Latest news with #MyClaimGroup
Scottish Sun
a day ago
- Automotive
- Scottish Sun
Tyson Fury fights on behalf of My Claim Group to award drivers compensation for mis-sold car finance
PA British boxer Tyson Fury has partnered with claims management company My Claims Group to raise awareness and help drivers claim compensation for mis-sold car finance. Between April 2007 and January 2021, car dealerships and finance providers could charge their customers hidden commission on their agreements. This made the finance arrangement more expensive for the driver. Reuters The practice was eventually banned after 2021, but a legal case has ensued to award affected drivers compensation. A ruling is expected from the Supreme Court later this month, and the Financial Conduct Authority (FCA), the industry watchdog, has already made plans for a redress scheme. The Lloyds Banking group, which owns brands like Halifax and Black Horse, has already set aside money it expects to owe in compensation – and other lenders have followed suit. My Claims Group believes those affected could be owed up to £4,000** in compensation for mis-sold car finance agreements. So far, millions of drivers have signed up with the firm to help manage their case. Check if you could claim for mis-sold car finance below Check with My Claims Group Why use My Claim Group My Claim Group is one of the largest HP/PCP claims companies in the UK authorised and regulated by the Financial Conduct Authority. Some benefits of working with My Claim Group include: No win, no fee*** – My claim Group's panel of solicitors operate on a No Win No fee basis. If they do not win, you do not pay anything. Clients have a 14 day 'Cooling-Off' period during which time they may cancel at any time without charge. Successful claims made through any of My Claim Group's panels are subject to a Success Fee. Fee's range from 18% to a maximum of 36% inclusive of VAT dependant of level of redress Simple claim process – My Claim Group's claim process is relatively simple and user-friendly. If claimants do not have the necessary information for a claim, then the My Claim Group's team will also gather these details together on their behalf, including requesting and processing documentation from car dealers. Who is Tyson Fury? Fury, also known as 'The Gypsy King' fights in the heavyweight division. He is a two-time world heavyweight champion, holding the unified WBA, IBF, WBO, and IBO titles in 2015 after defeating Wladimir Klitschko, and later the WBC heavyweight title from 2020, which he won by defeating Deontay Wilder. Earlier this month, he became an ambassador for My Claims Group and has urged drivers to check if they are eligible for compensation. Claims can be made without professional representation There is no need for a claim to be referred to a CMC or legal representation. They can do this themselves for free either to their lender and then onto the financial ombudsmen service. However, working with a company like My Claim Group will allow you access to expert support and experience of their team. Also if you don't know your vehicle finance information they can find it for you. If you think you might have a claim in relation to your car finance, then don't miss out on the compensation you could be entitled to. My Claim Group is a trading name of the Claims Protection Agency Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 836470). *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. **See link for the FCA reference, solicitor fee tables & average valuations: *** If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service.
The Sun
2 days ago
- Automotive
- The Sun
British boxer Tyson Fury has partnered with claims management company My Claims Group to raise awareness and help drivers claim compensation for mis-sold car finance.
Between April 2007 and January 2021, car dealerships and finance providers could charge their customers hidden commission on their agreements. This made the finance arrangement more expensive for the driver. 1 The practice was eventually banned after 2021, but a legal case has ensued to award affected drivers compensation. A ruling is expected from the Supreme Court later this month, and the Financial Conduct Authority (FCA), the industry watchdog, has already made plans for a redress scheme. The Lloyds Banking group, which owns brands like Halifax and Black Horse, has already set aside money it expects to owe in compensation – and other lenders have followed suit. My Claims Group believes those affected could be owed up to £4,000** in compensation for mis-sold car finance agreements. So far, millions of drivers have signed up with the firm to help manage their case. Why use My Claim Group My Claim Group is one of the largest HP/PCP claims companies in the UK authorised and regulated by the Financial Conduct Authority. Some benefits of working with My Claim Group include: No win, no fee*** – My claim Group's panel of solicitors operate on a No Win No fee basis. If they do not win, you do not pay anything. Clients have a 14 day "Cooling-Off" period during which time they may cancel at any time without charge. Successful claims made through any of My Claim Group's panels are subject to a Success Fee. Fee's range from 18% to a maximum of 36% inclusive of VAT dependant of level of redress Simple claim process - My Claim Group's claim process is relatively simple and user-friendly. If claimants do not have the necessary information for a claim, then the My Claim Group's team will also gather these details together on their behalf, including requesting and processing documentation from car dealers. Who is Tyson Fury? Fury, also known as "The Gypsy King" fights in the heavyweight division. He is a two-time world heavyweight champion, holding the unified WBA, IBF, WBO, and IBO titles in 2015 after defeating Wladimir Klitschko, and later the WBC heavyweight title from 2020, which he won by defeating Deontay Wilder. Earlier this month, he became an ambassador for My Claims Group and has urged drivers to check if they are eligible for compensation. Claims can be made without professional representation There is no need for a claim to be referred to a CMC or legal representation. They can do this themselves for free either to their lender and then onto the financial ombudsmen service. However, working with a company like My Claim Group will allow you access to expert support and experience of their team. Also if you don't know your vehicle finance information they can find it for you. If you think you might have a claim in relation to your car finance, then don't miss out on the compensation you could be entitled to. My Claim Group is a trading name of the Claims Protection Agency Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 836470). *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. **See link for the FCA reference, solicitor fee tables & average valuations: *** If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service.
The Sun
15-07-2025
- Automotive
- The Sun
Mis-sold car finance average payout: how much could you get?
LATER this month the UK supreme court is expected to rule on whether car finance dealers unlawfully charged millions of drivers secret commission. This means if you took out a car finance arrangement before 2021 you could be in line for compensation. In the build up to the ruling, the Financial Conduct Authority (FCA), the industry watchdog, is reviewing how it would implement a large-scale redress scheme. Lloyds Bank, meanwhile, have set aside £1.2 billion in potential compensation costs – with other lenders following suit. CHECK HERE What are mis-sold car finance claims? Most cars in the UK are bought on a finance agreement, like a Hire Purchase (HP) or Personal Contract Purchase (PCP) agreement. Before being outlawed in 2021, these agreements could be sold with 'discretionary commission'. This meant your finance provider was allowed to increase your interest rate and pocket the difference as commission. Drivers didn't know that they could have paid for a cheaper loan and that part of their monthly repayments were funding this commission structure. What is the average payout for mis-sold car finance? Until the matter is resolved in court, the exact compensation drivers can expect remains unclear. However, we do know the average driver could be due thousands. My Claim Group, a claims management company, estimates that the average driver could receive up to £4,000**. Separate information from the FCA also found that a £10,000 finance agreement on PCP or HP could have cost the average consumer £1,100 in additional interest charges. This information will likely play a role in calculating the compensation you will receive, alongside a few other factors. What factors could affect my car finance mis-selling payout? A few individual factors will likely influence your car finance payout. This includes: The interest rate you received The discretionary interest charged might differ depending on your lender. A higher rate means you may have paid more in commission to your dealer, and this could mean you're due an increased payout. The length of the agreement When purchasing on finance, the length of the repayment period affects borrowing costs. Longer repayment periods typically mean lower monthly payments but higher overall borrowing costs. Shorter repayment periods, on the other hand, result in higher monthly payments but lower total costs. So, repayment plans can influence the total interest paid on your finance. A longer repayment period at a higher rate could mean you paid more in unfair commission. The size of the loan In addition to the length of the agreement, the size of the loan also plays a role in determining the total interest paid. A larger loan charged at a higher rate means you could have paid more in discretionary commission. Can I make multiple claims to increase my payout? Discretionary commission arrangements were commonly used before their ban in 2021. During this time, drivers may have entered into multiple finance agreements, each with its own hidden commission. This means you might be eligible to make multiple claims and receive multiple payouts. CHECK HERE How to apply for compensation You do not need to use a claims management company to make a complaint, you can do it directly via your lender and eventually the Financial Ombudsmen Service. My Claim Group work with a panel of solicitors and they work on a no win no fee***. This does mean if it's successful then they will take a cut of your total payout but you don't have to deal with the administrative hassle of claiming. The Law Firms they work with take between 18 % and 36% inc VAT of successful claims. The total amount you would be due to pay depends on the level of redress you have received. My Claim Group is a trading name of the Claims Protection Agency Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 836470). *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. **See link for the FCA reference, solicitor fee tables & average valuations: *** If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service.
The Independent
08-07-2025
- Automotive
- The Independent
Car finance mis‑selling: could you be owed up to £4,000**? Find out in 60 seconds
For many, getting a new car brings excitement and freedom. But beneath the gloss of some finance deals hides a worrying reality. Millions of drivers who took out PCP or hire purchase agreements between 2007 and 2024 may have been overcharged due to hidden fees and secret commissions they weren't told about. These issues aren't just small oversights. They could mean you've been paying more than you needed to, with average compensation potentially reaching around £4,000**. That's a significant amount: enough to help with bills, unexpected repairs or just take some pressure off your budget. If you've financed a car in this period, it's easier than you might think to find out if you're owed money. My Claim Group, the UK's largest car finance claims company, offers a quick and straightforward online check * that takes just 60 seconds to complete – no complicated forms or confusing legal terms. Even if you weren't aware of it at the time, these finance deals may have quietly cost you more than they should. Taking a moment to check means you're simply uncovering what's already owed. Think of it as a chance to set things right without hassle or heavy lifting. What you might not have known about your finance agreement Between 2007 and 2024, nearly 40 per cent of PCP (personal contract purchase) and hire purchase car finance deals included hidden fees and secret commission arrangements that customers weren't made aware of. These commissions were paid by lenders to dealers or brokers but were often not disclosed to buyers, meaning many drivers unknowingly paid inflated amounts. Essentially, part of your monthly payments might have been padded to cover these undisclosed commissions, making your car finance more expensive than it should have been. This practice, now under FCA scrutiny, means millions could be owed compensation** for these overpayments. How My Claim Group can help My Claim Group operates on a no win, no fee basis***, so you only pay if your claim is successful. With over 11,000 Trustpilot reviews, they have a strong reputation for supporting customers through the process. The FCA found that many drivers weren't properly informed about how fees and commissions affected their repayments – meaning hidden costs could have inflated monthly payments without clear explanation. My Claim Group takes the opposite approach, being upfront and transparent every step of the way, so you always know exactly what to expect. There's also a 14-day cooling-off period, giving you the freedom to cancel without charge if you change your mind. Making a claim is simple and quick*. My Claim Group's online form takes just 60 seconds and checks for all your previous car finance agreements from 2007 to 2024. You don't need to have your finance documents handy or understand legal jargon – just provide some basic information like your name, contact details and the cars you've financed. This includes all PCP and hire purchase agreements across any vehicles you've had, so you won't miss a thing. Their expert team handles the rest, including tracking down your agreements and assessing your eligibility, making the process as hassle-free as possible. Don't miss out on compensation you might be entitled to. With My Claim Group's trusted team on-hand to take care of everything, it only takes a minute to check*. *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service.
Daily Mirror
12-06-2025
- Automotive
- Daily Mirror
Top 10 cities where Brits are checking if they're owed in car finance scandal
Brits who bought a car on finance could be owed a payout** after it has emerged that lenders were paying undisclosed "secret" commissions to car dealerships. This meant that car dealers could determine the interest rates on finance deals, with an incentive to offer higher interest because it earned them a higher commission. It means that Brits could have been signing up for finance agreements with interest rates that were higher than necessary. According to claims management firm My Claim Group, that could mean some Brits who bought a vehicle before 28 January 2021 could be due payouts of up to £4,000** on average. Now, the firm has revealed the top 10 cities where they're seeing the most Brits checking to see if they're due a payout - and you can see if yours has made the cut. The top 10 cities are: The car finance scandal kicked off in January 2021, when the Financial Conduct Authority (FCA) stepped in and prohibited discretionary commission models to protect consumers. However, further investigations found that the problem has been going on as early as 2007, so there's been a further examination of past lending activities. By October 2024, the Court of Appeal declared that the non-disclosure of commissions on car loans was illegal. The financial fallout for lenders has been colossal, prompting the government to step in, with UK Chancellor Rachel Reeves voicing concerns about the wider economic implications. However, claims management firms like My Claim Group are urging consumers to lodge complaints. If you think the scandal may have impacted you, visit the My Claim Group website to find out more information and begin the easy process to discover whether you are owed a payout**. My Claim Group is a trading name of the Claims Protection Agency Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 836470). *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. *** If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service. **See link for the FCA reference, solicitor fee tables & average valuations:
