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An investigation by the Financial Conduct Authority (FCA) highlighted issues with Discretionary Interest Commission Arrangements (DCA), leading to a ban on this practice.
A Discretionary Commission Arrangement links a car dealer's or broker's commission directly to the interest rate of the car finance agreement they sell. Essentially, the higher the interest rate they convince the customer to accept, the more commission they earn. To remove these financial incentives that could increase loan costs for consumers, the FCA prohibited this practice on January 28, 2021.
In simple terms, this means that you and millions of others were not informed about other financing options, and interest rates were raised to boost commissions.
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We will ask you for some basic info i.e name, address and date of birth. Your information will be stored securely in our encrypted system.
Our industry leading system checks any vehicles you have had and returns us the relevant information to be able to start the claim for you.
Kick back and let our team handle the rest! Our professional team will assess your claim and we will keep you posted every step of the way.
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Mis-sold car finance occurs when a lender or financial institution provides misleading information or fails to disclose important details regarding a car finance agreement. This may include inadequate explanations of interest rates, hidden fees, or the failure to consider the borrower's financial situation.
Don't worry! Whether your car's been fully paid off or you're still paying for it won't affect your eligibility.
Whether or not you paid it off or are still paying it - the mis-selling happened at the point of you taking the loan out and how much you repaid doesn't affect your eligibility for compensation.
You can start a PCP claim for any agreements within the last six years. However, if you've only recently become aware of the potential mis-selling, you're still eligible.
There is no guaranteed amount, however our partner law firm aim to get you up to the full amount of the finance agreement. The average claim is worth £6,000. You must legally receive minimum of 51% of the winnings but it is normally more.
Don't worry, you are still able to start a claim with us as we are able to request your finance agreements from the dealership and/or the finance provider.
You can make one claim, per finance agreement, so if for example you took four cars out on finance, then you could be eligible for four claims.
MoneySavingExpert.com - Martin Lewis
