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DCA Confusion
Tiggy1955
Posts: 1 Newbie
I have followed your information about the DCA situation since it started.
I just read the transcript of the interview with Martin and Adrian Childs about the DCA situation. I have read this over and over and now I’m more confused than before.
I have lodged a total of 7 complaints. All have come back as positive (i.e that a DCA was included in my finance agreement.
Martin seems to be saying that the lenders will contact us and tell us proactively that a DCA was present and ask do we want to “opt-in”. Logic would say that yes we should opt-in. However Martin is saying if contacted we should opt-out and to quote Martin:
“The reason I'm phrasing it that way – my view, and when I was talking to the boss of the regulator on this the other day, he agreed – is you would be better to be in the cohort of people who have complained, and therefore it will happen unless you opt out, than in the cohort of people that they have to contact and you have to opt in.
So my view is that people should be putting in a complaint now before the scheme starts, so that you're in the right position. You're in the 'opt out', not the 'opt in'.
The reason I'm phrasing it that way – my view, and when I was talking to the boss of the regulator on this the other day, he agreed – is you would be better to be in the cohort of people who have complained, and therefore it will happen unless you opt out, than in the cohort of people that they have to contact and you have to opt in.
So my view is that people should be putting in a complaint now before the scheme starts, so that you're in the right position. You're in the 'opt out', not the 'opt in’.”
Can this be clarified please because this seems counter intuitive. and I’m lost!
I just read the transcript of the interview with Martin and Adrian Childs about the DCA situation. I have read this over and over and now I’m more confused than before.
I have lodged a total of 7 complaints. All have come back as positive (i.e that a DCA was included in my finance agreement.
Martin seems to be saying that the lenders will contact us and tell us proactively that a DCA was present and ask do we want to “opt-in”. Logic would say that yes we should opt-in. However Martin is saying if contacted we should opt-out and to quote Martin:
“The reason I'm phrasing it that way – my view, and when I was talking to the boss of the regulator on this the other day, he agreed – is you would be better to be in the cohort of people who have complained, and therefore it will happen unless you opt out, than in the cohort of people that they have to contact and you have to opt in.
So my view is that people should be putting in a complaint now before the scheme starts, so that you're in the right position. You're in the 'opt out', not the 'opt in'.
The reason I'm phrasing it that way – my view, and when I was talking to the boss of the regulator on this the other day, he agreed – is you would be better to be in the cohort of people who have complained, and therefore it will happen unless you opt out, than in the cohort of people that they have to contact and you have to opt in.
So my view is that people should be putting in a complaint now before the scheme starts, so that you're in the right position. You're in the 'opt out', not the 'opt in’.”
Can this be clarified please because this seems counter intuitive. and I’m lost!
0
Comments
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Martin seems to be saying that the lenders will contact us and tell us proactively that a DCA was present and ask do we want to “opt-in”. Logic would say that yes we should opt-in.You are already opted in from your previous enquiries.So my view is that people should be putting in a complaint now before the scheme starts, so that you're in the right position. You're in the 'opt out', not the 'opt in’.”All a complaint does is opt you but you are already opted in.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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