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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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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.'
To be fair to Toyota Finance, that reply is not flowery at all. It's a technically correct and factual response.
You've attempted to complain about something that didn't happen. They have replied that it's outside the scope of the redress scheme (because that only covers the dates when the issues happened - both 2022 and 2024 are past the date).
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.
That is also outside the date. So you just need to wait to be rejected on that one, too.
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 -
the redress scheme covers up to November 2024. The OP should keep the 2022 complaint logged as it is within scheme.
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DCA was banned in 2021. 2022 follows 2021.
The bit between 2021 and 2024 is for commission complaints. However, Toyota Finance would not fall foul of that because the car manufacturer and the name of the finance company are both Toyota and is a visible link
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 -
it may not be a positive outcome but OP should keep it logged as it is within scheme. I work for a finance company so I am well aware of the FCA guidelines.
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