A rising number of drivers in the UK are revisiting previous car finance agreements due to concerns over discretionary commission arrangements (DCA) and potential unfair lending practices. The Financial Conduct Authority (FCA) has drawn attention to these practices and is examining their implications. Individuals who believe they may be entitled to a claim have avenues to explore.
According to the FCA, if you utilized car finance between April 6, 2007, and November 1, 2024, and your lender included a DCA, a high rate or commission, or a contractual tie that was not adequately disclosed, you may have grounds for a claim. You have the option to pursue your claim independently at no cost, utilizing available free resources, or seek assistance from a legal professional if preferred.
While legal professionals cannot endorse their services over self-representation, some individuals find it beneficial to have expert support to streamline the process. Liverpool-based legal firm, Complex Law, offers assistance to consumers in assessing potential overpayments and determining eligibility for claims.
Tom Blanchfield, director of Complex Law, stated, “We are dedicated to assisting consumers in achieving fair outcomes. Our aim is to level the playing field for ordinary individuals who often face challenges against powerful entities.”
To be eligible for a claim, you must have financed a car in England between April 2007 and November 2024, arranged the finance through a dealership or broker, and had an agreement involving a DCA or undisclosed commission that unfairly raised loan costs.
Complex Law aims to simplify and expedite the car finance claims process, providing clear communication, transparent fees, and expert handling of cases. The firm, with a history spanning over 30 years in the UK, recently refocused on consumer protection, expanding its team and enhancing service delivery.
With a focus on clarity and trust, Complex Law emphasizes jargon-free communication, transparent fees, and regulated legal expertise throughout the claims process. The firm holds accreditations for practice management and cybersecurity, and has received numerous positive client reviews.
For individuals evaluating potential claims, consumer lawyers advise reviewing agreements, assessing commission inclusions, and consulting with a regulated professional for tailored guidance. Complex Law aims to offer a straightforward pathway for understanding positions without upfront charges or hidden fees.
Individuals can determine their eligibility in under 60 seconds by answering a few questions, with outcomes dependent on personal circumstances and agreement details. Complex Law can provide guidance on options, timeframes, fees, and support throughout the claims process.
While the FCA estimates an average compensation of around £700 per agreement, outcomes may vary, and some cases may not result in compensation. Refunds or redress are subject to individual circumstances, lender policies, agreement specifics, evidence availability, and time limits for claims.
Complex Law Ltd, regulated by the Solicitors Regulation Authority, provides avenues for complaints through the Financial Ombudsman Service or redress via the FCA’s proposed scheme. Charges comply with regulatory fee caps, and termination of engagement may incur reasonable fees for services rendered. Additional charges, such as VAT, may apply.
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