Millions of drivers across the UK are finding out they are owed money – could you be one of them?
Why were Brits mis-sold car finance?
The Financial Conduct Authority, or FCA, has identified that some car finance agreements spanning a period of fifteen years were sold using unfair practices. During this time, high commissions were pocketed by car dealerships from charging higher interest rates than necessary to customers. Now that this has come to light, drivers could receive compensation averaging £700 each to make up for this.
How many people are affected?
When we say millions, we mean millions! More than fourteen million finance agreements were subject to these unfair practices, resulting in a total cost of more than 8 billion pounds in compensation. Many banks and lenders have already put large sums of money aside just because of this.
How to find out if you were mis-sold car finance?
Customers who believe they may have mis-sold car finance between the years of 2007 and 2024 are urged to contact their lender directly – the chances are they will be required to get in touch with professional FCA compliance consultants. FCA compliance consultants help businesses with the complaints process and offer expert advice and support.
Furthermore, with the support of FCA compliance consultants, the FCA is due to make a public announcement stating how people can check their eligibility and claim their compensation. This is in addition to its website which already addresses mis-sold car finance and highlights which lenders are affected.