JimmynotPaul retweetledi

Car Finance NEWS: Its just out, on scan reading, most big picture stuff is what we knew. A few things stand out on cursory reading (un-fact checked)...
- Average payout up from £700 to £830 per agreement,
- Fewer agreements estimated to be missold 14m down to 12.1m (I need to work out why)
- The interest rate is still base rate + 1%, which I was lobbying to be increased, they have moved a little now setting a minimum 3% per year
- Higher payouts on pre 2014 car finance .
I suspect there was some movement as (and I'd said this) - the prior payout reduction risked consumers choosing the court route not the FCA route and thus clogging up the courts. This is a slight redress of that misbalance.
Now I need to dig into details, I'll update later once I've done a bit more reading.
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