Which vehicles are eligible?
If you have then you may be eligible to claim mis sold finance compensation where the dealership did not disclose that they were receiving a commission for arranging your finance agreement with the finance provider/lender. If you were not informed about the commission the dealership/salesperson would receive, you could be owed compensation.
Both the dealership and the lender were obligated to be transparent and inform you of the commissions paid to the dealership/salesperson. If you were mis-sold the vehicle finance it would actually have been you who was paying the commission by the way it was applied in the finance deal and due the non-disclosure of the commission.
We will review your agreement and inform you as to whether you have been mis-sold finance and if the commission in relation to your agreement was wrongly manipulated. We will inform you as to amount you could be owed in compensation if we find evidence of this manipulation in your agreement.
If you cannot locate your agreement or cannot recall who the lender or leadership was this is not would prevent you from claiming potential compensation. We can locate the agreement by having just the name of the lender or dealership to who the finance payments were made to. The name of the lender or dealership can be found on your bank statements that you will be able to access online.
Companies must also retain customer transactions and contractual agreements for up to six years as required by law. Also, as per the Money Laundering Regulations (MLR) 2017, records of a particular transaction, either as an occasional transaction or within a business relationship, must be kept for five years after the date the transaction is completed. All other documents supporting records must be kept for five years after the completion of the business relationship. The MLR 2017 is applicable to all businesses.