Dead end PCP reclaim?

mikelj99

Had this reply from finance company - is this now a dead end??
cheers

We refer to your communication regarding agreement number xxxx , in which you requested confirmation of whether we paid the dealer/broker any commission for your introduction to us. After reviewing our records, we can confirm that no such commission was paid to the dealer/broker. Hence, in our previous email, there was no amount mentioned.  Please note that if you have raised queries regarding other agreements with us, a separate email will be sent to address each query individually.   Kind regards, CA Auto Finance UK Ltd

MattMattMattUK

mikelj99 said:

Had this reply from finance company - is this now a dead end??
cheers

We refer to your communication regarding agreement number xxxx , in which you requested confirmation of whether we paid the dealer/broker any commission for your introduction to us. After reviewing our records, we can confirm that no such commission was paid to the dealer/broker. Hence, in our previous email, there was no amount mentioned.  Please note that if you have raised queries regarding other agreements with us, a separate email will be sent to address each query individually.   Kind regards, CA Auto Finance UK Ltd

It is not a "dead end", there just was never any claim in the first place. 

Hoenir

What else are you expecting to claim for? Currently none has ever existed. 

Antibalderdash

For commissions, yes.  You might still be able to lodge a complaint for affordability if you had an issue with that and can get the evidence.  

sheslookinhot

Antibalderdash said:

For commissions, yes.  You might still be able to lodge a complaint for affordability if you had an issue with that and can get the evidence.  

How would that complaint work ? Why would “affordability” be the basis of a claim ? 

Wouldn’t the fact that the “customer” signed many finance forms to get the finance agreement in the first place indicate that affordability was not an issue ?

Antibalderdash

sheslookinhot said:

Antibalderdash said:

For commissions, yes.  You might still be able to lodge a complaint for affordability if you had an issue with that and can get the evidence.  

How would that complaint work ? Why would “affordability” be the basis of a claim ? 

Wouldn’t the fact that the “customer” signed many finance forms to get the finance agreement in the first place indicate that affordability was not an issue ?

No, so you can argue that they didn't do the proper checks on the affordability of your finance agreement.  Or that the affordability checks done were not sufficient. Usually you need to provide wage slips and bank statements to argue this.

Either you would show that your financial situation changed drastically to accommodate the agreement repayments, or you were just stuck in your overdraft constantly because of the agreement, or you missed repayments, or you had to borrow money from friends/family to make repayments, that kind of thing. You signing forms at the start of the agreement generally doesn't amount to much (though there have been cases with the super expensive car finance providers like Aldermore where they'll ask the customer to sign a form that basically waivers the ability to make this argument under the guise of "I am very rich and I know what I am doing")

If it was a long time ago when the agreement was taken out, the lender might just reject on that basis - it does also help to have the evidence too, which you'll struggle if your agreement was taken out a long time ago. I think it's like 6 years from the start of the agreement for the lender to consider your complaint, and then 6 years from the end of the agreement (with an extension of 3 years in some cases) if you take it to FOS. 

Obviously if this is an agreement from 10 years ago you're unlikely to get the required evidence to back up your case, but if it's something more recent it'll be worthwhile pursuing.  

Nasqueron

Antibalderdash said:

sheslookinhot said:

Antibalderdash said:

For commissions, yes.  You might still be able to lodge a complaint for affordability if you had an issue with that and can get the evidence.  

How would that complaint work ? Why would “affordability” be the basis of a claim ? 

Wouldn’t the fact that the “customer” signed many finance forms to get the finance agreement in the first place indicate that affordability was not an issue ?

No, so you can argue that they didn't do the proper checks on the affordability of your finance agreement.  Or that the affordability checks done were not sufficient. Usually you need to provide wage slips and bank statements to argue this.

Either you would show that your financial situation changed drastically to accommodate the agreement repayments, or you were just stuck in your overdraft constantly because of the agreement, or you missed repayments, or you had to borrow money from friends/family to make repayments, that kind of thing. You signing forms at the start of the agreement generally doesn't amount to much (though there have been cases with the super expensive car finance providers like Aldermore where they'll ask the customer to sign a form that basically waivers the ability to make this argument under the guise of "I am very rich and I know what I am doing")

If it was a long time ago when the agreement was taken out, the lender might just reject on that basis - it does also help to have the evidence too, which you'll struggle if your agreement was taken out a long time ago. I think it's like 6 years from the start of the agreement for the lender to consider your complaint, and then 6 years from the end of the agreement (with an extension of 3 years in some cases) if you take it to FOS. 

Obviously if this is an agreement from 10 years ago you're unlikely to get the required evidence to back up your case, but if it's something more recent it'll be worthwhile pursuing.  

The 3 and 6 year rules are independent but can overlap, 6 years from taking the product, 3 years from knowing you had, or could reasonably have known, you had reason to complain. There is almost never a 6+3 year concurrent period. There is also the argument of what you told the firm, what your income was, whether you declared any expected changes like redundancy notices etc etc. Changes after the event don't work for affordability automatically unless the firm were approached and help asked for