If you’ve ever financed a car through a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement before January 28, 2021, Martin Lewis’s recent BBC announcement could mean you’re entitled to significant compensation. The Money Saving Expert highlighted the widespread issue of discretionary commission arrangements (DCAs), where brokers manipulated interest rates to increase their commissions—often without informing the buyer.
This practice, banned by the Financial Conduct Authority (FCA) in 2021, may have affected up to 40% of car finance agreements made before the ban. If you were impacted, now is the time to act.
Could You Manage the Process Yourself?
Martin Lewis has always encouraged consumers to handle claims independently where possible, and during the PPI scandal, he even provided free complaint letter templates to help people reclaim their money. Yet, many consumers still struggled with the process, with banks reporting hundreds of blank forms being submitted monthly.
Lewis’s insights highlight a key issue: managing claims requires time, confidence, and persistence. If you’re comfortable:
• Locating old car finance agreements,
• Determining how long you had the agreements,
• Clearly explaining why you’re making a complaint,
• Following up with providers, and
• Ensuring any compensation offer is fair…
Then you may not need external support, and that’s perfectly fine.
Why Claim My Loss Can Help
However, if you lack the time, confidence, or inclination to navigate the claims process yourself, Claim My Loss exists to help. We understand how daunting it can be to gather documents, draft letters, and chase providers, which is why we take on the hard work for you.
By choosing Claim My Loss, you’ll benefit from:
• Expertise in handling complex claims,
• Guidance through every step of the process,
• Assurance that your compensation is maximised and fair.
We exist to make the process as stress-free and efficient as possible, so you don’t have to worry about the details.
What’s Next?
The FCA is currently investigating the scope of mis-selling in car finance, with findings expected in May 2025. This makes now the ideal time to start your claim.
If you suspect you’ve been affected by unfair car finance practices, don’t delay. Let Claim My Loss handle the process for you, ensuring you receive the compensation you deserve.
Ready to Begin?
Contact us today to start your claim. Your time is valuable—let us handle the rest!
