Car finance mis-selling: are you one of millions owed money?

Are you one of the millions of UK drivers who overpaid for car finance? The FCA is launching a multibillion-pound compensation scheme, and you could be owed an average of £700. In this episode of Which? Money, we dive deep into the car finance mis-selling scandal that has been dubbed "the next PPI". We explain how "discretionary commission arrangements" allowed dealers to hike up your interest rates without your knowledge between 2007 and 2021. What You’ll Learn * Who is eligible: Why 44% of car finance agreements since 2007 may be unfair. * How to claim: Why you DON'T need a third-party claims firm and how to use the FCA website. * How to avoid traps: Expert Pat Hoy shares how to spot "steering" and "inflated balloon payments" in the used car market. PCP vs. HP: A breakdown of Personal Contract Purchase and how it really works Subscribe to make sure you never miss out on our reviews and advice: http://bit.ly/JoinWhichOnYouTube Completely Independent The unique thing about Which? is that we are completely independent. This means we work entirely on behalf of you – so you can rest assured that you're getting the very best advice available. Which? works for you reviewing products and services, so that you make the best purchase decisions for your needs. While all our public-facing work takes place under the Which? brand, technically it's carried out by a number of different legal entities. See the About Us page for more detail https://ift.tt/L0HRfxl For more expert advice visit: https://www.which.co.uk