Motorists may be able to make a claim without realising they're eligible
Speaking on the Summer Special of the Martin Lewis Money Show Live, the money expect urged motorists to check if they could be owed some compensation. It comes as the Financial Conduct Authority continues its investigation into claims that firms made discretionary commission arrangements without many customers' knowledge.
Because of this, many people were paying extra cash on their car insurance while unaware of the fact that they could have negotiated to a lower price at the time of purchase. While the FCA banned the practice in 2021, motorists may receive compensation depending on the outcome of the investigation.However, Martin has warned that not everyone may be on board yet with filing a claim against firms, and could still be unaware that they're eligible for such a claim.
"There are free tools online, you don't need to pay anybody to do it. So go and have a look at that if that's ringing a bell". It's important to note that you are eligible for a claim even if the agreement has already been paid off or even if your car was repossessed. This is because the claim is based on the interest paid on the car and whether a discretionary condition was met in the agreement at the time of purchase.
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