FCA Announcement: Payouts of £700* per claim after car finance scandal - Are you one of them?

Car finance between April 2007 - Jan 2021?
You could claim £700* per agreement

Start your car finance claim

You could be owed £700* per agreement

No paperwork. No hassle. We find your agreements for you.

Car finance between 2007 - Nov 2024?
You could claim £700 per agreement

Car finance between 2007 - Nov 2024?

You could claim £700 per agreement

No paperwork needed! | We will find any agreements you have taken out

*On average £700 per agreement although this may be higher depending on the amount of interest you were charged and the amount of any hidden charge

Consumer Claim Back is a trading style of MG Financial Limited which is a Claims Management Company. MG Financial Limited is authorised and regulated by the Financial Conduct Authority (FRN: 832131) You can make a claim yourself for free directly to your lender, and if rejected, you can take your claim to the Financial Ombudsman Service.

If the lender paid a Discretionary Commission Arrangement for your agreement, the complaint will be paused until 4th December 2025, whist they examine the issue of car finance sales that involved discretionary commission. This is to ensure that if a consumer is entitled to compensation, they get it in the best way possible. You may submit a complaint to your finance provider or to the Financial Ombudsman Service for free or via the Financial Conduct Authority’s proposed redress scheme. To find out more, visit: https://www.fca.org.uk/consumers/car-finance-complaints

See how much you could be owed

Please select the number of car finance agreements you think you may have had between 2007 - Nov 2024.

Calculate My Compensation

Number of Agreements: 1

You could be owed: £700

Based on FCA estimates of £700 per agreement. This may be higher depending on the amount of interest you were charged and the amount of any hidden charge.

Mis-sold car finance

Discretionary commission arrangements

The dealer earned extra commission by charging you a higher interest rate - since this wasn’t disclosed, it’s considered unfair.

Over 11 million people affected!

Unfair high commission

The commission exceeded 35% of the total credit cost and 10% of the amount borrowed - meaning the market was distorted and you were overcharged

Over 2 million people affected!

Contractually tied dealers

Dealers said they’d compare lenders to get you the best deal, but in reality, one lender had first pick — so if they offered finance, that’s what you got, whether it was the best deal or not. Over 3 million people affected!

What's the latest

Millions of UK drivers may be eligible for compensation after unfair car finance practices were uncovered. If you took out a car finance agreement between 6th April 2007 and 28th January 2021, you could be entitled to an average of £700* per agreement.

The Financial Conduct Authority (FCA) has confirmed that around 14 million agreements could be affected, with total compensation estimated at £8.2 billion.

Don’t wait - check if you qualify today and make sure you don’t miss out on the compensation you could be owed.

How our service works

Find your agreements

Just fill in a few basic details using the simple tool above, and we’ll take care of the rest. Our system will quickly check for any eligible agreements linked to you. Once the search is complete, you’ll receive a text or email letting you know if you have any qualifying agreements and how many were located.

Submit your claim

Our trusted partners will handle your claim on your behalf, preparing and submitting it directly to your lender. From the initial steps to completion they take care of everything, so you don’t have to worry. They will keep you informed at every step, providing updates as your claim progresses.

Compensation

We anticipate that compensation will start to be paid in 2026. Our trusted partners will ensure you are kept informed at every stage, providing timely updates and clear communication as the process moves forward. When the payment is ready, they will arrange for the funds to be transferred directly and securely into your preferred account

Frequently asked questions

What is car finance mis-selling?

Car finance may have been mis-sold if the dealer charged higher interest rates to increase their commission, or if they didn’t explain the terms clearly.

Who could be affected?

If you took out car finance (Hire Purchase or PCP) in the UK between 2007 and 2024, you might be affected — especially if the dealer received undisclosed commissions.

How much compensation can I get?

The FCA’s proposed scheme estimates an average payout of around £700* per affected agreement, depending on your deal.

How do I find out if I was mis-sold finance?

Once we have located your lenders this will indicate if you were mis-sold your car finance and if you are eligible for compensation.

When will compensation be paid?

The FCA’s scheme is expected to start in 2026, with payments made shortly after eligibility is confirmed.

What lenders were involved?

Major lenders affected include Lloyds (Black Horse), MotoNovo, Close Brothers, Secure Trust Bank, Barclays Partner Finance, Santander, Vauxhall Finance, Stellantis Financial Services, BMW Financial Services, Mercedes Benz Financial Services, Land Rover Financial Services, Jaguar Financial Services and many more.

Can I still claim if I no longer have the car?

Yes. You can still make a claim for mis-sold car finance even if the vehicle has been sold, returned, or is no longer in your possession.

Consumer Claim Back is a trading style of MG Financial Limited. MG Financial Limited is registered in England, Company Registration Number 6547196. The registered office address for MG Financial Limited is 31d, Burscough Street, Ormskirk, England, L39 2EG. Telephone 0800 633 5896.

MG Financial Limited is a Claims Management Company. MG Financial Limited is authorised and regulated by the Financial Conduct Authority (FRN: 832131) You can make a claim yourself for free directly to your lender, and if rejected, you can take your claim to the Financial Ombudsman Service. MG Financial Limited is registered with the Information Commissioner’s Office under registration number Z1711964*

The check is free but if you decide to pursue a claim with our chosen law firm/partner they will charge a fee in accordance with the Solicitor Regulation Authority fee cap. We may receive a fee from our law firm partner if we refer your claim to them. You can view the firm’s fees here.

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