Early Christmas present received from VW Finance - anyone else got it?

[Golfgirl]

Checked my bank account this morning and noticed a four figure sum credited to it from VW Finance.  I had no idea why, or even if it was a mistake.  Roll forward a few hours and the postman delivered a letter from them and it seems it's not a mistake after all 

Dear Golfgirl,

I'm writing to you regarding the above agreement you had with us.  During your agreement, we were obliged to provide you with account statements under the Consumer Credit Act 1974.

Unfortunately, we recently discovered that a number of these documents hadn't been issued on time.  As a result of this, over the next seven days your account will be credited with £*,***.** which is the amount of interest of the payments which were due during the time you didn't receive your statement.

......

Merry Christmas

[fab5freddy]

 

What a result, delighted for you, now get out and spend 

[Tfsi_Mike]

Fantastic, Merry Christmas!

[john87]

  timing couldn't be better!

[MKT]

That's a result especially at this of time the year! Judging by the *'s it must have been a fair amount of interest/overcharging. I wonder how many other people that this has happened to.

[TaylorGTi]

Is it law to supply monthly statements by law?

[MateyGuv]

Is it law to supply monthly statements by law?

It's not law as such but a recommendation from the FCA. The FCA took over from the FSA April 2013 and depending on the finance company will depend on how they interprietate the recommendations. The FCA have some serious powers and can ultimately shut down businesses so looks like VWFS are taking no chances and paying up any cases that could be frowned upon by the FCA. Fair play to them!

[TaylorGTi]

Well congrats! I'll be giving bmw finace a call tomorrow!

[NathED30]

Well congrats! I'll be giving bmw finace a call tomorrow!

Let us know how you get on with that mate I have some finance with BMW too!


Sent from my iPad using Tapatalk

[garrardrj]

That's a result especially at this of time the year! Judging by the *'s it must have been a fair amount of interest/overcharging. I wonder how many other people that this has happened to.

Its not overcharging its "Compensation" for not sending the statements on time , why it should be so much is beyond me , its only not sending a few statements , its just a piece of paper that tells you about your loan that you took out and how much you have paid etc . Just like many other bits of paper you receive and put straight in the shredder . Its costing financial institutions millions .