MARTIN Lewis has issued a major update on the brewing car finance scandal, sharing next steps with over a million claims already in.guru has shared the next steps for those who believe they may have fallen victim to mis-selling by loan brokers."I think it likely that, when the investigation completes,... the FCA will set up some type of mass-scale redress scheme - though there's a small chance it'll change its mind and say this is a damp squib.
And time could be running out as, while the regulator has not set a deadline for complaints, it has only extended the deadlines so far.For those who receive a response after that date, though, the appeal window will reduce to the previous standard of six months, meaning you would have to challenge it by May 2025.What is being investigated?
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.
Check to see if your provider has issued a receipt of acknowledgement, usually in the form of an email.