🚗💰 Could You Be Owed Money from Car Finance Mis-selling? 💸
Millions of UK drivers might be entitled to an average of £700 each due to being mis-sold car finance between 2007 and 2024. The Financial Conduct Authority (FCA) plans to launch a compensation scheme, which could cost the industry a whopping £8.2 billion!
So, how did this happen? Many of us drive cars financed through complex agreements like Personal Contract Plans (PCPs). However, some of these deals may have been mis-sold, especially with dealers using “discretionary commission” to boost their earnings by increasing your interest rate. That’s now been banned, but the damage might still need fixing.
If you’ve taken out a car finance plan during this period, you might want to dig out old paperwork or check your credit report for any potential claims. If you’ve already been compensated or your claim was rejected, keep an eye out — you could still be eligible for more.
Thinking of getting help from claims management companies? Be cautious! They could charge hefty fees, eating into your compensation. Instead, use free resources like Consumer Voice or MoneySavingExpert for guidance.
🚨 Watch out for scams! Always contact your lender directly through official channels to avoid falling prey to phishing attempts.
If you’ve been affected, don’t hesitate to lodge a complaint. It might be worth checking all possibilities, including any exit fees, if you plan to terminate your contract. The Claims Management Ombudsman is also there to assist if needed.
Are you ready to claim what might be owed to you? Rev up your engines and start exploring your options now! 🏁
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