Finance mis-selling
Between 2010 and 2021, it is alleged that UK lenders mis-sold loans on new and second-hand cars.
Pogust Goodhead has launched My Finance Claim to secure compensation for millions of people who may have received poor or negligent advice when financing their vehicles.
Mis-sold car finance
The Financial Conduct Authority (FCA) found extensive evidence of mis-selling of all types of UK car finance agreements including:
- Personal contract purchase (PCP)
- Hire purchase (HP) agreements
The findings indicate that millions of drivers could be in line for substantial payouts.
Car dealers and brokers were able to receive commission linked to the interest rate that customers paid when leasing a car. This created an incentive to over-charge customers.
The FCA banned the practice in 2021, but millions of people may have entered into agreements without fully understanding the conditions or costs involved.
Recent FCA figures suggest that around 1 in 3 agreements may have been mis-sold between 2010 and 2021.
How were drivers affected?
Many drivers who were mis-sold loans on their vehicles may have:
- shelled out significant sums in unforeseen additional charges
- been charged higher interest rates
- been forced to take out additional loans to help finance their agreements.
- used dealerships that carried inadequate credit check assessments, meaning your monthly payments may have been unrealistic
- purchased an unsatisfactory vehicles because of finance deals being advocated for.
My Finance Claim is acting on behalf of all these affected customers. We aim to hold lenders to account and ensure that customers receive the compensation they deserve.
“This is a watershed moment. It’s high time that lenders are held to account over unfair practices that have left consumers unnecessarily out-of-pocket. We’re committed to advocating on behalf of all those affected and securing them the compensation they deserve. ”
Am I eligible to join the action?
If you purchased a PCP or HP agreement between 2010 and 2021, you could be eligible to claim.
If you previously financed your vehicle and you believe you have been mis-sold an agreement for the non-disclosure of commissions received by the dealership, or you were inadequately informed of hidden costs and interest rates, you could be eligible to claim compensation.
My Finance Claim
If you think the scandal has affected you, please visit myfinanceclaim.com to start your claim.
Cases
Pogust Goodhead is taking action against vehicle manufacturers that have been accused of malpractice to hold them to account.
The Team
Contact Us
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