Motorpoint delaying payment for sold car

RedDeadEd99

Hello all,

I sold my car to Motorpoint over 2 weeks ago. Agreed a valuation and was told that payment would be sent following a routine technical inspection.

Received an email 1 day later to say the technical inspection was completed and payment would be transferred within 2 working days.

It’s now 2 weeks later and still no money in my account. I have spoken with the customer care team who are not able to give me a reason as to why I have not yet received the money. They’ve been telling me for the past week they’re looking into this and hope to have it resolved as soon as possible but there has been little progress.

Any ideas on how I can get this looked into further? Can I seek any form of compensation from them as a result of the delay in payment?

Thanks

martinbainbridge1975

I would instigate the complaints process 

Myci85

Tell them you'll report the car as stolen so it flags up if checks done on it etc, unless they sort the issue within x number of days. 

fatbelly

It's FAQ 100

https://www.motorpoint.co.uk/faq

paul_c123

What did you contractually agree to?

Mildly_Miffed

How much do you think you're owed in compensation for the delay?

Interest for delayed commercial payments is enshrined in law at 8% + bank base rate, currently 4%, so 12% per annum.

Let's say it's £10k that's delayed.
Two weeks less two days is twelve days.
Twelve days at 12%pa is a gnat under £40.

That's assuming the delay is within their control. If it's outside their control - wrong bank details, money sent but delayed for fraud checks - then there is no interest due.