A growing number of drivers in the UK are reassessing their previous car finance agreements due to concerns regarding discretionary commission arrangements (DCA) and potential unfair lending practices.
The Financial Conduct Authority (FCA) has brought attention to these practices and is investigating their potential implications. Individuals who suspect they might have grounds for a claim have avenues to explore.
If you utilized car finance between April 6, 2007, and November 1, 2024, and your lender incorporated a discretionary commission arrangement (DCA), charged a substantial rate or commission, or included a contractual tie that was not adequately disclosed, you may have a valid claim.
You have the option to pursue your claim independently at no expense, as there are free resources available, or seek assistance from a legal professional if preferred.
Although solicitors cannot endorse their services over self-representation, some individuals find it beneficial to have expert support for efficiency. Ultimately, the decision lies with you, and both routes are legitimate.
Complex Law, a legal firm based in Liverpool, offers potential assistance to consumers in understanding potential overpayments and assessing eligibility for a claim if applicable.
Tom Blanchfield, director of Complex Law, stated, “We are dedicated to assisting consumers in seeking fair outcomes. Often, regular individuals face challenging battles against formidable institutions; our purpose is to level the playing field.”
You may be eligible for a reclaim if:
– You financed a car in England between April 2007 and November 2024 (subject to final FCA regulations)
– The finance was arranged through a dealership or broker (PCP, HP, etc.), rather than directly with a bank or finance company
– Your agreement involved a discretionary commission arrangement (DCA) or another undisclosed commission that unjustly raised the loan cost.
Blanchfield emphasized, “The car finance scandal has exposed years of systemic inequity and demonstrates how easily consumers can be exploited. At Complex Law, we ensure consumers are not left behind, employing technology and resolve to challenge lenders and ensure true accountability.”
Complex Law aims to streamline the car finance claims process, making it transparent and accessible while helping consumers comprehend their rights and pursue redress if suitable.
The firm, with a longstanding presence in the UK spanning over 30 years, underwent leadership changes in 2023, focusing on consumer protection and modern service delivery through rebranding.
Since the transition, the staff has grown from two to 17 within a year, with plans for additional roles. Complex Law stresses clarity, trust, and simplicity in communication, with straightforward fees, no hidden costs, and cases managed by regulated legal experts.
The firm boasts Lexcel accreditation for practice management and Cyber Essentials Plus certification for cybersecurity. It has garnered over 4,000 five-star Trustpilot reviews in the past six months, reflecting positive client experiences.
For drivers contemplating potential claims, consumer lawyers advise reviewing agreements, considering potential commissions, and consulting a regulated professional for tailored guidance.
Complex Law aims to offer a clear pathway for understanding one’s position without making exaggerated promises, ensuring transparent communication regarding any costs, including cancellation fees.
Determining eligibility may take under 60 seconds by answering a few questions, subject to terms and conditions and personal circumstances.
Should your case appear viable, Complex Law can outline options, timeframes, and fees, guiding you through each step with regular updates.
The FCA estimates an average compensation of around £700 per agreement, with outcomes varying and some cases resulting in no compensation. Refunds or redress depend on individual circumstances, the lender, agreement specifics, evidence availability, and claim time limits.
Note: Complex Law Ltd is regulated by the Solicitors Regulation Authority 515276. Complaints can be made to the Financial Ombudsman Service or redress may be available via the FCA’s proposed consumer redress scheme. Charges adhere to the Solicitors Regulation Authority’s Fee Cap, and termination before claim completion may incur a reasonable fee. Additional charges, such as VAT, may apply. Visit the website for full terms and conditions.