[crAbb]

https://www.itv.com/news/2024-02-15/...box=1708003554

[MrManor]

Not buying it then if it’s on the “never never”

[EvilDrPorkChop]

JustChris will be in for early retirement!

[JustChris]

Originally Posted by EvilDrPorkChop

JustChris will be in for early retirement!

Played the long game …
Retirement here I come 😅😂😇

[EvilDrPorkChop]

Originally Posted by JustChris

Played the long game …
Retirement here I come 😅😂😇

Out of interest, how many PCP agreements did you have?

[Wills2]

Originally Posted by JustChris

Played the long game …
Retirement here I come 😅😂😇

I've 13 agreements to check! I might get the drawings out for the beach hut.

[JustChris]

Originally Posted by EvilDrPorkChop

Out of interest, how many PCP agreements did you have?

After the first dozen they just became an ethereal concept.

[DaveA]

I popped notes into the finance companies for each of mine going back to the sorts of dates Martin Lewis thinks might be covered... Worst that can happen is that I am told my agreements are/were not affected...

Anyway, I shall bow to the master, JustChris ... You must be close to writing your memoirs on this, right..?

[DaveA]

Originally Posted by Wills2

I've 13 agreements to check! I might get the drawings out for the beach hut.

How for back did you go..?

Martin Lewis suggests, as of today (18/2/24):

There's a strong possibility you won't be able to complain about agreements made before 6 April 2007, as this is when the Financial Ombudsman took over jurisdiction of motor finance complaints, though exact rules will likely be part of results the FCA's investigation.

[isleaiw1]

Are we supposed to be making claims now? I thought they said the companies would look at it and notify people without claiming to start with...

[DaveA]

Originally Posted by isleaiw1

Are we supposed to be making claims now? I thought they said the companies would look at it and notify people without claiming to start with...

There's a guide as to the latest advice about it all from Martin Lewis on the Money Saving Expert site...

[Wills2]

Originally Posted by DaveA

How for back did you go..?

Martin Lewis suggests, as of today (18/2/24):

There's a strong possibility you won't be able to complain about agreements made before 6 April 2007, as this is when the Financial Ombudsman took over jurisdiction of motor finance complaints, though exact rules will likely be part of results the FCA's investigation.

It was only a joke post, but from 2007 now that you mention it, it's 10 agreements.

I doubt there is anything to claim as the vast majority were BMWFS agreements on new cars with campaign supported APRs from 0-4.9%

[SimonBMW1]

i have put two claims in. Still waiting to hear. was last year. Gone to the FOS atm.

[Hartside]

I’m sure Martin Lewis mentioned BMW didn’t operate discretionary finance rates, either on his programme or on his website

[Wills2]

Originally Posted by Hartside

I’m sure Martin Lewis mentioned BMW didn’t operate discretionary finance rates, either on his programme or on his website

Yeah to best of my knowledge they were fixed I only ever bought on the BMW UK supported deals rather than using the used car finance rates.

I do know that with used car dealers they would vary the interest rate as those finance companies allowed them to do that and take more commission.

[DaveA]

Originally Posted by Wills2

It was only a joke post, but from 2007 now that you mention it, it's 10 agreements.

I doubt there is anything to claim as the vast majority were BMWFS agreements on new cars with campaign supported APRs from 0-4.9%

To be fair, I think most (if not all) of mine were like that also, and if that's the outcome of my enquiries then that's good...

[JustChris]

What do we think about this part?

‘The vehicle had to be for primarily personal not business use. Commuting comes within personal use, but using it more than occasionally for business or paying on your business will likely mean it won't count.’

‘It DOES include Personal Contract Purchases (PCP). Personal Contract Purchase are where you make loan-like repayments with the option to pay a larger 'balloon' payment at the end if you want to own the car. ‘

So would my PCPs with the car used for work and personal allowed to be included?

[Wills2]

Originally Posted by JustChris

What do we think about this part?

‘The vehicle had to be for primarily personal not business use. Commuting comes within personal use, but using it more than occasionally for business or paying on your business will likely mean it won't count.’

‘It DOES include Personal Contract Purchases (PCP). Personal Contract Purchase are where you make loan-like repayments with the option to pay a larger 'balloon' payment at the end if you want to own the car. ‘

So would my PCPs with the car used for work and personal allowed to be included?

Yeah I'd say so, businesses contracted out the debt/liability that should have sat on their balance sheet to the employees, hence we all had to PCP a new car. (that has to be the biggest debt/liability move from business to UK households ever)

I think they are excluding lease purchase agreements run through a business, where the owner of Cleckheaton valves treats himself to a new Jag every 3 years.

[Wills2]

My bottom drawer in the office holds the agreements, I'll be doing some admin later on today.

[Steve_M_Sport]

Originally Posted by Hartside

I’m sure Martin Lewis mentioned BMW didn’t operate discretionary finance rates, either on his programme or on his website

I've only ever had PCP finance via BMW FS (which I always paid off early) so it was easy to complete the Martin Lewis online form as I had the agreement number of the last one taken out in 2019 to hand. I received an acknowledgement email from BMWFS & they will look into things and reply in due course.

[Pentland]

Not sure about the morality of claiming.
You all knew what you signed up to pay and you were happy with it. Let’s face it, none of you are out of pocket really.

[Pond]

Unfortunately I can't sign up with the 'ambulance chasers' for a bit of compo as I made the mistake of saving hard, making sacrifices elsewhere and buying all my cars for cash.

Damn it!