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Post by thebet365 on Apr 18, 2024 10:11:16 GMT
Apologies if there has already been a thread on this, I've had a quick look and couldn't see anything. There's currently an investigation going on by the FCA into "Discretionary commission" payments made by banks to car sales companies when sorting us out finance for a new car. They're basically acusing car sales people of upping Interest rates on loans to get more commission from the banks without us being told about it at the time. This practice is now banned since January 2021 but anyone that's taken out finance before that could have been effected. Nothing is happening until the FCA announce their findings and punishments (If any). This is expected in September this year. In the mean time we're being encouraged to put our claim in now to see if we're effected by it. Martin Lewis has done a full article on it here www.moneysavingexpert.com/reclaim/reclaim-car-finance/#free-toolWhich also includes a tool to create a Email template to send to your finance provider. I've sent 2 out both to Barclays Partner finance and they replied within 2 weeks confirming my loans did have the discretionary commission attached to it so I'm now in the queue waiting to see what the FCA say in September. They're fully expecting this to be the next ppi type payout. |
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Post by superjw on Apr 18, 2024 17:10:33 GMT
I’ve had finance on a few cars during the timeframe and tbh I have no idea who the finance companies were. Moved house in between and god knows where the paperwork ended up. Can remember the cars but have nothing on the finance 😡
When this gets off the ground I’m fairly sure there will be firms that will help with getting the right info
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Post by stiggerstackle on Apr 18, 2024 18:39:53 GMT
I’ve had finance on a few cars during the timeframe and tbh I have no idea who the finance companies were. Moved house in between and god knows where the paperwork ended up. Can remember the cars but have nothing on the finance 😡 When this gets off the ground I’m fairly sure there will be firms that will help with getting the right info Same here mate, had a few cars over the time but no idea who through! |
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