🚨 Heads Up, Drivers! 🚗 Scammers are on the prowl! 🚨
The FCA (Financial Conduct Authority) has issued a warning for all UK drivers to stay vigilant against fraudsters posing as car finance lenders. These scammers are offering fake compensation claims and asking for your personal details. Remember: no legit compensation scheme is in place yet!
If you get one of these calls, hang up immediately! Never share your name, address, date of birth, or bank info with these fraudsters. Instead, report these scam calls and texts to 7726.
Recently, the FCA announced they’re considering a compensation scheme for car finance customers. Many drivers might be in for a payout because some motor finance firms haven’t been transparent about commission fees between lenders and car dealers. While some cases might not lead to compensation, the court confirmed that lack of proper disclosure can be unfair.
Expect potential payouts to be under £950, but the total scheme could range from £9 billion to £18 billion. If approved, payments might start rolling out by 2026. If you’ve questioned what you’ve paid on your car finance due to hidden commissions, now’s the time to complain. No need to hire lawyers or claims companies, which could cost you 30% of any compensation!
Remember, for any suspicious contact, many banks have now set up the easy-peasy 159 service, directly connecting you to your bank for peace of mind.
Stay safe, and keep those scammers at bay! 🛡️🔒
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