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

KittyMalou34

I have two complaints outstanding since October 2024 with Mobilize, they sent me notification in December 2024 that they have a pause on their final response letter until December 2025. The upshot for them is that I cannot complain to FOS during this time. I wondered if anyone else had been advised of this and if they know why when the timeline was supposed to be May 2025 according to all other information I have seen on the site.

Nasqueron

KittyMalou34 said:

I have two complaints outstanding since October 2024 with Mobilize, they sent me notification in December 2024 that they have a pause on their final response letter until December 2025. The upshot for them is that I cannot complain to FOS during this time. I wondered if anyone else had been advised of this and if they know why when the timeline was supposed to be May 2025 according to all other information I have seen on the site.

The dates have been moved back due to appeals and court cases, FOS isn't accepting anything because everything is on pause. You might see it go back to 2026 or 2027 even

dunstonh

 I wondered if anyone else had been advised of this and if they know why when the timeline was supposed to be May 2025 according to all other information I have seen on the site.

The infromation on the site is quite clear and answers your question
https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

estevenin

Hi all,

Quick question : I saw this case going ahead, and also the form to send to your former finance company, on this website.
Also at the same time, like many people here I suppose, I got this ad from Courmacs solicitors (and others), and I was wondering if it was worth giving the case to them, in your opinion ?

I assume that, if I do send the form to the lender (Motonovo), then they might refuse, drag it, they might offer a lower payout than due, it might take some time and knowledge to make the payout happen (and perhaps some kind of a legal battle as well), whenever the courts will have decided on that.

So is it a good idea to go ahead and sign with Courmacs ? I know they will take a good comission, but they might also fight a bit more to have a heavier payout, and they will have more leverage because they will be having a lawsuit representing thousands of clients (Also saves the hassle, as for me it will probably be a couple hundreds no more).

Or is it completely useless and whatever payout they'll get, will be fixed by the courts, and it will be as simple as sending that form over ? (Or should we wait until the courts have decided to respond to that question ?)

I'm wondering as I have had to do claims before, and whenever I deal with the companies I get ignored, and going with a solicitor has always been very straightforward.

Thanks

dunstonh

Also at the same time, like many people here I suppose, I got this ad from Courmacs solicitors (and others), and I was wondering if it was worth giving the case to them, in your opinion ?

Complete and utter waste of money to use an ambulance chaser.  They don't do a thing other than leech your potential redress.

I assume that, if I do send the form to the lender (Motonovo), then they might refuse, drag it, they might offer a lower payout than due, it might take some time and knowledge to make the payout happen (and perhaps some kind of a legal battle as well), whenever the courts will have decided on that.

Why would the lender do that when the FCA is going to set the rules of redress?

The court cases are still ongoing.  

I know they will take a good comission,

They don't take commission.  They take a fee.  All for just sending your name and address to a lender and getting them to review it under the same complaints process if you did it.    

The FOS reports lower success rates with complaints when a CMC is involved.

 but they might also fight a bit more to have a heavier payout,

no they wont.

 and they will have more leverage because they will be having a lawsuit representing thousands of clients (Also saves the hassle, as for me it will probably be a couple hundreds no more).

That is not correct.

Or is it completely useless and whatever payout they'll get, will be fixed by the courts, and it will be as simple as sending that form over ? (Or should we wait until the courts have decided to respond to that question ?)

It will be set by the FCA. Not the courts.
you wont even need to send a form based on the way it is currently looking (FCA currently consulting on a S404 redress scheme)

I'm wondering as I have had to do claims before, and whenever I deal with the companies I get ignored, and going with a solicitor has always been very straightforward.

Those won't be regulated financial companies.  You cannot compare them.

estevenin

Thanks for the feedback, that is crystal clear. Given that lenders don't respond at the moment due to the ongoing pause following consultations, most companies have online forms to fill up, any way to get some kind of ackoledgement of receipt with them ? (Especially given that all my personnal informations have changed since then, I don't expect them to contact me at the end of the consultation, if that's what they are ordered to do)

dunstonh

estevenin said:

Thanks for the feedback, that is crystal clear. Given that lenders don't respond at the moment due to the ongoing pause following consultations, most companies have online forms to fill up, any way to get some kind of ackoledgement of receipt with them ? (Especially given that all my personnal informations have changed since then, I don't expect them to contact me at the end of the consultation, if that's what they are ordered to do)

The FCA only posted its changed position last month.     

The best guess I have based on previous reviews is that anyone putting in complaints early will be put into the melting pot and cross-referenced with existing data and dealt with in the same order they would have been had they not contacted them.   Those with out-of-date data (i.e. address) will have that data updated and then passed to the team that deal with them in the order expected.

basilcat

I used Martin's letter last year to submit claims for 5 agreements with BMW Financial Services, they have acknowledged them all but I know I have 2 more that I don't know the agreement numbers for. Will BMW FS now have to consider the other 2 as wells as the 5 known ones I originally submitted? 
Also, yesterday I received a message from BMW FS advising me that I had 15 months left to refer my complaint to the Financial Ombudsman Service, otherwise the ombudsman would not have BMWs permission to consider my complaint. Has anyone else had this letter?

dunstonh

Will BMW FS now have to consider the other 2 as wells as the 5 known ones I originally submitted? 

A redress scheme will consider any agreements where records still exist within the qualifying period.   Nobody knows what the FCA will say regarding destroyed records.   Although its likely they will instruct companies to bring archived data back online again (as happened later with PPI).

Also, yesterday I received a message from BMW FS advising me that I had 15 months left to refer my complaint to the Financial Ombudsman Service, otherwise the ombudsman would not have BMWs permission to consider my complaint. Has anyone else had this letter?

Probably.   However, things have moved on beyond the May report and December deadline now.   So, that won't apply.

heppy88

I had 5 vehicles on finance since 2007. But have had a number of addresses since then. How will the finance companies be able to contact me, if only one of the agreements was whilst at my current address?