PCP Claim UK

A new update from the Financial Conduct Authority sheds more light on forthcoming redress scheme. bit.ly/4rXFr8j #fca #carfinance #compensation

*Santander and Lloyds compensation figures based on a report by Business Matters: bit.ly/4hbqlGt

The UK lending industry could pay billions of compensation to car finance consumers. Lenders like Santander and Lloyds have already set aside £295m and £450m. Others will soon follow. Check your lender or reg to see if you're eligible to claim ►► bit.ly/40r2z3r

*Appeal date and compensation figure based on a report from the Guardian: bit.ly/3BLZ7XZ

The UK Supreme Court will hear the appeal in a landmark mis-sold car finance ruling by 16 April 2025. Moody's estimates that lenders could pay up to £30bn in compensation. Check your lender or reg in 2 minutes to see if you can claim ►► bit.ly/40r2z3r

*Figures from the FCA based on a report by the Independent: bit.ly/40cUqOO

The FCA estimates around 99% of 32 million car finance agreements in the UK between 2007 & 2021 involved a commission payment. Could you have been mis-sold on your car finance? Check your lender or reg to see if you can claim compensation ►► bit.ly/40r2z3r

*Appeal date and compensation figure based on a report from the Guardian: bit.ly/3BLZ7XZ

The UK Supreme Court will hear the appeal in a landmark mis-sold car finance ruling by 16 April 2025. Moody's estimates that lenders could pay up to £30bn in compensation. Check your lender or reg in 2 mins to see if you are eligible for a claim ►► bit.ly/40cinpG

*Figures based on a report by Business Matters: bit.ly/4hbqlGt

The UK lending industry could pay billions of compensation to car finance consumers. Lenders like Santander and Lloyds have already set aside £295m and £450m, respectively, with more to follow. Check your lender or reg to see if you can claim ►► bit.ly/40cinpG

*Figures based on a report by the Independent: bit.ly/40cUqOO

The FCA estimates around 99% of 32m car finance agreements in the UK between 2007 & 2021 involved a commission payment. Could you have been mis-sold on your car finance? Check your lender or reg to see if you can claim compensation ►► bit.ly/40cinpG

*Figures based on a report by Business Matters: bit.ly/4hbqlGt

The UK lending industry could pay billions of compensation to car finance consumers. Lenders like Santander and Lloyds have already set aside £295m and £450m, respectively, with more to follow. See if your lender or reg is eligible for a claim ►► bit.ly/4aaHX2L

*Figures based on a report by the Independent: bit.ly/40cUqOO

The FCA estimates that around 99% of 32 million car finance agreements in the UK between 2007-2021 involved a commission payment. Could you have been mis-sold on your car finance? Check your lender or reg to see if you can claim compensation ►► bit.ly/4aaHX2L

*Appeal date and compensation figure based on a report from the Guardian: bit.ly/3BLZ7XZ

The UK Supreme Court will hear the appeal in a landmark mis-sold car finance ruling by 16 April 2025. Moody's predicts lenders could pay up to £30bn in compensation. Check your lender or reg to see if you are eligible for a claim in 2 mins ►► bit.ly/4aaHX2L

*Compensation figures based on a report by Insider Media: bit.ly/424E25A

Millions of motorists may have been mis-sold car finance if they bought their vehicle between 2007 & 2021. Rating agency Moody's predicts lenders could pay up to £30bn in compensation. Check your lender or reg in 2 mins to see if you can claim ►► bit.ly/4aaHX2L

*Appeal date and compensation figure based on a report from the Guardian: bit.ly/3BLZ7XZ

The UK Supreme Court will hear the appeal in a landmark mis-sold car finance ruling by 16 April 2025. Rating agency Moody's predicts lenders could pay up to £30bn in compensation. Check your lender or reg to see if you can claim ►► bit.ly/4aaHX2L

Pls share. The new PPI? HUGE announcement from @theFCA this morning that has gone totally under the radar. It may mean a pay-out for millions who bought a car/van on Motor Finance before 2021. I’ve done back of the envelope numbers and at the top end this could be PPI type scale (that was £40bn), big enough to be a form of Quantitative easing (so real consequences for the next govt as it’ll likely take a year). It is to look at the handling of complaints about commissions when people got motor finance (pre 2021). Two big Ombudsman cases revealed today indicate that firms are falsely rejecting complaints and the FCA is now to do a full review of complaint handling. The FCA wouldn’t do this unless it was likely to find they were doing it wrong. So my suspicion is when it finishes its investigation it will (in order of likelihood) set up either a) A redress scheme where it orders all the firms to pay redress to every effected customer even if they've not complained. b) Redress rules where it orders them to pay out redress based on a set formula, to those that complain The pay out would be either the interest on loans (which is big), the commission (which is big), or the whole loan (which is huge). We're possibly talking thousands back for many. Clearly this means getting complaints in if you were mis-sold is going to be crucial especially if they choose scheme b) and there is a cut off involved. It should be noted part of the announcement is the FCA has put a freeze on firms handling complaints for now, so if you complain now they don’t have to do anything, but my provisional thoughts are it is worth people who think they’ve been mis-sold getting in a complaint now as a marker. So my team and I will be working on a full guide on how to do that which we’ll have out in the next couple of weeks to talk you through this step-by-step. Please watch this space and share with people who may have been impacted.

Bought your car on finance? Take just a few seconds today to see if you can make a PCP claim: bit.ly/PCPClaimsUK1

Have you checked if you can make a PCP claim? pcpclaim-uk.co.uk #pcpclaims

If you have bought a car on finance in the last 10 years, you may be able to claim for unfair sales commission. bit.ly/PCPClaimUK

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