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[Politics] Labour Party meltdown incoming.......



Weststander

Weststander

Well-known member
NSC Patron
Aug 25, 2011
70,529
Withdean area
chip said:
The detail I paid attentopn to was "The judgment that it was unlawful for banks to pay a commission to a car dealer without the customer’s informed consent". In other words, some lenders were breaking the law. It's the whole commission thing and what you are paying and to whom, it has happened in other sectors before. Those guilty of breaking the law should be punished, including fines, to put off bad actors like Lloyds and Santander. Maybe the fines could help fill the black hole?

I've never paid interest on one of these car loans, but they seem like usury if you don't pay the balloon payment.
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PCP is fine, effectively people are leasing the car. People have been happy with these deals for 25 years, by the many millions. Necessarily the payments would include profit, everyone would understand that. The numbers are openly set out at the beginning of the contract.

The case is not about PCP. Instead, regardless of the financing product:
In January 2021, the regulator the Financial Conduct Authority (FCA) banned 'discretionary commission arrangements' (DCAs). This stopped lenders allowing brokers (including car dealers) to increase interest rates on car finance, so that they'd be bunged more commission (even though they did no work). It's an unfair practice, as consumers weren't told, and many – thinking it a fixed price – didn't negotiate.
 




beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
36,128
chip said:
The detail I paid attentopn to was "The judgment that it was unlawful for banks to pay a commission to a car dealer without the customer’s informed consent". In other words, some lenders were breaking the law. It's the whole commission thing and what you are paying and to whom, it has happened in other sectors before. Those guilty of breaking the law should be punished, including fines, to put off bad actors like Lloyds and Santander. Maybe the fines could help fill the black hole?

I've never paid interest on one of these car loans, but they seem like usury if you don't pay the balloon payment.
Click to expand...
the point being thats a technicality, which maybe needs addressing. the Treasury is saying if it harmed the consumer, any compo should only be proportionate to that - maybe limit to the commission amount. it might not be a good idea to say give open ended compo for billions so people effectively get all their loan money back, because suddenly loaning money in the UK looks very risky.
 


DJ NOBO

DJ NOBO

Well-known member
Jul 18, 2004
6,926
Wiltshire
BLOCK F said:
Just posting my view on having listened to him in the past. I generally found him to be a verbose self important prig. Yes, he was adept at putting down those less articulate and intelligent than himself, but in my very humble opinion, he seemed to take more pleasure in that than perhaps was ‘healthy’, which for me rather took away from any reasonable stance he may sometimes have taken.
No, I haven’t listened to him for some time, but I don’t suppose he has much changed his modus operandi. However, I stand to be corrected.
As for me posting bollocks, I will bow to your obviously superior opinion and in future will refer to you as Sir Clapham Gull.😁😏
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Great reply to an unnecessarily hostile post .
 


LamieRobertson

LamieRobertson

Not awoke
Feb 3, 2008
49,027
SHOREHAM BY SEA
BLOCK F said:
Just posting my view on having listened to him in the past. I generally found him to be a verbose self important prig. Yes, he was adept at putting down those less articulate and intelligent than himself, but in my very humble opinion, he seemed to take more pleasure in that than perhaps was ‘healthy’, which for me rather took away from any reasonable stance he may sometimes have taken.
No, I haven’t listened to him for some time, but I don’t suppose he has much changed his modus operandi. However, I stand to be corrected.
As for me posting bollocks, I will bow to your obviously superior opinion and in future will refer to you as Sir Clapham Gull.😁😏
Click to expand...
Quite an accurate view from the stuff I’ve heard him spout
 






Is it PotG?

Is it PotG?

Thrifty non-licker
Feb 20, 2017
26,037
Sussex by the Sea
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N

nevergoagain

Well-known member
Jul 28, 2005
1,691
nowhere near Burgess Hill
So, a quick recap of most recent events then, after all it is a wonderful week for burying bad news.
  • Ricky Jones the cut throat councillor remains free on bail until August after his trial was postponed for 8 months!
  • Mike Amesbury, pleads guilty but it's going to take over a month to sentence him
  • UK Borrowing the highest it's been for 4 years but it's OK, Rachel from accounts remains optimistic.
  • Benefits cheats are set to lose their driving licences bizarrely
  • Tulip Siddiq story refuses to go away, more to come on this for sure.
  • Nasty Wes halts 18 hospital builds until 2030
  • 47k less people in work as unemployment rises
  • The prince of darkness U-Turns and hails Donald Trump.
  • Plans to approve extra runway at Heathrow, expanding Gatwick and more flights through Luton. Dear old Rachel confirms it's more important than Net Zero.
 


S

Springal

Well-known member
Feb 12, 2005
25,019
GOSBTS
nevergoagain said:
So, a quick recap of most recent events then, after all it is a wonderful week for burying bad news.
  • Ricky Jones the cut throat councillor remains free on bail until August after his trial was postponed for 8 months!
  • Mike Amesbury, pleads guilty but it's going to take over a month to sentence him
  • UK Borrowing the highest it's been for 4 years but it's OK, Rachel from accounts remains optimistic.
  • Benefits cheats are set to lose their driving licences bizarrely
  • Tulip Siddiq story refuses to go away, more to come on this for sure.
  • Nasty Wes halts 18 hospital builds until 2030
  • 47k less people in work as unemployment rises
  • The prince of darkness U-Turns and hails Donald Trump.
  • Plans to approve extra runway at Heathrow, expanding Gatwick and more flights through Luton. Dear old Rachel confirms it's more important than Net Zero.
Click to expand...
Jesus Christ, bet you called us lot ‘remoaners’ at some point as well
 














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