Introduction
Several major collective lawsuits have been launched in the UK, aiming to secure compensation for millions of consumers who have been overcharged on their bills or loans. Thanks to the Consumer Rights Act 2015, class action suits are now possible in the UK, and 2023 has already seen progress in many cases. While it's important to note that legal cases can take time and there haven't been any payouts yet, affected consumers may not have to do anything to receive compensation if the cases are successful. Read on to find out if you could be eligible for compensation.
Overcharged Interest on Car Finance Loans
A claim has been lodged against the UK's largest car finance providers – Black Horse, MotoNovo, and Santander Consumer – alleging that customers were overcharged on their loans. The claim, led by consumer advocate Doug Taylor and litigation specialist Scott+Scott, has been filed at the Competition Appeals Tribunal. It argues that anyone who purchased a car on finance between October 2015 and January 27, 2021, from one of the three lenders may have been charged excessive interest. The legal action also claims that these lenders allowed car dealers to sell finance at higher rates, resulting in larger profits. Additionally, it alleges that car dealers increased interest rates on car finance to earn higher commissions. If successful, the case could result in up to £1 billion in damages, with around a million people receiving payouts. If the claim succeeds, anyone who took car finance during the specified time frame will be entitled to a payout, unless they choose to opt out.
Conclusion
With the introduction of class action lawsuits in the UK, millions of Brits could be eligible for substantial compensation. From overcharged bills to rip-off loans, consumers who have been let down by companies now have the opportunity to seek justice. While it may take time for these cases to conclude, affected individuals won't need to take any action to receive compensation if the claims are successful. Stay informed about the progress of these cases, as you could be entitled to thousands of pounds in compensation.
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