Did You Buy a Car on Unaffordable Finance?
🚨 CAR FINANCE REVIEW — WHAT YOU NEED TO KNOW
💥 The Background
If you took out a car finance agreement before 28 January 2021, some agreements may have included commission arrangements that weren’t always made clear at the time.
The Financial Conduct Authority (FCA) has been looking into this area to ensure customers were treated fairly. Depending on your agreement, you may be able to raise a complaint and ask your provider to review it.
The potential scale of this review is large, with billions of pounds across the industry under examination. Not everyone will be affected, but it may be worth checking.
🧐 Could I Be Affected?
- Upcoming developments: The courts and the FCA are continuing to review how past car finance agreements were handled.
- Industry-wide issue: Many well-known finance providers offered these types of agreements, so it’s not limited to one company.
- Key factor: Some agreements allowed dealers to adjust interest rates, and where this wasn’t made clear, it may now be under review.
📩 What You Can Do
If you’d like to explore this further, here are some practical tips:
🔎 Step 1: Check your car finance paperwork to see how your agreement was set up.
📝 Step 2: If something isn’t clear, you can contact your finance provider and raise a complaint. Free template letters are available on trusted consumer guidance websites.
⚖️ Step 3: If your concern isn’t resolved, you may be able to ask the Financial Ombudsman Service to look at your case independently.
📌 Read the full guide here for more background and tips.
This content is for general information and tips only. It is not financial advice. For help specific to your circumstances, please contact your lender or the Financial Ombudsman Service.
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