How will car finance compensation payments work?
Millions could be entitled to compensation as a result of commission arrangements between lenders and dealers.
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"many law firms out there who would like to get 30% of any compensation"
— Nikhil Rathi , Executive
"We don't recognise losses on that scale"
— Adrian Dally , Executive
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Millions could be entitled to compensation as a result of commission arrangements between lenders and dealers.
Santander has agreed to compensate for its portion of unfair motor finance deals, with payouts expected on about 12.1 million mis-sold deals at an average of £829 each.
Millions of UK motorists could be eligible for compensation following reviews of historic car finance agreements involving undisclosed commissions and alleged mis-selling practices.
Drivers could see car finance costs rise as major lenders and dealers attempt to recoup money from a £9.1 billion compensation scheme.
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