• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
People who drove a car between 2007 and 2021 urged to check if they could be owed share of £850 million

Home> News> UK News

Updated 11:26 3 Apr 2024 GMT+1Published 11:28 3 Apr 2024 GMT+1

People who drove a car between 2007 and 2021 urged to check if they could be owed share of £850 million

The Financial Conduct Authority (FCA) is looking into whether drivers are owed compensation

Lucy Devine

Lucy Devine

Drivers who owned a car between the years of 2007 and 2021 are being urged to check if they could be owed compensation.

If you took out car finance during this period, you might be in for some payback, after The Financial Conduct Authority (FCA) announced it would be undertaking a review into people being overcharged while taking out loans for their vehicles.

If you owned a car on finance between 2007 and 2021 you could be entitled to compensation.
yevtony/Getty Stock Images

How many people could be in for a claim?

Simon Evans, chief executive of trade group Consumer Redress Association, said: “If you think about the number of people who have bought cars in the last decade-and-a-half, there is a swathe of people who will have bought it in that way.

Advert

“What we are seeing through our member firms who are engaging with consumers at the moment is that actually each person has an average of about 2.3 claims. So they have had two or three cars in that period and all of those qualify for a claim.”

Who does it affect?

The issue impacts a multitude of vehicles, including cars, vans, motorbikes and camper vans.

The finance must have been taken out before 28 January 2021 and after April 2007.

Advert

Another stipulation is that it must have been used mainly for personal use and not for business reasons.

Martin Lewis has spoken about the issue a number of times, pointing out that it does apply to PCP purchases and you can claim even if you've paid the finance off.

Martin Lewis has spoken about the issue a number of times.
ITV

He spoke about the scandal on a The Martin Lewis Podcast episode released to BBC Sounds in March.

Lewis said: "In January 2021, the FCA banned discretionary commission arrangements and in January this year it launched a huge mis-selling investigation. A seismic investigation that frankly I don't believe it would have done unless it thought there was some evidence of systemic wrongdoing.

Advert

"And just in the last week, the regulator's boss, the FCA boss, he has said 'it's improbable the investigation will find no evidence of wrongdoing'. Which is one of the strong indicators that a pay out is going to have to come.

"The other is that Lloyds which owns Black Horse, which is the most complained about firm [via Lewis' help form], has put a £450m provision towards potential costs and pay out for this.

"And we've heard today that Close Brothers has put aside money to pay for this. So this is big money."

Current estimates say it could cost the finance industry some £16 billion.

Featured Image Credit: Getty Stock Image

Topics: News, UK News, Cars

Lucy Devine
Lucy Devine

Advert

Advert

Advert

Choose your content:

7 hours ago
8 hours ago
  • 7 hours ago

    There's a worrying reason behind why some people enjoy watching true crime to relax, psychologist warns

    Having a slight obsession with true crime titles could be a sign of some mental health obstacles

    News
  • 7 hours ago

    Meaning behind why people sometimes get small white spots across their bodies

    They can sometimes have serious complications...

    News
  • 8 hours ago

    Moment of death was recorded for first ever time and reveals what our final thoughts could be

    Thinking about what happens when we die is enough to keep most people awake at night

    News
  • 8 hours ago

    Campaigners issue fresh warning over two orcas ‘at risk of death’ after being kept in abandoned theme park

    One of the orcas has spent nearly a quarter of a century in captivity

    News
  • Martin Lewis warns drivers they could be owed £1,100 if they bought a car before 2021
  • Martin Lewis issues update after warning everyone who bought a car before 2021 that 'billions' could be owed
  • Martin Lewis warns millions of Brits who bought cars before 2021 they could be owed thousands
  • Drivers urged to do 20p car hack that could stop a £10,000 fine