Trust Claims Pro

Up to 14 Million Motor Finance Customers Could Be Eligible for Compensation Under FCA-Proposed Schem

Under proposals set out by the FCA, compensation payments relating to potentially unfair motor finance agreements could begin next year through an industry-wide redress scheme. The FCA estimates that up to 14 million motor finance agreements may fall within scope of the scheme.

The regulator has indicated that compensation could average around £700 per agreement, although individual payments would vary depending on the circumstances of each case. Based on estimated consumer participation, lenders could pay approximately £8.2 billion in total compensation.

The FCA's proposals relate to motor finance arrangements where consumers may not have been given clear or sufficient information about commission or finance arrangements. According to the FCA, this may have limited consumers’ ability to negotiate, compare options or secure a better deal and, in some cases, could have resulted in higher borrowing costs.

Were You Mis-sold a Car Finance Agreement?

Lack of Transparency

Inflated Interest Rates

Lack of Transparency

Your lender might have failed to clearly explain the key risks, terms, and conditions of your PCP or HP finance, which could mean you ended up in a deal that didn’t suit your needs.

Hidden Commissions

Inflated Interest Rates

Lack of Transparency

You may not have been told that your dealer earned commission from your finance deal, meaning you could have paid up to £1,000 or more than you needed to.

Inflated Interest Rates

Your interest rate was higher than it should’ve been.

The dealer may have adjusted your interest rate to secure higher commission, without disclosing this to you.

How does the process work?

1. Identify your car finance history

The free to use tool securely checks and retrieves your finance agreements for you.

2. Instantly check which deals are eligible

You’ll find out right away which of your car finance agreements could lead to compensation.

3. Finalise your registration

Review and sign the documents so your regulated partner can start managing your claim on your behalf

4. Leave the rest to us

If eligible, you'll be referred to an FCA regulated specialist partner who will deal with the full process on your behalf, doing everything they can to get you the compensation you deserve and updating you along the way.

Claims management activities are undertaken as an Appointed Representative of Claim3000 Ltd, authorised and regulated by the Financial Conduct Authority (FRN: 833604).

Credit-related regulated activities are undertaken as an Appointed Representative of M.R. Consumer Services Limited, authorised and regulated by the Financial Conduct Authority (FRN: 838452).

Trust Claims Pro Ltd operates in accordance with applicable Financial Conduct Authority rules and regulatory requirements.

Trust Claims Pro

Because Car Finance Should Be Fair

Because Car Finance Should Be Fair

Up to 14 Million Motor Finance Customers Could Be Eligible for Compensation Under FCA-Proposed Schem

Think Your PCP Deal Was Mis-Sold?

Were You Mis-sold a Car Finance Agreement?

Lack of Transparency

Inflated Interest Rates

Lack of Transparency

Hidden Commissions

Inflated Interest Rates

Lack of Transparency

Inflated Interest Rates

Inflated Interest Rates

Inflated Interest Rates

How does the process work?

1. Identify your car finance history

2. Instantly check which deals are eligible

3. Finalise your registration

4. Leave the rest to us

Because Car Finance Should Be Fair

Because Car Finance Should Be Fair

Up to 14 Million Motor Finance Customers Could Be Eligible for Compensation Under FCA-Proposed Schem

Think Your PCP Deal Was Mis-Sold?

Were You Mis-sold a Car Finance Agreement?

Lack of Transparency

Inflated Interest Rates

Lack of Transparency

Hidden Commissions

Inflated Interest Rates

Lack of Transparency

Inflated Interest Rates

Inflated Interest Rates

Inflated Interest Rates

How does the process work?

1. Identify your car finance history

2. Instantly check which deals are eligible

3. Finalise your registration

4. Leave the rest to us

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