Millions of car owners are set to miss out on compensation in a long-running row with lenders over car finance commission.
source
Millions of car owners are set to miss out on compensation in a long-running row with lenders over car finance commission.
source
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19 comments
Imagine going back to a shop 3 years later and complaining you think they made too much profit on the item you bought then asking for a refund.
At what point are consumers responsible for their decisions?
And for those that feel these schemes are free money, the compensation paid will translate into to higher costs passed on by banks to everyone – rates and fees.
I think Lewis mislead everyone into believing there were big payouts to be had. He also advised everyone to lodge a claim. If he's as smart as he claims on financial issues, he would have known there would not have been a ruling, that would have jeopardised the banks or loan company's such as Close Brothers.
It's all in the APR, so what's the problem?
Happy to lose tens of thousands £ in depreciation, which appears no where on the paperwork, but the sky falls in because of a few hundred £ in commission😮?
The buyers who had no knowledge of their financial schemes? The public went along with it blindly? Now when the public knows the truth ? Why did The supreme court side's with the sellers? and not the buyers who got done by the rogue sellers? It's a daylight robbery. Once again the richer gets richer laughing all the way to the banks. The general public doesn't stand a chance?
Why were the PCP arrangements sold to the public in first place time and again? now those companies should come forward, and pay out what's the public are owed ?
Unsurprisingly the decision came out in favour of the lenders.
The way i see it, we helped the banks back in 2008, now they can help us.
Who pays the compo…?
I signed up to a law group last week. Should I not have?
They protect their own!
I need a lawyer
Surely, the buyers were happy to pay the amount quoted. If they were not happy they could just have gone elsewhere! The business made a profit legitimately in my view. Why be able to claim money for your own foolishness; that is plain daft!
Rachel Theives leaned on the Court to stop the payouts. Welcome to 21st Century Britain.
Does it have anything to do with the Financial lobbyists getting at Racheal Reeves ???
The fact is the vast majority of customers are not owed any money whatsoever. They knowingly and willingly signed a finance document that stated all the terms of their agreement. The APR, the total amount of Interest to pay etc. The supplying dealer has the right to make a profit for supplying the customer with this facility. This was 100% the correct decision by the supreme court. It should never have gotten that far in the first place.
I’m pretty sure Martin Lewis a few months back was urging us to log complaints in case they were dealt with on a time logged priority basis… now stating we shouldn’t have 😂
DCA wasn't going to happen anyway if the general public won with todays Supreme Court findings. which would have meant we would have had compensation for the underhanded back handers against the consumer is my understanding of the whole situation, as I was contacted by the FCA and asked if I wanted to do a DCA if the first rulling failed.
Please watch truth hurts 101uk if you want to know what is happening in migrant hotels thankyou