UK Drivers: £700 Compensation for Mis-sold Car Finance
Leicester News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Millions of UK drivers potentially affected by car finance mis-selling scandal may receive compensation payouts averaging £700 each. The Financial Conduct Authority is set to announce final details for the redress scheme later this month. Industry leaders express concerns over the potential £11 billion hit, with big banks like Santander and Lloyds already setting aside reserves. The scandal involves hidden commissions that allowed dealers to hike interest rates without disclosure, affecting around 14 million agreements. Drivers are encouraged to complain directly to their lenders to expedite the process and avoid claims firms taking a significant cut.
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