A DRIVER has revealed how he won £600 back from car loan giants after bringing a landmark case in the finance mis-selling scandal.The practice was banned in 2021, but the FCA is now looking into whether a compensation scheme should be set up to redress the costs borne by drivers since at least 2014, when the scandal was first brought to light.
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.
Mr Wrench and his legal team brought one of a package of cases focussing on this issue that were decided by theBritish car brand reveals why it has axed selling ALL new motors in UK "The judges at the appeal asked the lender if I was a magician – because the mention of any commission was so well hidden within the contract."Lawyer, Bott & Co
Coby Benson, a lawyer from the firm that brought the case which prompted the FCA probe, told SunMotors that the scandal is