Response from Mobilize yes dca was in place but no commisiion paid

annonnymousetoo

as above  how do i know if commission has been paid or whether they had charged me and  not paid the car dealer. What happens next?

MattMattMattUK

annonnymousetoo said:

as above  how do i know if commission has been paid or whether they had charged me and  not paid the car dealer. What happens next?

You wait for the redress scheme to be put in place, then if eligible you will be contacted.

MyRealNameToo

annonnymousetoo said:

as above  how do i know if commission has been paid or whether they had charged me and  not paid the car dealer. What happens next?

You wait the redress scheme but temper your expectations. 

Remember DCA worked in both directions, the typical lender would have offered the dealer a "standard" rate of both interest and commission. The dealer could choose to increase the interest and receive a bigger commission or forgo their commission and reduce the interest rate. 

In principle it could be argued that if DCA was so wrong that you should be faced with a bill as if the dealer had given you the standard interest rather than reducing it for you by not taking commission. Realistically thats not going to happen and those that received beneficial or neutral DCA will be left alone and those where it was detrimentally used against them are likely to receive some form of compensation. 

ManyWays

what rate of interest did you pay on the finance/

dunstonh

annonnymousetoo said:

as above  how do i know if commission has been paid or whether they had charged me and  not paid the car dealer. What happens next?

DCA can be postive, neutral or negative.  
positive lowers the rate (potentially to zero)
neutral means it was available to use but wasn't
negative means it increases the rate.

So, its possible to have an agreement that could use DCA but not result in redress.

Nasqueron

ManyWays said:

what rate of interest did you pay on the finance/

Doesn't matter, someone could be a bad credit risk and got high APR without any DCA 

Grey_Critic

Nasqueron said:

ManyWays said:

what rate of interest did you pay on the finance/

Doesn't matter, someone could be a bad credit risk and got high APR without any DCA 

I suspect many chasing a payout fall into that category although they will not admit it.