Understanding the Car Finance Mis-selling Scandal and How to Make a Claim
What is the Car Finance Mis-selling Scandal?
The car finance mis-selling scandal involves allegations that many car dealers and finance companies used unfair practices to sell car finance deals. The main issue revolves around Discretionary Commission Arrangements (DCAs), where dealers could increase the interest rates on finance deals without informing the customers. This led to many consumers overpaying for their car finance agreements without their knowledge.
Key Facts:
- Vehicles Involved: Cars, vans, camper vans, and motorbikes.
- Finance Types: Personal Contract Purchases (PCP) and Hire Purchases (HP), but not Personal Contract Hires (leasing).
- Time Frame: Finance agreements taken out between April 2007 and January 2021.
- Scope: This affects personal use vehicles, including those used for commuting, but not business-use vehicles.
- Eligibility: You may be eligible even if the vehicle is paid off, sold, or if the owner has passed away (claims can be made by executors or beneficiaries).
The Financial Conduct Authority (FCA) banned these arrangements in January 2021 and has since been conducting a comprehensive investigation into these practices. The investigation is expected to reveal the full extent of the issue and potentially lead to compensation for affected consumers.
Steps to Take Using Our Service
At Car Finance Claim Solved, we make the claims process as easy and hassle-free as possible. Follow these simple steps to find out if you’re eligible for compensation.
1. Submit Your Claim:
Click below to go to the claim submission form.
o Fill out the online form with your personal details and name your car finance company and car reg.
o Use our easy e-signature system to sign your claim electronically.
2. Let Us Handle the Rest:
o Once you’ve submitted your claim, our professional team will take over. We’ll review your information and handle all correspondence with the finance provider and the FCA.
o You will receive regular updates on the progress of your claim.
3. Receive Your Compensation:
o If your claim is successful, you will receive compensation for the overpaid amounts plus any additional interest.
o The compensation amount can vary, but many customers have received thousands of pounds.
Why Choose Car Finance Claim Solved?
- Experience: We have extensive experience handling mis-sold claims across various financial products.
- Expertise: Our team is well-versed in dealing with the FCA and finance providers.
- Ease of Use: Our online form and e-signature system make the claims process quick and simple.
- Customer Support: We provide regular updates whenever there is any movement with your claim and are available to answer any questions you might have throughout the process.
- Note: You are free to pursue your car finance provider directly regarding your claim, but our service is especially designed to take the hassle and pain out of this process.
Final Thoughts
If you suspect you were mis-sold car finance, don’t wait. The sooner you submit your claim, the better your chances of receiving the compensation you deserve. Let Car Finance Claim Solved guide you through the process and help you reclaim what’s rightfully yours.
Start Your Claim Today
By following these steps and using our service, you can take action against unfair finance practices and potentially recover significant amounts of money.
