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

[Weststander]

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.

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]

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.

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]

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.

Great reply to an unnecessarily hostile post .

 

[LamieRobertson]

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.

Quite an accurate view from the stuff I’ve heard him spout

 

[BLOCK F]

Great reply to an unnecessarily hostile post .

Yes, Sir Clapham Gull was a bit grumpy and condescending, but some on here do not like to hear stuff that they may not agree with.
‘Twas ever thus.