Martin Lewis Explains Why Motorists Could be Owed Thousands
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- Опубліковано 20 вер 2024
- If you bought a car, van, motorbike or campervan on finance before the 28th January 2021, you could be owed thousands.
Martin Lewis joins us to explain what to do if this applies to you.
Broadcast on 08/02/24
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I've used this tool and submitted one - We'll see what they come back with
Please update on how quickly they came back to you and if you have received a refund of sorts. Amounts not necessary, percentages are fine. I’m just trying to get an idea of the turnaround time. Thank you
@@veemaliz5949 So I submitted one using that tool. I got a response today two weeks after the email was sent from Black Horse via a letter. Confirms I do indeed have a DCA and they have logged my complaint. Now waiting till September when the FCA concludes it's investigation (I believe) for what compensation I am owed.
Why not say the safe way to claim??? So many scams out there!!
0:57.....?
He has a letter template on his website which goes like this:
Dear Sir/Madam,
Good day.
On 11 January 2024, the Financial Conduct Authority launched an investigation into unfair historical motor finance commission arrangements. This has made me aware that I may have been caught out by this unfair practice. As I had a finance agreement with your firm, I am writing for clarification on the following two requests:
1. A request for information you hold on my behalf. I would like to ask if my finance agreement with you, reference __________, had any form of discretionary commission arrangement between you and the broker / car dealer or any other entity involved in the transaction. If it did, I request you inform me within one calendar month of the date of this communication.
For the sake of clarity, this first request is purely for information and is not a complaint or expression of dissatisfaction, and is not subject to the FCA’s pause. If there is failure to comply with my request, please treat this request as a data subject access request under the Data Protection Act 2018/GDPR.
2. If there is/was a discretionary commission arrangement in place in relation to my finance agreement with you, I request you treat this communication as a formal complaint arising out of the commission arrangement and the fact it was not adequately disclosed at the time it was taken out. The complaint should be treated as being made on the date of this communication. Please confirm to me within one calendar month that you have done so.
Details that may help you find my policy:
Name:
Jane Doe
Date of birth:
30 February 1986
Current address:
4 Privet Drive, Little Whinging
Finance agreement policy number:
123456789
Vehicle number plate:
KE18 FBY
Yours sincerely,
Jane Doe
i started a claim for compensation from mercedes in 2019 and 5 years later ive still not received anything
so don`t expect any money any time soon
when will i get paid martin?
Started my claim on this two years ago, still ongoing. This isn’t new, and I’m suing against two deals. I have as fuming when I found out… looking at 18k when it goes to court.
The only thing you should fume at is your own gullibility.
@@Noallegiance is that the very best you can do? Come on give it some oomph! If you are all about being rude behind a keyboard, with zero chance of being in the same room as me, surely you can do better than that. Nothing gullible about me, I bought two cars through my business and signed contracts with fictional financial information, once I found out from ‘someone’ I contacted my solicitor and we decided to claim back the hidden commission. Since then others have caught on and it’s escalating, as when contractual law is broken, it’s pretty much procedures with the usual denials to claims made by the plaintiff from the defendant. The defendant I believe is now flooded with so many cases they are in a difficult position.
You amuse me by assuming I’m gullible and may I say a typical case of troll irony. You must try harder!
@keepitblue that’s why your waiting so long . My finance claim will be resolved within 12 months as I’ve contacted them myself without using any firms , they can only respond once more and that’s in Sept , which is the final response offering a payout or refusing to - if then il go to the oms ..
@@nikko7507 no, when I started this case, I was one of a handful, and the initial claims were rejected, however knowing how open and closed my case is, myself and a few others joined forces and persevered. Now it’s a thing and you may well get paid out. So you’re welcome 😉
I currently have a car with Vauxhall motor finance who are getting done for fraud and have now folded. I still over £2000 on the car, they rang me today under a new name asking for the money. Do I pay it or tell them to do one?
Will anyone be made accountable for what amounts to fraudulent activity ???
Don’t be silly
I’ve use this tool for 3 cars. 2 have admitted DCA but Marsh Finance have denied it.
Lessons will be learned!!!!
Where do I go to get this tool to claim
What years from how far do this go back
2007
Listen to the video
The man knows how to talk his own shop.
On one document it shows the car finance as APR 7.7% then interest rate 7.48%. On a separate document I have the finance set out in the term and rate section as flat rate 4%. Then on the next line it shows payment illustration APR 7.7%. Any idea what this means? Thanks
Flat rate is different from Apr.. Flat rate sets out an annual interest on total borrowed, Apr is on what ever is left to pay.... If that makes sense it will be different. You need to just ask if this commission what part of your deal
It means you're a sausage for signing the contract
how do we know the rate that the finance company said it was is the truth? won't they just make sure it equals what the broker company said it was?
They will need to provide evidence to the FCA
What they said it was? This is not the issue the issue was they made commission on giving some people higher rates and didn't tell them.
The big question is how many years does this go back??
2007
Black Horse is on top of the list. On 4000 I paid 6000
How far back before 2021 ? I had Finance in 2004 for 3 years.
Watch the video...
says 2007
This is interesting, is this going to be funded by car dealers or finance companies?
Not sure yet, but should be the finance companies. Dealers were only doing what they were able to at the time
I used his template. I got back 800
Sorry I hope you don’t mind me asking, what was your purchase price, I have used the tool and they got back to me within 24 hrs to confirm I was misssold, I believe I need to wait anything up to 8 weeks from 25th September
@@Bigshorty-t7i I had a few different vehicles with close brothers from 2015 right up to 2022. They where all around the 10k value I’m not sure how it was calculated but his template worked perfect
Thanks for letting us know. I'm with close brothers myself and was wondering if it'd worth is
@@jackcampbell2085 close brothers will make u fill out their own form however I said no I have already sent all the info u need
@Yourballix thanks. I'll send them a email now. I'd only 4k through them but may aswell try. Interest rate was high though but it was my first finance so I'll see what happens
What link do we visit
The list of finance companies that you say don’t bother with are ALL sub prime companies!!! They were the worst ones at it as I’m an ex dealer !!!
I am always grateful I have never bought anything (to date) on any form of finance, less my mortgage on the house - oddly I had a reasonable pay out on that over miss selling many years ago, and had my mortgage corrected by the company that misold stuff. For my cars, I just dont buy brand new (cannot afford it) and save up to pay cash for them, even if that means picking a car that is several years old.
Ok who asked tho?
One of the few comments with a brain behind it.
Dont start any claims its a minefeild mr switch cost me a fortune
Covid injury compensation will be the most pay out of all time
Tax payers fund that one
Yes.
Is a bank loan to buy the car the same thing
No
This happens too often.
Government buying good feeling and rinsing business by making firms pay out for customers own decisions. Nobody was complaining before the chance of 'free' cash. DCA will have been in the terms. If you didn't read them because you were distracted by the shiny car and how it was going to fill a hole in your life then that's your problem.
Spread the word! Get a month's Just Eat!
Hi I purchased a new car in September 2021 will I still be eligible for this
no he had no technical break down you are all liers that's what happens when you tell the truth you all have a technical break down
What’s wrong with a car dealer earning commission? The costs of running a case dealership is astronomical. For instance the purchase of stock, reconditioning it to retail standards, the interest the bank charges the dealer to purchase that stock, running costs of the dealership, light, heat etc, staffing costs ( no one works for free) sales mans commission (some dealerships dont pay basic salaries so their entire earnings are performance related and if you are lucky enough to have a basic salary it rarely reaches minimum wage if at all), depreciation on demonstrators - I could go on and on. Selling finance is an integral part of selling any large consumer product and to earn a commission is an integral part of that and I see no problem with that. In the end there will be no car dealers, you will not be able to test drive a new car anywhere. Just remember wh3n you deal with a dealer there are implied warranties and legal conditions that they have to comply with. When all the bleeding hearts have all gone and purchased their transport solution as private sales with no warranties under the caveat of ‘buyer beware’ we will see who is laughing then.
There’s nothing wrong with them earning commission. It’s the sneaky, underhanded way they did it that is the problem. Just be transparent about it
@@leopold7562 you can’t be ‘sneaky and underhanded’ all finance quotes by law have to be presented to the customer in a certain manor. That manor includes a finance rate and how much interest you will be paying. It’s been that way for many years. Also on your finance document all the charges are detailed and if the customer could be bothered to read it they would see what they are going to be paying.
Think you are a dealer or salesman 😅
Big difference between earning and ripping customers off
I borrowed the motorcycle and everything was fine, I already paid for the motorcycle, the interest was good, I read the contract, I agreed to the terms and I don't even want to know who gets the commission, but we noticed that Mr Martin Lewis needs to create sensationalism to be in the media at all times.
This is a update to his tv programme in Newcastle this week. Where he said he did not have enough info and promised to tell people about it as soon as he could.
Lots of people have to pay privately for advice like this. So if your fully knowledgable about finance then dont listen or watch. If your not, and this is for free, why would you try to besmirch this man? Hundreds of people have saved thousands because him. What a nasty uncalled for remark.
Could of walked away and get a personal loan that was cheaper, that’s what I did!
Who what where to get my money only thing anyone cares about so, who what where
I wonder how much Martin has invested in the no win no fee industry 😂
Why does anyone Buy a loan from a car dealer in the first place. Banks, Building Societies etc are in The business of money lending, so, that is where one should go. CAR dealers have a reputation for ripping You off! YOUR OWN FAULT!
We lost Martin.stop telling people they have been robbed and are due money back 😂
Can I buy on finance please 🙏 I would like the opportunity to owe and pay back 🙏🔙 thank you
Yellow card
WHY ARE YOUR VIDS COMMENTS TURNED OFF BE A MAN
Motonovo motobastards, they hit me so hard in the 🔔end
😂😂