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CAR FINANCE CLAIM

Are you due £1,000s back from the hidden discretionary commission scandal?

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IMPORTANT INFORMATION: Fast Track Reclaim is a claims management company. Where a claim is successful we will charge a contingency fee representing no more than 30% plus VAT (36% total) at the prevailing rate (currently 20%) in respect of any redress/compensation/goodwill payment recovered on your behalf. You do not need to use a claims management company to make your complaint to your Lender or other compensation scheme, such as the Financial Services Compensation Scheme (FSCS), and if your complaint is not successful you can refer it to the Financial Ombudsman Service (FOS) yourself for free.

Am I eligible to make a claim?

In January 2021, the Financial Conduct Authority (FCA) took action by banning 'discretionary commission arrangements' (DCAs). This measure aimed to prevent lenders from permitting brokers (including car dealers) to inflate interest rates on car finance deals solely to increase their commission, even without providing any additional services. This practice was deemed unfair to consumers, as many were unaware of these arrangements and consequently did not negotiate their terms, assuming the price to be fixed.

Approximately 40% of car finance agreements involved undisclosed 'discretionary commission arrangements'. In these cases, lenders allowed brokers and car dealers to raise interest rates to boost their commissions, resulting in consumers unknowingly overpaying.

Due to this being unknow, the only way to find out if this applies to you, is to submit a claim to find out now.


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