#TalkMoneyWeek: Car Finance Misselling
- Anglia Care Trust
- Nov 4, 2024
- 2 min read
The Financial Conduct Authority (FCA) is currently investigating concerns regarding motor finance firms and their unfair practice towards their borrowers. This is because many customers believed they were being charged a fixed price on their car finance, however, concerns were raised when they felt they were being overcharged and the dealers were increasing their commission without doing any work.
In January 2021, the Financial Conduct Authority placed a ban on ‘Discretionary Commission Arrangements’. This meant car brokers/dealers were not permitted to increase interest rates on car finance. Despite this, there was a noticeable increase in the number of PCP claims regarding compensation for mis-sold car finance plans in 2021. It is suggested that more than 10,000 people were affected by this misselling scheme.
How do I know if I have been miss-sold Car Finance?
The FCA has suggested two main points that could suggest you have been affected by this issue:
1. You bought a Car under a Finance Scheme (e.g. – Hire purchase or personal contract purchase) before 28 January 2021.
2. There was a discretionary commission Ar- rangement between your lender and broker.
If you had finance on a vehicle before January 2021, you may be affected and could claim com- pensation. To find out more information or find out how to make a claim, this is a useful link to use: Car finance FREE reclaim tool & guide | MSE (moneysavingexpert.com)
Visit the links above to see what help is available to you. Chat to your family, friends and colleagues - #talkmoney week is a great time to get chatting and finding out more - #DoOneThing
For lots of money-saving tips, also download our FREE 'reducing everyday living costs' booklet and start saving today
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