More than 23 million people expect to be win compensation for mis-sold car finance a new survey has found as Brits await a pivotal Supreme Court ruling that could release tens of billions in potential payouts.
A new poll by law firm Slater & Gordon found that 45% of people believe they could be entitled to a payout over a car finance agreement taken out between 2007 and 2021, totalling some 30 million packages for cars, vans and motorbikes.
Major lenders have put aside £1.7bn to cover the claims but credit rating firm Moodys believes the total bill could reach £30bn.
The law firm’s belief is that about 40% of claimants would appeal if their case is thrown out in the initial trawl of details and this is expected to mount fueled by intense media advertising from assistance companies.
The FCA has come in for some stick over its slow & narrow response to the mis-selling scandal since 2007 and garages said they were not well advised by their lenders, the big banks.
Now the FCA has outlined the factors it will be using to consider implementing a formal redress scheme, and urged customers not to approach law firms.
