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2004 Car Mis-Selling Redress
Hi guys. I see the earliest official redress date is from 2007. I was definitely mis-sold finance for a new car in 2004 and still have all the original paperwork. Is there any way I can get redress? Your advice would be much appreciated.
Comments
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No. You are outwith the dates of the scheme.
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How were you "definitely" miss-sold? If you know you were, why have you waited 22 years, long after the time bar rules have expired?
2007 is when the relevant consumer regulation started, if it was before that, they were not regulated in the same way and you have no complaint
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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. I was definitely mis-sold finance for a new car in 2004 and still have all the original paperwork.
Obviously, you cannot be missold on S140a of the 2006 Consumer Credit Act, as that didn't exist in 2004. So, what were you missold on and why did you not complain earlier?
Your reasons for misselling may or may not apply given the 3/6 year timebar rule.
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 -
Thank you for your responses. I wrote "I was definitely mis-sold car finance" based on the advice people are now being given about 2007+ finance deals and what information the seller should have provided and didn't. Clearly I made a mistake in 2004 by not questioning what commission the seller was taking - but I was unaware it could be an issue. I didn't exactly "wait 22 years to complain", I was just very young and naive back then!
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Clearly I made a mistake in 2004 by not questioning what commission the seller was taking - but I was unaware it could be an issue.
You didn't make a mistake. It wasn't an issue pre-2007.
The Consumer Credit Act was updated in 2006, and a small part of the legislation came into effect in 2007. The lenders didn't interpret it as it is now interpreted. Nor did the regulator Nor did most consumers. However, a tiny number did intrepret it differently and decided to get it tested in court. The courts ruled and it has left this retrospective reclaim.
I was just very young and naive back then!
Younger, yes, but not necessarily naive. This whole reclaim thing is not really misleading (for the most part), it's a lucky interpretation of a law that turns out was not well written and has led to a windfall for consumers. You didn't do anything wrong in 2004 and nor did your lender.
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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