A rising number of drivers in the UK are reassessing previous car finance agreements due to concerns regarding discretionary commission arrangements (DCA) and potential unfair lending practices. The Financial Conduct Authority (FCA) has brought attention to these practices and is investigating their potential impact. Individuals who believe they may have grounds for a claim have various options available to them.
If you utilized car finance between April 6, 2007, and November 1, 2024, and your lender included a discretionary commission arrangement (DCA), a high rate of commission, or a contractual tie that was not adequately disclosed to you, you may be eligible to make a claim. You can decide to pursue your claim independently at no cost, as there are free resources accessible, or you can opt for assistance from a legal professional if preferred.
Although solicitors are not allowed to endorse their services over self-representation, some individuals find it beneficial to have professional support to save time and energy. Ultimately, the decision is yours, and both avenues are valid. Complex Law, a legal firm based in Liverpool, suggests that it may assist consumers in understanding whether they overpaid and potentially have a claim.
Tom Blanchfield, the director of Complex Law, stated, “We are dedicated to aiding consumers in pursuing fair outcomes. Often, regular individuals are left facing uphill battles against powerful institutions; we are here to level that playing field.” To be eligible for a reclaim, you must have financed a car in England between April 2007 and November 2024, the finance must have been arranged through a dealership or broker, and your agreement must have involved a discretionary commission arrangement or another undisclosed commission that unfairly inflated the loan’s cost.
Blanchfield added, “The car finance scandal has revealed years of systemic unfairness and how easily consumers can be exploited. At Complex Law, we are ensuring that consumers are not left behind, leveraging technology and determination to challenge the lenders and ensure real accountability.” Complex Law aims to streamline the car finance claims process, making it transparent and accessible for consumers to comprehend their rights and potentially seek redress.
Since the change in leadership in 2023, Complex Law has expanded its staff from two to 17 within a year, with plans for additional roles. The firm underscores clarity, trust, and simplicity in its approach, with communication devoid of jargon, transparent fees, and no hidden costs, all managed by regulated legal experts from start to finish.
Complex Law emphasizes its achievement of Lexcel accreditation for practice management and Cyber Essentials Plus certification for cybersecurity. The firm also highlights receiving over 4,000 five-star Trustpilot reviews in the past six months, reflecting positive client experiences. For drivers contemplating whether they have a valid claim, consumer lawyers advise reviewing agreements, considering potential commissions, and consulting a regulated professional for tailored guidance.
Complex Law’s objective is not to make unrealistic promises but to offer a clear, methodical process for those seeking clarity. The firm clarifies that there are no upfront charges, and all costs, including any cancellation fees, will be clearly explained in advance. Eligibility can be determined in under 60 seconds by answering a few simple questions, subject to terms and conditions and individual circumstances.
If your case appears viable, Complex Law can outline your options, expected timelines, and fees. You will have a dedicated individual guiding you through each step and keeping you informed throughout the process. The FCA estimates an average compensation payout of around £700 per agreement; however, outcomes vary, and some cases may not result in any compensation. The amount of compensation is not guaranteed and is contingent on individual circumstances, the lender, agreement specifics, evidence availability, and any claims’ time limits.
Any potential refund or redress is illustrative and depends on your circumstances, lender, agreement details, evidence availability, and any claim deadlines. Complex Law Ltd is regulated by the Solicitors Regulation Authority 515276. You may file a complaint with the Financial Ombudsman Service or be eligible for redress via the FCA’s proposed consumer redress scheme. Charges adhere to the Solicitors Regulation Authority’s Fee Cap, and termination of engagement with Complex Law before the claim’s completion may incur a reasonable fee for work done on your behalf, along with other potential charges such as VAT. For full terms and conditions, visit the website.