🚗💰 Good news for car owners! Millions could soon receive up to £700 in car finance compensation. The Financial Conduct Authority (FCA) discovered that 14 million car finance deals might have included a discretionary commission arrangement (DCA). Money-saving expert Martin Lewis has shared key steps to ensure you’re part of the redress scheme.
Who can claim? 🤔 If you bought a car through hire purchase or personal contract purchase finance between April 2007 and November 2024, you could be eligible. There are three main categories for mis-sold car finance: discretionary commission arrangements, where the dealer was contractually tied, and cases with unfairly high commission.
How much could you get back? 💷 Martin Lewis explains it’s approximately 17% of the interest. For example, if you’re charged £1,000 in interest, you could be refunded £170 on average.
What to do next? 📄 First, firms will reach out to those affected within six months of the scheme’s start – but you have to opt in. It’s a good idea to file a complaint now, especially if you suspect you were mis-sold, so you’re ready when the scheme kicks off. Avoid using claims firms – you can handle this directly and keep the full payout.
Martin and his team are crafting template letters for all mis-selling categories, ensuring you’re ready to claim your share.
Stay informed and check out Martin’s website for detailed guidance. Don’t miss out on this opportunity to reclaim your money! 🚙💸 #CarFinanceCompensation #MoneySavingTips