Today, the Supreme Court have delivered an important decision on the anticipated motor finance appeals. Our expert team at Harcus Parker analyses the decision, and whether you could be entitled to compensation.
What does this judgment mean?
The lenders have partially succeeded in their appeal. This will be disappointing for the individuals whose cases have been decided. But motorists can still claim for motor finance compensation.
You can check your eligibility on our website here.
Does this mean I cannot claim?
No!
The Supreme Court’s decision, whilst significant, has only a limited effect on bringing a motor finance claim with Harcus Parker, because we believe that the FCA will still create a consumer redress scheme to facilitate claims by consumers for compensation for excessive charges as a result of hidden commissions.
This is because the decision only effects some types of motor finance claims. If you click here, you can see if you can bring a claim.
Why are Harcus Parker bringing this claim?
We believe that finance agreements that included DCAs have led to millions of consumers paying more than they should have for car finance agreements.
What is a DCA?
A discretionary commission arrangement (‘DCA’), is a generally secret agreement between a lender and a car dealer, whereby the lender rewards the dealer for increasing the interest rate charged, by paying the dealer a commission based on the overcharge.
What are my options?
- The Financial Conduct Authority (‘FCA’) will now look at proposals to create a redress scheme for motor finance claims. If this comes into effect, you can pursue a claim yourself, free of charge.
- However, you can save yourself time and hassle by instructing Harcus Parker, as litigation experts, to do it for you.
Can Harcus Parker help me?
Yes!
Harcus Parker is launching motor finance claims to support clients who seek compensation for undisclosed DCAs across the car finance sector.
Start your motor finance claim with Harcus Parker now.
You can check your eligibility and register for the claim here.