Warning over car finance compensation scams

We are urging drivers to be vigilant after reports of scams around car finance compensation schemes.

Recently, a national announcement was made by the Financial Conduct Authority (FCA) to compensate people mis-sold car finance agreements.

We are aware that these types of announcements can lead to fraudsters attempting to scam affected people by getting them to hand over personal bank details.

We are therefore reminding people to be wary of anyone purporting to be involved in the FCA scheme.

You do not need to employ a claims management company or law firm to receive a refund for mis-sold car finance.

Our fraud protect and prepare co-ordinator, Simon Street, said: “Motorists should be cautious and ensure they are dealing with official companies.

“If you think you have been mis-sold car finance, all you need to do is to make a complaint to the FCA. The sooner you complain, the sooner you may receive compensation.

“Alternatively, you can complain to the car finance lender, who should send you an acknowledgement.

“If you do not complain, lenders themselves should contact directly anyone they believe may have been mis-sold car finance.

“Then you just have to wait for your claim to be processed.”

It is important that you do not give any personal details to anyone purporting to be from claims or legal firms, and check that any person you are speaking to is authentic.

For more information, see: https://www.fca.org.uk/consumers/car-finance-complaints.