You might be eligible to claim compensation if any of the following applied to your car finance agreements:
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- You took out car finance before 2021
This includes both Hire Purchase (HP) and Personal Contract Purchase (PCP) agreements arranged through a dealership, broker, or credit intermediary.
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- You weren’t told that a commission was being paid
If the dealer or broker received a commission for arranging your finance and failed to clearly disclose this, it could be considered unfair, especially if it influenced the terms you were offered.
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- You didn’t know the interest rate could be adjusted
Many dealers and brokers had the ability to increase your interest rate in order to earn a higher commission. If this wasn’t explained to you at the time, the agreement may have been mis-sold.