Pogust Goodhead has launched My Finance Claim. We aim to hold UK lenders to account over alleged mis-selling of loans on new and second-hand cars between 2010 and 2021.
In what is described as the ‘new PPI scandal’, My Finance Claim will lead the charge in securing compensation for millions of people who may have received poor or negligent advice when financing their vehicles.
The Financial Conduct Authority (FCA) found extensive evidence of mis-selling of all types of UK car finance agreements, including personal contract purchase (PCP) and (HP) agreements, indicating that millions of drivers could be in line for substantial payouts.
Up until the FCA banned the practice in 2021, 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.
Because of this, millions of people may have entered into agreements without fully understanding the conditions or costs involved. For many drivers, this has meant shelling out significant sums in unforeseen additional charges, higher interest rates and even forcing some to take out additional loans to help finance their agreements.
“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. ” – Tom Goodhead, CEO and Global Managing Partner at Pogust Goodhead
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.
If you think the scandal has affected you, please visit myfinanceclaim.com to start your claim.
