NEWS: Huge car finance mis-selling news as industry-wide redress scheme planned

MSE_Rosie

Payouts for mis-sold car finance are one step closer as the financial regulator has announced plans to consult on an industry-wide redress scheme. However, any redress is still dependent on an upcoming Supreme Court case. MoneySavingExpert.com founder Martin Lewis explains what this latest update means for claims.

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dunstonh

It was rumoured a long time back that they would instruct the lenders to be pro-active rather than rely on complaints.

Hopefully, the FCA will rule that claims companies have no right to continue in this area as they will have done absolutely nothing to earn it.  And second hope is that will end many of these ambulance chasers leeching off consumers.

Welly08

Hoping you can help advise with this. So I have had 6 cars on finance since 2005, I looked through paper work and only have policy numbers on 2 or 3. I don’t know who I had finance with on the others. As it stands from today, is it worth me checking old bank statements to find out who financed them and place the complaint…or leave it in hope if I qualify that they will contact me?

V_interested

If a car finance company has been bought/merged/acquired by another … say Citroen Finance by Stellantis - will the new provider inherit the claim related liabilities of the old provider by default? 

dunstonh

V_interested said:

If a car finance company has been bought/merged/acquired by another … say Citroen Finance by Stellantis - will the new provider inherit the claim related liabilities of the old provider by default? 

In some cases yes.  In some cases no. 

V_interested

Many might be facing this uncertainty.  I don’t imagine that inherited liability will be an easy thing to establish.  Hopefully, the FCA will also rule on grey as well as black and white mis-selling.

MattMattMattUK

V_interested said:

Many might be facing this uncertainty.  I don’t imagine that inherited liability will be an easy thing to establish.  Hopefully, the FCA will also rule on grey as well as black and white mis-selling.

If we are doing hopefully then hopefully the court will throw the whole thing out and end the farce. 

jayartherfrank

I received an email back from Stallantis Finance to say they didnt pay any discretionary commission to any dealers. Therefore the guidance and rules announced in Jan 2024 is not applicable to my agreement.
I received this within seconds of sending the template email. Should i escalate the issue or does that mean its pointless?

dunstonh

jayartherfrank said:

I received an email back from Stallantis Finance to say they didnt pay any discretionary commission to any dealers. Therefore the guidance and rules announced in Jan 2024 is not applicable to my agreement.
I received this within seconds of sending the template email. Should i escalate the issue or does that mean its pointless?

You have been told you haven't got it.   So, why would you want to escalate it?

Ecosse58

I completed the form on MSE website provided by Martyn Lewis and received a formal acknowledgment from Ford Finance. Now today I have just received an email from Ford Finance to say they cannot log my request because my complaint has already been logged under a claims management company!  This is completely untrue because I have not shared my car details or personal details with anyone other than with Ford Credit using the MSE form.  Several years ago in different circumstances a claims management company acted on my half and took half the funds accorded to me so I vowed never to get caught up in this system again. It’s also the reason why I have been following developments on the MSE site. I have responded to Ford Credit to inform them that in no way did I give any claims management company permission to act on my behalf and I have asked that they share with me the name of this company. In recent months I have been bombarded with emails from Courmacs(?) and every time have deleted their emails and messages and logged a complaint that this is junk mail, obviously to no avail. So I wonder if they have gone ahead and used my name?  Has anyone else had this experience?

Nasqueron

Ecosse58 said:

I completed the form on MSE website provided by Martyn Lewis and received a formal acknowledgment from Ford Finance. Now today I have just received an email from Ford Finance to say they cannot log my request because my complaint has already been logged under a claims management company!  This is completely untrue because I have not shared my car details or personal details with anyone other than with Ford Credit using the MSE form.  Several years ago in different circumstances a claims management company acted on my half and took half the funds accorded to me so I vowed never to get caught up in this system again. It’s also the reason why I have been following developments on the MSE site. I have responded to Ford Credit to inform them that in no way did I give any claims management company permission to act on my behalf and I have asked that they share with me the name of this company. In recent months I have been bombarded with emails from Courmacs(?) and every time have deleted their emails and messages and logged a complaint that this is junk mail, obviously to no avail. So I wonder if they have gone ahead and used my name?  Has anyone else had this experience?

It's unfortunately common for CMCs e.g. used for PPI to have terms you sign up for that they allow them to represent you in other things like tax refunds, there are examples on another sub forum. You would have to check the terms of this company and ensure Ford remove this connection - with the risk that they might come after you