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TLDR: Pogust Goodhead has launched My Finance Claim to hold UK lenders accountable for the alleged mis-selling of car loans between 2010 and 2021. The Financial Conduct Authority (FCA) found extensive evidence of mis-selling, potentially resulting in substantial compensation for millions of affected drivers. Previously, car dealers and brokers were able to receive commission linked to interest rates, leading to overcharging and additional costs for borrowers. My Finance Claim aims to secure compensation for customers who may have been financially harmed by these practices.
Pogust Goodhead has unveiled My Finance Claim, a platform designed to address the alleged mis-selling of loans for new and used cars in the UK between 2010 and 2021. The Financial Conduct Authority (FCA) previously identified widespread mis-selling of various types of car finance agreements, such as personal contract purchase (PCP) and hire purchase (HP) agreements, suggesting that numerous drivers may be eligible for significant compensation.
Until the FCA banned the practice in 2021, car dealers and brokers were able to receive commission based on the interest rates customers paid when leasing cars, creating a potential incentive for overcharging. As a result, millions of car buyers may have entered into agreements without fully understanding the associated costs and conditions. Many of them have faced unexpected additional charges, higher interest rates, and even the need to take out additional loans to support their agreements.
My Finance Claim aims to represent and secure compensation for customers affected by these unfair practices. The platform invites individuals who believe they were harmed by the scandal to visit its website and begin the claims process.
Tom Goodhead, CEO and Global Managing Partner at Pogust Goodhead, emphasized the importance of holding lenders accountable for their unfair practices and advocating for affected customers. He described the launch of My Finance Claim as a pivotal moment and a commitment to securing the compensation customers deserve.
