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

DullGreyGuy

heppy88 said:

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?

The FCA will ultimately dictate what level of effort they will require firms to go into just like every other redress programme. They will use tracing firms to try and locate you, they have your name and date of birth so that massively narrows the field for the majority of people. 

Given the potential scale lenders will do it in waves, no one can deal with 100,000 people all trying to phone or write in at the same time. At the end there will be a mop up of all those that haven't responded. I wouldnt be too surprised if the FCA at that time didnt change their own messaging and do adverts advising those who have not been contacted to actively contact their lenders at that point in similar ways they did for PPI mis-selling 

Nasqueron

Do remember as well despite the lies on YouTube adverts there is no central database of finance records, these firms cannot find out your details for you.

estevenin

Hi all,

After lodging the complain with the template provided, had an email acknoledgement from motonovo :

Re: Your Finance Agreement Number: *****
Your Reference: REF - *****
Thank you for contacting us. We acknowledge your complaint and can confirm that your agreement ***** for vehicle ***** did involve a discretionary commission arrangement.

Also received a text message a few days after, saying that the complain handler will be in touch shortly.

In my situation, the loan was taken in september 2019. So in september 2025, it will be 6 years. So my question is : Now that they have acknowledged and lodged my complain, will they still proceed to delete my data after 6 years, or will they keep it ?

As everything was online, I do not have any document whatsoever, so if they delete it by then, and ask me evidence by December 2026, then I won't have anything to provide to them. Is there a way to make sure this information will still be available or to make sur ethey keep it ? Or this acknowledgement from them is all is needed and now I just need to wait ? 

Thanks

Nasqueron

estevenin said:

Hi all,

After lodging the complain with the template provided, had an email acknoledgement from motonovo :

Re: Your Finance Agreement Number: *****
Your Reference: REF - *****
Thank you for contacting us. We acknowledge your complaint and can confirm that your agreement ***** for vehicle ***** did involve a discretionary commission arrangement.

Also received a text message a few days after, saying that the complain handler will be in touch shortly.

In my situation, the loan was taken in september 2019. So in september 2025, it will be 6 years. So my question is : Now that they have acknowledged and lodged my complain, will they still proceed to delete my data after 6 years, or will they keep it ?

As everything was online, I do not have any document whatsoever, so if they delete it by then, and ask me evidence by December 2026, then I won't have anything to provide to them. Is there a way to make sure this information will still be available or to make sur ethey keep it ? Or this acknowledgement from them is all is needed and now I just need to wait ? 

Thanks

You do not need to do anything, if they start deleting data to try and avoid any potential payout the fines will be huge