Personal view on the Car Compensation Scheme

bluesman65

I have a DCA that has been confirmed back in 2024 using Martin's template,

There is nothing clear or definitive if we are getting the compensation I read somewhere it could be 2028 or 2027 no one knows,

The way I see it , the compensation scheme will be tied up it appeals , we thought the compensation would of started this July ,

If people have confirmation they do have a claim there should be no holdups, but when your dealing with banks , and big lenders lets be honest they don't want to pay this out.

For all us with claims its best to forget about it , if it comes fine great but don't hold your breathe

This is not rant but just accepting reality time to move on, maybe one day in the future who knows , but I'm not betting the farm on receiving anything

sheenas

They are dragging their heals like always.

born_again

End of the day you are getting something for nothing. Given you were happy with the deal at the time 🤷‍♀️

Nebulous2

There's an update on Facebook from Martin Lewis today. Court has been delayed until either December 26 or February 27.

Absolutely - don't hold your breath!

There will be statutory interest added as well, so the longer it goes on the more you will get….

dunstonh

If people have confirmation they do have a claim there should be no holdups, but when your dealing with banks , and big lenders lets be honest they don't want to pay this out.

Of course they don't want to pay out. However, let's be clear that the court cases that are holding up further also come from claims companies.

And as you are saying, let's be honest, then let's be honest and say that the consumer was getting very lucky here. Nobody thought there was any wrongdoing, not the lenders, not the regulator. It wasn't the intention of the Act of Parliament for this to be the case. It was a legal judgement from the courts on what was effectively flawed legislation.

There will be statutory interest added as well, so the longer it goes on the more you will get….

No, statutory interest is not going to be added (statutory interest being 8% under section 69 of the County Courts Act).

It will be simple interest using the annual average of the base rate plus 1%. With a floor of 3%

bluesman65

I've kept all my papers , when I did purchased my car you never thought at the moment what was going on more less the dealer got their palms greased to get the sale using a discretionary commission arrangement – DCA

When does the courts say enough appeals lets move on close the book on this