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MSE News: Car finance redress scheme details confirmed
Details of a long-awaited car finance mis-selling redress scheme have been announced TODAY (Monday 30 March). If you bought a car, van or motorbike on PCP or Hire Purchase between 2007 and 2024, you could be one of millions due £829 each on average.
Read the full story:
Comments
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And then someone will ask for a judicial review in the 28 day period and it will all be back on hold again.
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Well it's been released and it's a clear as mud!
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I am confused as to whether we have to complain again. We have heard from our finance company that we were mis sold finance but that was ages ago. Does that suffice or do we complete the form again?
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That will suffice. Your claim is logged.
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Can I just ask, does this reported £700 take into account possible interest accrued? My claim dates back to 2008.
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The £700 is an average (although I think the recent paper confirms this is now expected to be slightly higher)
The amount for each case will be dependant on a number of factors and you wont know the amount until confirmed by your finance company.
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So they've said an average £829 (some pay have more, some less). I have had TWO different finance companies comfimned my agreement involved a DCA. Does this mean i will get money back around £800 per agreement PLUS any interest? What do people think?
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Ive had 4 PCPs in the period in question, I have been told, 1 had DCA, 1 had a different sort of non disclosed commission, the other 2 did not qualify at all. All this done through the MSE proforma email.
Should I be re submitting a claim for the 2 that did not qualify ?0 -
I also want to add that one of the finance companies confirmed how much comission was paid.. (£624) so will i be getting that amount?
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From what i've read, if you they have confirmed you did not qualify, i dont think you can do much? Unless they didnt look into the various other ways you were mis-sold
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