading contracts?dunstonh said:I have queried with them the commissioning model aligned to the agreements. They have replied with the email below, what does this actually mean and is there a case for a claim, if all commissioning arrangements were to be considered for refunds:It means they are not subject to DCA.
Plus, it is worth noting that the Government has intervened, as expected, and it looks like the DCA issue will be dead soon.
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.0 -
Since the CoA ruling at the end of October all providers are now stating the exact amount of commission involved and getting explicit consent on this from the customer.
If there's full disclosure and informed consent then I can't see that it matters what method is used to calculate commission.......0
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