17/01/2022
Mis-Sold Car Finance - Explained
An investigation conducted by the Financial Conduct Authority (FCA) has uncovered evidence of widespread mis-selling across various types of vehicle financing such as personal contract hire (P*P) and hire purchase (HP) agreements.
Unknown to consumers, lenders have systematically incentivised brokers and car dealers to charge their customers higher interest rates by paying the dealership larger commissions in return. As one car dealer openly admits in a recent article, "frankly, we were getting away with murder. We weren’t treating customers fairly and were, in effect, charging them to earn us money."
You may have been a victim of mis-sold motor car finance if you received poor advice on your financing options, incurred unexpected fees and costs, or if you were not sufficiently made aware of the various commissions being charged within your agreement. If this applies to you then you could be owed compensation.
You can make a claim for any mis-sold finance agreement entered within the last 10 years and the amount you're owed will depend on a number of factors including the size and duration of the loan, and the difference between the interest rate offered and the rate you should have rightfully received.
Contact us today to check if you have a claim!
