Martin Lewis has issued a new warning for motorists who could be owed £1,000s. In the latest edition of the Money Saving Expert newsletter, he highlighted that people who purchased a vehicle on finance may be able to make a claim if they were hit by hidden Discretionary Commission Arrangements . Firms used DCA's to increase interest rates while the customer was made unaware, thus paying more than they may have otherwise.
The practice of DCAs was outright banned by the FCA in 2021, but motorists may still be able to receive compensation, depending on the outcome of the investigation. General advice is that anyone who financed a car between April 2007 and January 28, 2021, should make a complaint on the off-chance they were affected.
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Source: Daily_Record - 🏆 9. / 89 Read more »