FAQ
You are eligible to make a claim for mis-sold car finance if:
- You bought your car using PCP or HP finance before January 2021.
- The dealer failed to explain all the finance options available to you or failed to disclose commission payments.
- You were charged a higher interest rate that was not in your best interest.
- The broker did not conduct adequate affordability checks or pressured you into a deal.
Claims can be made both for new and used vehicles. You can even claim for multiple vehicles if you have had more than one car finance agreement.
The amount of compensation you can receive varies depending on your individual case. There is currently no guaranteed or set amount, as the FCA is still investigating the impact of mis-sold car finance on customers. and we are shortly expecting a decision on what lenders will need to repay. The FCA is expected to release further guidance on compensation very soon However, it is important to file your claim as soon as possible to receive any potential payout you are due.
Our team will be on hand to assist you with obtaining any required agreements. This may involve conducting a soft credit search upon you to see who the lenders were at the relevant time.
Lenders must keep records of all their customers’ transactions and dealings for at least 6 years. Under UK data law you are entitled a copy of the sales agreement and supporting documentation and we can make a data subject access request (DSAR) to obtain this documentation for you.
Your claim may be investigated by the Financial Ombudsman Service. You will be notified if your claim is to be submitted to them. .
Lease agreement didn’t involve a discretionary commission arrangement. So there is no claim
It is worth noting that this issue has been compared to the PPI mis-selling scandal, whereby billions were paid out by way of refunds.