DFS

[CYNthesys]

Re: DFS

Must admit I cant get my head round all this

[CYNthesys]

Re: DFS

After further digging I've discovered that the finance provider pays the retailer the full cost of the goods, then the retailer pays the finance provider an agreed amount for providing his customer with 0% interest free credit

Im trying to find out if the law requires this sort of arrangement to be disclosed to the customer

[CYNthesys]

Re: DFS

This is becoming a joke

Rang OFT first thing, they didnt know the answer, said it was outside of their remit, advised to ring FSA

rang FSA who said that consumer credit was not within their jurisdiction and to contact OFT

rang OFT again, who insist that I need to speak to FSA because its the FSA who make the regulations !!!!

rang FSA again - say they only make the regulations for areas that are within their remit, so was given another phone number to contact OFT again.

rang OFT again, unable to answer my query, I need to send written details for their specialist team to look into

[wales01man]

Re: DFS

I expect if you had a copy of the credit ageement it may in the small print state the law on this one would think that a company with nearly700 million turnover and a lender with probably billions know the rules and the law can i ask why you are pursuring this interest as it is

[CYNthesys]

Re: DFS

Looking into this just out of interest at the moment

There is nothing at all in the small print.

I kept the original DFS contract,and the original Hitachi CCA agreement, and sent a CCA request to Hitachi for a copy. The copy of the agreement provided by Hitachi does not contain the T & C

[pt2537]

Re: DFS

Honest answer, without the underwriting sheet i cannot see where this would go.

In any event, i dont believe there would be any issue with the store paying the company to provide credit

When ever you use a debit or credit card through a card machine there is money changing hands from one company to another , its how these things work, it is not necessarily a commission

I think you need far more evidence than what it seems you have to take this any where

[CYNthesys]

Re: DFS

Athough its not necessarily a commission, its still an undisclosed payment.

The customer is encouraged to take 0% interest free credit and led to believe that by entering into a regulated 0% interest free CCA they are in a win win situation, but DFS fail to disclose to customers that because they make subsidy payments to finance providers they will not offer a discount to customers who want to pay by cash.

Ive already written to OFT to seek clarification on this.