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If you bought a car as far back as 2007 with a loan organised through your car dealership, you could be eligible for a payout.
The regulator, the Financial Conduct Authority, is consulting on a compensation scheme – and it’s thought up to 40% of motorists who entered personal contract purchase (PCP) or hire purchase agreements between 2007 and 2021 will be eligible for a payout.
Niall Paterson talks to Sky’s business correspondent Gurpreet Narwan about who might be eligible.
He also speaks to Adrian Dally, director of motor finance at the Finance and Leasing Association, who argues the payout levels look too high at this stage.
Producer: Emily Hulme
Editor: Wendy Parker
