Financial Ombudsman Decision - Timescale for settlement?
Discussion
Good morning chaps,
Long story short I've been fighting with BMW Financial Services over a faulty car, I went through the Financial Ombudsman Service (FOS) and I've had a final decision which I've accepted. This makes it legally binding.
Essentially BMW FS have been instructed to collect the car, cancel the agreement and reimburse me financially.
From here, the FOS have closed the case and they've instructed BMW to contact me to make arrangements. I've been told If I've not heard anything in four weeks, to re-contact the FOS. 4 weeks means another payment, another months insurance and another month of looking at the b
d thing sat on my drive.
I've tried to look into the legislation (Financial Services and Markets Act 2000) and the FOS documentation (http://www.financial-ombudsman.org.uk/publications/factsheets/enforcing-an-ombudsmans-decision.pdf) but neither give a timescale for settlement.
I'm fully anticipating BMW FS to drag their heels take and the piss, as they've been nothing short of uncompromising for the entire complaint - is there any way I can avoid this?
Long story short I've been fighting with BMW Financial Services over a faulty car, I went through the Financial Ombudsman Service (FOS) and I've had a final decision which I've accepted. This makes it legally binding.
Essentially BMW FS have been instructed to collect the car, cancel the agreement and reimburse me financially.
From here, the FOS have closed the case and they've instructed BMW to contact me to make arrangements. I've been told If I've not heard anything in four weeks, to re-contact the FOS. 4 weeks means another payment, another months insurance and another month of looking at the b
d thing sat on my drive. I've tried to look into the legislation (Financial Services and Markets Act 2000) and the FOS documentation (http://www.financial-ombudsman.org.uk/publications/factsheets/enforcing-an-ombudsmans-decision.pdf) but neither give a timescale for settlement.
I'm fully anticipating BMW FS to drag their heels take and the piss, as they've been nothing short of uncompromising for the entire complaint - is there any way I can avoid this?
If you're being reimbursed financially is that a fixed settlement or is it all amounts paid to-date?
Because unless it's fixed I'd be adding the next lease payment and insurance cost onto the bill.
...and if it's a fixed sum, it still might be worth calling BMW and asking them what they're doing, and if the answer isn't good enough, you point out that you will expect them to cover any further costs incurred by you on the car.
Because unless it's fixed I'd be adding the next lease payment and insurance cost onto the bill.
...and if it's a fixed sum, it still might be worth calling BMW and asking them what they're doing, and if the answer isn't good enough, you point out that you will expect them to cover any further costs incurred by you on the car.
havoc said:
If you're being reimbursed financially is that a fixed settlement or is it all amounts paid to-date?
Because unless it's fixed I'd be adding the next lease payment and insurance cost onto the bill.
...and if it's a fixed sum, it still might be worth calling BMW and asking them what they're doing, and if the answer isn't good enough, you point out that you will expect them to cover any further costs incurred by you on the car.
It's paid to the settlement date, including interest. But at 8% simple interest we are talking £10's rather than £100's or £1000's for around four weeks. I don't think a company like BMW FS will care about having to refund another payment or months insurance either. I want a fast settlement, I'm done fBecause unless it's fixed I'd be adding the next lease payment and insurance cost onto the bill.
...and if it's a fixed sum, it still might be worth calling BMW and asking them what they're doing, and if the answer isn't good enough, you point out that you will expect them to cover any further costs incurred by you on the car.
king around. BMW have dragged their heels at every opportunity, in the initial complaint they had eight weeks to respond. They literally did nothing for eight weeks and replied on the last day. I expect no less this time around. I'm sick to death and I want to force their hand. Legally, I can enforce the FOS decision through the courts, and I will; I'd do it today if I thought I could - hence the question. I'm not waiting four weeks only to find out I have to go legal anyway.
I've called BMW FS - Strangely they took agggeesss to answer the phone, when they answered and I had explained this situation (complaint finalised by FOS and I was calling for a swift settlement etc), they called me by name before going through the security checks (I hadn't given them my name). 
After the security checks, they told me that they had nothing on file since the provisional decision, when I explained I have the decision in writing and an e-mail today saying they had been made aware of my acceptance (and that I was prepared to forward said e-mail), they reiterated and that they'll 'look into it' and they'll be in touch.
Definitely bullst and they are stalling.
Any legal guru's on here know how I move forward with action? Letter of intent?
After the security checks, they told me that they had nothing on file since the provisional decision, when I explained I have the decision in writing and an e-mail today saying they had been made aware of my acceptance (and that I was prepared to forward said e-mail), they reiterated and that they'll 'look into it' and they'll be in touch.
Definitely bulls
t and they are stalling.Any legal guru's on here know how I move forward with action? Letter of intent?
EnthusiastOwned said:
I've called BMW FS - Strangely they took agggeesss to answer the phone, when they answered and I had explained this situation (complaint finalised by FOS and I was calling for a swift settlement etc), they called me by name before going through the security checks (I hadn't given them my name).
After the security checks, they told me that they had nothing on file since the provisional decision, when I explained I have the decision in writing and an e-mail today saying they had been made aware of my acceptance (and that I was prepared to forward said e-mail), they reiterated and that they'll 'look into it' and they'll be in touch.
Definitely bullst and they are stalling.
Any legal guru's on here know how I move forward with action? Letter of intent?
Right now, there's nothing you can do. You have to give them reasonable time to review and respond. Less than a day is not reasonable. After the security checks, they told me that they had nothing on file since the provisional decision, when I explained I have the decision in writing and an e-mail today saying they had been made aware of my acceptance (and that I was prepared to forward said e-mail), they reiterated and that they'll 'look into it' and they'll be in touch.
Definitely bulls
t and they are stalling.Any legal guru's on here know how I move forward with action? Letter of intent?
Ring back and ask for the department that deals with FOS claims. Spell it out, Financial Ombudsman and escalate.
Failing that, drive the car to the dealer that sold the car and leave it parked there.
You can hand the keys to whoever is on reception or pop them through the door out of hours (or send via registered post).
Failing that, drive the car to the dealer that sold the car and leave it parked there.
You can hand the keys to whoever is on reception or pop them through the door out of hours (or send via registered post).
esxste said:
Right now, there's nothing you can do. You have to give them reasonable time to review and respond. Less than a day is not reasonable.
You're right. I'm just frustrated as I've had a year of them taking the piss and I know they will keep on doing it. They will sit on this for all the time allowed, just because they can. I know if I don't push them they'll just plod along. sugerbear said:
Ring back and ask for the department that deals with FOS claims. Spell it out, Financial Ombudsman and escalate.
Failing that, drive the car to the dealer that sold the car and leave it parked there.
You can hand the keys to whoever is on reception or pop them through the door out of hours (or send via registered post).
This is a huge concern of mine. The car's been parked up since August, I'm terrified that the car is in my care and if anything should happen to it - it's on me. Failing that, drive the car to the dealer that sold the car and leave it parked there.
You can hand the keys to whoever is on reception or pop them through the door out of hours (or send via registered post).
The decision is against the finance company, not the dealer. And with the finance company being a good 200 miles away I'm stuck with it until they collect the car.
EnthusiastOwned said:
esxste said:
Right now, there's nothing you can do. You have to give them reasonable time to review and respond. Less than a day is not reasonable.
You're right. I'm just frustrated as I've had a year of them taking the piss and I know they will keep on doing it. They will sit on this for all the time allowed, just because they can. I know if I don't push them they'll just plod along. sugerbear said:
Ring back and ask for the department that deals with FOS claims. Spell it out, Financial Ombudsman and escalate.
Failing that, drive the car to the dealer that sold the car and leave it parked there.
You can hand the keys to whoever is on reception or pop them through the door out of hours (or send via registered post).
Failing that, drive the car to the dealer that sold the car and leave it parked there.
You can hand the keys to whoever is on reception or pop them through the door out of hours (or send via registered post).
This is a huge concern of mine. The car's been parked up since August, I'm terrified that the car is in my care and if anything should happen to it - it's on me.
The decision is against the finance company, not the dealer. And with the finance company being a good 200 miles away I'm stuck with it until they collect the car.
One day is a bit soon though! They have to have some time to finally sort it. If you only got notification today, they probably did as well!!
If you're worried about the car, as stated previously, take it back, having taken pics AND video, time / date recorded, at the dealership of the car to show condition, hand in keys with a copy of the FO's decision, get a signature!!, and leave them to it. If that's the dealership you bought it from, why would the finance company send it anywhere else?? It's a BMW dealership, what are they going to do to the car?!!
Cancel your ins. and any tax remaining, done. Go shopping for new car!! If you haven't already!
edited cos I didn't read it properly in the first place!!
Edited by Short Grain on Monday 26th February 22:49
EnthusiastOwned said:
This is a huge concern of mine. The car's been parked up since August, I'm terrified that the car is in my care and if anything should happen to it - it's on me.
A letter enclosing a copy of the Ombudsman's decision along with your request that the car is collected promptly (seven working days?) from your property as you no longer have any interests in it, and will accept no responsibility for it after that time, sent to BMW FS by next day special delivery might stir them into action. Then again, they might surprise you and collect it anyway given they probably take a few days to action an FO decision.GreatGranny said:
Don't just dump it at the dealer and post the keys.
This is very bad advice and I doubt the people advising it would actually do this.
They have 4 weeks so with their history the car will be collected on the last day of the 4 weeks.
I appreciate your frustration but it's only 4 weeks.
This is what I've come to terms with. I've chased them every other day (and I'll continue to do so). If anything, it's cathartic at the least. But for now, they still haven't received the final response. or so they say...This is very bad advice and I doubt the people advising it would actually do this.
They have 4 weeks so with their history the car will be collected on the last day of the 4 weeks.
I appreciate your frustration but it's only 4 weeks.
jameslunn said:
Hi - I'm in exactly the same position today. The decision by the FOS was in my favour and BMW were told to give me my money back and collect the car 4 weeks ago. They haven't. Does anyone know the outcome of this?
Thanks.
J
The OP is still active on the site so will hopefully give you an update. Thanks.
J
I was refunded about 4 weeks after the judgement, but that was pre-Covid, and it was at the end of the timescale suggested by the investigating officer.
The cheque simply arrived in an envelope, with no apology or covering letter. The amount was what I was expecting, so it wasn't hard to work out who it was from though.
The cheque simply arrived in an envelope, with no apology or covering letter. The amount was what I was expecting, so it wasn't hard to work out who it was from though.
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