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Confusing reply from company
Hi. I sent off the template complaint e-mail available on the MSE website to Toyota Finance re: a car that we obtained not long ago. They have come back with a reply that is worded in a very 'flowery' manner, and states that:
'As this agreement started after 1 November 2024, it falls outside the scope of the FCA’s Motor Finance Consumer Redress Scheme (PS26/3). Consequently, no redress is due under that scheme.'
I know we cannot put in complaints from before 2007, but is there a cut off date the other side?
I also had another agreement from 2022, they acknowledged my complaint and said they would reply by 31st May, but I have not heard anything. My question is really, do I need to follow up with them, or am I okay knowing that it is in the works?
Comments
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See the MSE guide here -
- which sets out the time frame that's applicable
Official MSE Forum Team member. Please use the 'report' button to alert us to problem posts, or email forumteam@moneysavingexpert.com1 -
The main complaints are about dealers discretionary interest which was banned in 2021 so your 2024 agreement will not have had it. Before 2021 it wasnt banned but questionable.
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So do I need to chase up the earlier one, that I have not heard from? I am not sure if it is being automatically handled, as long as the complaint has been put in, or if I need to chase.
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2022 and 2024 are both outside the scope of the scheme as the practice ended in 2021
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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it clearly states the cut off dates on the FCA website
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