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MSE News: Car finance redress scheme faces further legal challenges
The financial regulator's major car finance mis-selling redress scheme, confirmed in March, will face legal challenges from three lenders, it's been confirmed. MoneySavingExpert.com founder Martin Lewis says some delays now look "inevitable" – but with lots still uncertain, it remains crucial to get your complaint in now, which you can do for FREE using our DIY car finance reclaim tool.
Comments
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"Our challenge is focused on making sure compensation is calculated fairly and reflects what people actually lost."
Or rather - we want to maximise the amount we get from charging ill-informed customers to do their complaints using the same FOC complaints process you can do with MSE for nothing.
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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Can someone help me understand why it's taking so long? It seems to me like the Financial Conduct Authority is trying it best to give the car lenders as much time as they can so they can find a way out of the problem.
Who are the FCA looking out for? The business or the consumer, because it's almost two years now and the FCA added delays for there now to be more legal challenges.
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Can someone help me understand why it's taking so long?
Multiple court cases and appeals.
It seems to me like the Financial Conduct Authority is trying it best to give the car lenders as much time as they can so they can find a way out of the problem.
Who are the FCA looking out for? The business or the consumer, because it's almost two years now and the FCA added delays for there now to be more legal challenges.
Seeing as you don't know why it's taking so long, forming a childish opinion about the FCA is rather pointless. The FCA had to wait for the courts and all the various legal challenges and appeals to play out.
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 -
When will all the claim companies' ads end?
They're spreading over social media like a serious rash.
And a lot of them still have old data in them (reporting them does next to nowt).
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Social media firms don't care, they are happy to take the money and ignore the complaints. Funnily enough Private Eye reported this week Facebook were able to block adverts from firms looking to complain / ask for compensation after the US ruling on addictive services proving they are able to do it if they want.
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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Can anyone suggest what to do if the lender consistently says they don't have a record of my finance from 2008-2013? I have made my complaint to the lender and the car retailer and both have said they have no record of my finance agreement. And up until 2025, it appeared on my credit file with Equifax, who conveniently no longer hold any information on me prior to 2025! Yet Experian does have history dating back to as far as 2016 (sadly no record of my finance on that site)
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Can anyone suggest what to do if the lender consistently says they don't have a record of my finance from 2008-2013?
Supply them with copies of the documentation that you hold. Unlike the lender, you are not subject to the Data Protection Act. So you can hold on to documents as long as you like. The lender, on the other hand, is required to destroy them when it's no longer required.
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 -
we have 3 possible claims with VW Finance and have now submitted the claims twice once when the form was first available and again about 6 weeks ago.
We had all the documentation from all 3 cars and also submitted this.
We’ve not heard a peep from them not even an acknowledgment :-(
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The scheme isn't open yet. So give them a chance.
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.1
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