Motor Finance Redress Scheme

LeighF

Hi - I'm just gathering information together to submit a complaint having bought a number of cars and a motorbike since 2007. I have all the registrations but like many people I no longer have information on the agreements though I do know who they were financed with, mainly VW Financial Services.

I've signed up with Equifax but they only have details of my most recent agreements. I used to use Experion many years ago and they listed them all but on re-joining a couple of years ago they only had the most recent ones as well.

Point I'm getting to is, that without the agreement details (number etc.) won't the lenders just say that they have no record of your agreement(s) as the paperwork only has to be kept for so many years?

So in theory we are being told that we can claim back to 2007 but in practice for many, many people they won't be able to?

dunstonh

Point I'm getting to is, that without the agreement details (number etc.) won't the lenders just say that they have no record of your agreement(s) as the paperwork only has to be kept for so many years?

Quite possibly yes.

So in theory we are being told that we can claim back to 2007 but in practice for many, many people they won't be able to?

Correct.

Myci85

It's worth a try with the information you do have. I had no agreement numbers etc, but knew the registration number, finance company, dates and current address at the time. Emailed using the template and got an email back confirming my agreement was affected.

HillBarnBoy1

I went onto the EQIFAX (as recommended) as I dont have any paperwork concerning my car loan. The site required me to enter a signature before it would complete my search and now I find that I am signed up to a search company - Brook Gordon Limited. This is not how I understood the process would work. How do I extricate myself from them?

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81981276#Comment_81981276

If you believe a claims company has missold its services, then you should complain to them.

plumb1_2

hi, I think you have to on the my Equifax mobile app, and it listed one for me from April 2016. But didn’t see it on the normal web site.

R118

Hi, I’m a newbie and hope I’m on the correct thread.

This is a response I got from Volkswagen Finance.

Thank you for giving us the opportunity to review your motor finance commission complaint.

This is in relation to the agreement number above.

Summary

We have identified that the commission arrangement on your agreement is not a relevant

arrangement for this scheme. This means there is no compensation owed to you. An

explanation of the reason(s) why can be found on the next page.

You now have three options. Please pick one from the below within one month from

the date of this letter.

1. Accept our decision.

• This would be in full and final settlement of this motor finance commission

complaint.

• This means you cannot complain about this aspect of your agreement again,

including any legal claims.

2. Object our decision

• If you disagree with our findings, you can object to our decision.

• If you object you must send us relevant evidence in support of your objection to

allow us to review this case further.

3. Opt-out of the scheme for this agreement

• We will stop handling your complaint under the FCA scheme.

Further details on these options can be found in our FAQ Guide.

If you do not respond within one month, we will, in line with the FCA scheme rules, issue our

Redress Determination (Final Decision) letter. This will match this Provisional Redress

Decision.

How we reached our decision

We reviewed the agreement in line with the scope of the FCA scheme. As part of this review,

we checked:

• The amount borrowed, the interest rate applied, and the date and term of the agreement.

• The payment history, including any overpayments, early settlement activity, and any

cancellation or withdrawal of the agreement.

• The commission and arrangements in place when the agreement was entered into.

Our Decision

The evidence we reviewed confirms that commission of £624.6 was paid in relation to your

agreement. However, we did not identify any relevant arrangement.

For an agreement to be eligible for compensation under the scheme, it must include at least one

of the following:

• A Discretionary Commission Arrangement (DCA).

• A High Commission Arrangement.

• A Tied Arrangement, where an agreement between the retailer and lender existed which

offered exclusivity or priority to offer credit.

As a result, the agreement does not meet the eligibility criteria for compensation under the

scheme rules. This means there was no unfair relationship created under the scheme rules and

no compensation is due.

We appreciate this may not be the outcome you were hoping for. If you disagree with our

Provisional Redress Decision, you can submit a formal objection. Details explaining how to do

this can be found in our FAQ guide.

Next Steps

You can choose to accept, object or opt out using any of the following ways:

Email us at commissionsqueries@vwfs.co.uk. Please include your name, agreement

You can call us on 0800 912 3569. Monday to Friday, 9am to 6pm (excluding bank

If you've received this letter via post, we've enclosed a prepaid envelope for you.

the enclosed form within one month from the date of

If you've received this letter by email and want to contact us by post, please see our

Email number and vehicle registration.

Phone holidays).

Post Please complete and return this letter.FAQ question ‘If I want to use my own envelope, where should I direct this to’.

If we do not hear from you within one month from the date of this letter, we will proceed with

our Redress Determination letter. If there are any exceptional circumstances that would prevent

you from contacting us in the timeframe, please let us know.

Any advice would be grateful.

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/comment/82169644#Comment_82169644

Advice - time to move on as you aren't affected.

Penguins4ever36

https://forums.moneysavingexpert.com/discussion/comment/82169644#Comment_82169644

I think their email is quite clear and detailed. Unless you can prove otherwise, you aren’t owed any compensation under the scheme. Commission itself isn’t an issue and the particular commission arrangements being investigated by the FCA weren’t present in your agreement.