Millions of motorists who bought cars through financial agreements urged to verify if they are owned in compensation

Millions of motorists are urged to buy cars through financial offers to verify if they are owned in compensation in a scandal that could be as large as the PPI saga.

Mailonline readers are encouraged to verify whether they were scammed or poorly sold finances when buying new and used cars.

Throughout the last year, the financial behavior authority has carried out an important investigation.

It is also expected to last throughout 2025, with the FCA forecasting an amazing £ 30 billion that are due to motorists nationwide.

Individual motorists who were victims could have the possibility of ensuring a payment day of £ 6,660 on average, according to the company. Fair.

The claims management company has helped thousands of people who have been affected.

Automobile dealers were allowed to use ‘discretionary commission models’ when they sold finance to their customers.

This was often not revealed and motorists did not realize, which means that customers could now be entitled to compensation.

Millions of motorists are urged to buy cars through financial agreements to verify if they are owned in compensation (stock image)

Individual motorists who were victims could have the possibility of ensuring a day of payment of £ 6,660 on average, according to the company, fair (broth image)

This model meant that the concessionaire can adjust the interest rates in the loan to obtain the more commission: the higher the interest rate, the more commission for the concessionaire.

Both agreements are being analyzed for the purchase of personal contracts and the purchase of rent.

Scott Mapplebeck, chief of claims in Fair, said: ‘We are investigating a variety of different agreements. Concessionaires should have been making customers aware of these things and for millions, they did not.

‘Our work is basically, was there a commission in the agreement? B, what kind? And, c, how much did the lender’s dealership obtained?

‘If someone who reads this thinks they are affected by that, then contact.

‘We are without desire, without carpes. Millions of people are affected and are not aware of the problem.

‘If people are worried, they don’t have all the right paperwork, that is not a problem.

‘We can do hard work and we can carry out the investigation.

“I would urge people to get in touch.”

Mr. Mapplebeck said customers should consult on the company’s website where details can enter and find out if they could be eligible for compensation.

He added: ‘He only takes a few minutes.

‘If someone is not sure to make a claim, the FCA also estimates that 95% of the United Kingdom’s car finance agreements have had commission.

“It is really worth taking a look.

‘I appreciate that people have very busy lives and you may not think that it applies to them. But if they were charged a commission on these agreements, a lot of money could be due.

Automobile dealers were allowed to use ‘discretionary commission models’ when they sold finance to their customers (stock image)

Both agreements for the purchase of personal contract and the purchase of rent are being observed (stock image)

‘It shouldn’t have happened and it is our work to make sure people get what they are owed.

‘This applies to the agreements taken after April 2007, so we can return potentially almost 18 years. Customers can also qualify even if their agreement is still active too. ‘

The FCA’s main lawyer has said that this problem could be on a scale similar to the PPI scandal (payment protection insurance).

Mr. Mapplebeck added: ‘The figure we quote on our website is £ 6,600 for potential reimbursements per customer, this is based on a family of two cars with six agreements and the FCA that finds the average excessive payment of £ 1,100 in A loan of £ 10,000 for four years.

“The Financial Conduct Authority estimates that the compensation bill for the unveiled commission in authors’ finances could reach £ 30 billion in total.”