A TOP lawyer has revealed that Brits are likely due "billions" in compensation over dodgy car finance deals, dubbing the scandal the "next PPI".The practice was banned in 2021 but it is believed that millions of Brits could have unknowingly overpaid the interest on their car loan, boosting brokers profits in the process.He said: "If there was a decision to pay people out automatically for this then the scale would be enormous.
These brokers earn money in the form of commission - a percentage of the interest payments on the loan.The FCA estimates that around 40% of car deals may have been affected before 2021.Second, you must have bought the vehicle through a mechanism like Personal Contract Purchase or Hire Purchase , which make up the majority of finance deals and mean you own the vehicle at the end of the agreement.
"However, the FCA is quite generous...they say people can also complain within three years of finding out what has happened.
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