Car Finance Discretionary Comission

[IrishBlue2022]

Santander just replied saying;

We can confirm that a DCA was in place between us and the credit broker relating to your finance agreement

... so it's looking good for Christmas 2024.

I got the same from Barclays today. My other one with Close Brothers i enquired about in July 2023 so they are treating that as closed and i can take to the Financial Ombudsman Service which is how i found out about this at a quarterly meeting last year.

 

[Anno1878]

We have current one with Toyota Financial and earlier one with Santander. Nice to know about Santander but haven’t heard from either yet. Claims submitted 8 Feb so hopefully hear something soon.

 

[IrishBlue2022]

We have current one with Toyota Financial and earlier one with Santander. Nice to know about Santander but haven’t heard from either yet. Claims submitted 8 Feb so hopefully hear something soon.

I think they are being inundated so may take a while but they should get back to you.

 

[LouReedwalkonthewildside]

The missus has 2, Black horse and BMW.

 

[LouReedwalkonthewildside]

We have current one with Toyota Financial and earlier one with Santander. Nice to know about Santander but haven’t heard from either yet. Claims submitted 8 Feb so hopefully hear something soon.

I’m sure they had to acknowledge your enquiry by the 29th Feb. My missus has heard back from both BMW and Black horse.

 

[Anno1878]

I’m sure they had to acknowledge your enquiry by the 29th Feb.

28 day response period so a few more days grace.

 

[IrishBlue2022]

I got the same from Barclays today. My other one with Close Brothers i enquired about in July 2023 so they are treating that as closed and i can take to the Financial Ombudsman Service which is how i found out about this at a quarterly meeting last year.

Spoke to soon. Close Brothers Finance just replied to say that agreement was subject to discretionary commission too. Now to await the FCA decision in September.

 

[Anno1878]

28 day response period so a few more days grace.

Got a rely tonight and it’s a goer for Santander Not that hopeful on the Toyota as the interest rate was only 4.3%

 

[degsy]

Looks like we have the next PPI.

I heard about this months back and that claims management companies were popping up similar to how the PPI scenario started. The Financial Ombudsman Service has ruled in favour of 2 people in their claims against car finance companies and now the FCA are

reviewing if there has been widespread misconduct.

Worth having a look if you may have been impacted. As always Martin Lewis has a tool to help.

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