Martin Lewis is warning anyone who thinks they may have been overcharged for their car loans through Discretionary Commission Arrangements to be wary of online adverts offering a ‘no win, no fee’ car claim as it could result in people losing up to 50 per cent of any compensation.
The consumer champion explained earlier this year that millions of people who bought a car, van, campervan or motorcycle on finance before January 28, 2021 may be owed money after being charged ‘hidden commission’. Drivers typically paid £1,100 more interest on a £10,000 four-year car finance deal when there was a Discretionary Commission Arrangement - but added that the bigger the loan, the more money you could be owed.
“Our free complaints tool - which I drafted after talking to lawyers, then confirmed with the big firms that they'd accept it and respond - does it for you.”And for anyone who thinks it might be a waste of time, the letter only takes a few clicks to generate and you don’t need to do anything else - you could be missing out on an extra £1,100 that is rightfully yours.
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