Latest news with #miselling
The Sun
22-07-2025
- Automotive
- The Sun
British boxer Tyson Fury has partnered with claims management company My Claims Group to raise awareness and help drivers claim compensation for mis-sold car finance.
Between April 2007 and January 2021, car dealerships and finance providers could charge their customers hidden commission on their agreements. This made the finance arrangement more expensive for the driver. 1 The practice was eventually banned after 2021, but a legal case has ensued to award affected drivers compensation. A ruling is expected from the Supreme Court later this month, and the Financial Conduct Authority (FCA), the industry watchdog, has already made plans for a redress scheme. The Lloyds Banking group, which owns brands like Halifax and Black Horse, has already set aside money it expects to owe in compensation – and other lenders have followed suit. My Claims Group believes those affected could be owed up to £4,000** in compensation for mis-sold car finance agreements. So far, millions of drivers have signed up with the firm to help manage their case. Why use My Claim Group My Claim Group is one of the largest HP/PCP claims companies in the UK authorised and regulated by the Financial Conduct Authority. Some benefits of working with My Claim Group include: No win, no fee*** – My claim Group's panel of solicitors operate on a No Win No fee basis. If they do not win, you do not pay anything. Clients have a 14 day "Cooling-Off" period during which time they may cancel at any time without charge. Successful claims made through any of My Claim Group's panels are subject to a Success Fee. Fee's range from 18% to a maximum of 36% inclusive of VAT dependant of level of redress Simple claim process - My Claim Group's claim process is relatively simple and user-friendly. If claimants do not have the necessary information for a claim, then the My Claim Group's team will also gather these details together on their behalf, including requesting and processing documentation from car dealers. Who is Tyson Fury? Fury, also known as "The Gypsy King" fights in the heavyweight division. He is a two-time world heavyweight champion, holding the unified WBA, IBF, WBO, and IBO titles in 2015 after defeating Wladimir Klitschko, and later the WBC heavyweight title from 2020, which he won by defeating Deontay Wilder. Earlier this month, he became an ambassador for My Claims Group and has urged drivers to check if they are eligible for compensation. Claims can be made without professional representation There is no need for a claim to be referred to a CMC or legal representation. They can do this themselves for free either to their lender and then onto the financial ombudsmen service. However, working with a company like My Claim Group will allow you access to expert support and experience of their team. Also if you don't know your vehicle finance information they can find it for you. If you think you might have a claim in relation to your car finance, then don't miss out on the compensation you could be entitled to. My Claim Group is a trading name of the Claims Protection Agency Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 836470). *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. **See link for the FCA reference, solicitor fee tables & average valuations: *** If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service.
The Sun
14-07-2025
- Automotive
- The Sun
Key mistake that could see you lose up to 36% in car finance misselling scandal compensation
MOTORISTS affected by the car finance mis-selling scandal have been issued a warning over a simple mistake that could prove costly. Impacted drivers should avoid using claims management companies (CMC) or law firms to get compensation, the regulator has said. 1 Over 23million people believe they could be owed money due to mis-sold car car finance loans, according to recent research. However, the Financial Conduct Authority (FCA) has cautioned anyone using a CMC or law firm could lose a hefty amount of any payout in fees. The FCA said: " Consumers should be aware that by signing up now with a CMC or law firm, they may end up paying for a service they do not need and losing up to 30% of any money they may receive." The amount of compensation swallowed in fees can be worth up to 36% too, as claims companies can charge additional VAT. The amounts of compensation affected drivers will receive are yet to be confirmed, but someone in line for a £1,000 compensation would see £360 paid out in fees. The FCA is currently waiting for the outcome of a Supreme Court ruling before deciding whether a mass redress scheme for affected drivers will go ahead. It said in June it will confirm within six weeks of that ruling whether a scheme will go ahead. The regulator also laid out how a possible scheme would look and when any compensation could be paid, estimated to be in 2026. What is the car finance mis-selling scandal? The Car Finance Discretionary Commission Scandal affects those who bought a car, motorbike or van on finance before January 28, 2021. After this date, the FCA banned lenders from using "Discretionary Commission Arrangements" (DCAs). DCAs allowed brokers to increase interest rates on car finance loans, which in turn saw their commission bumped up. It has been classed as an unfair practice because drivers weren't told about the DCAs and therefore thought any deals were a fixed price they couldn't negotiate on. But, anyone who took out a vehicle on finance before January 28, 2021, could have been paying more than they should have. The FCA estimates around 40% of car deals bought on finance before 2021 could be affected. Lloyds Banking Group has set aside £700million for potential compensation relating to the scandal. Barclays has allocated £90million, while Santander said last year it had earmarked £295 million for potential payouts. The Royal Bank of Canada has estimated that the industry's bill for motor finance compensation could stretch to £13billion while Which? estimates it could cost them up to £16billion. What could the compensation scheme look like? Lucy Andrews, deputy consumer editor at The Sun, explains what you need to know. The FCA is mulling over what a redress scheme would look like if the Supreme Court rules that drivers should be compensated. The watchdog will set out rules for how claims will be assessed and calculated. There are two main options for a redress scheme: an opt in, or opt out structure. Under an opt-in scheme, you would have to sign up and confirm you want to be included within a certain time limit. An opt-out scheme would mean that customers are automatically signed up. How to find out if you're affected and next steps The website has a tool you can use to find out if you might be in line for compensation. You can find it via It also lets you draft a letter to submit a complaint to the lender or broker who sold you a car finance deal ahead of any Supreme Court ruling. You can also do this yourself. Sarah Coles, personal finance expert at Hargreaves Lansdown, said: "Say (in the letter) why you want to complain, and include as much information as you can. "They should acknowledge your letter within eight weeks, but they don't have to send you a final answer until after December 4 this year – because things have been put on hold while the legal cases rumble on." If you're not happy with your firm's response, you can complain the Financial Ombudsman Service (FOS). Contact details for the FOS can be found via However, it might be worth waiting until the FCA has laid out its next steps for a redress scheme. This is particularly important as some CMCs and law firms have advertised highly speculative figures for how much drivers could be owed in compensation. The FCA has said it will make any scheme easy to take part in without the need for a CMC or law firm. .
