You do not need to use a Claims Management Company. You can make the claim directly to the lender and if they reject your complaint you can take it to the Financial Ombudsman Service free of charge, but you must do this within 6 months of the lenders Final Decision Letter.

The Ford Credit Discretionary Commission Scandal

The UK car finance industry was rocked by a scandal involving the use of discretionary commission arrangements, which were banned by the Financial Conduct Authority (FCA) in January 2021. These arrangements allowed brokers, such as car dealers, to adjust the interest rates charged to customers on car finance loans like Personal Contract Purchase (PCP) and Hire Purchase. Higher interest rates resulted in increased commissions for brokers, creating an incentive to overcharge customers. Despite the ban, a high number of complaints from customers about overcharging persisted, leading the FCA to conduct an investigation into the extent of the issue.If you believe you may have been affected by the UK Car Finance Discretionary Commission Scandal, here are essential steps to consider:

1. File a Complaint: Promptly file a complaint with the firm involved, marking your claim. While the FCA has temporarily paused firms' responses to complaints, establishing your complaint now serves as a crucial marker.
2. Extended Timeframes: The FCA has extended timeframes for referral to the Financial Ombudsman Service (FOS). If you received a final response between 12 July 2023 and 20 November 2024, you now have up to 15 months to escalate your complaint to the FOS.
3. Existing Complaints: Existing complaints already lodged with the FOS or the courts will continue to be processed as normal. If your claim has been rejected, consider potential resubmission based on the FCA's investigation outcome.

If you had a car finance agreement with Ford Credit prior to the ban, you may be eligible for compensation. To make a complaint against Ford Credit, you can contact them through the following channels:

• Call: 0345 712 5490 (open 9am-5:15pm weekdays, 9am-1pm Saturdays)
• Email: custrel@ford.com
• Write to: Customer Relations Department, Ford Credit, 1 Tony Wilson Place, Manchester, M15 4FN

For additional assistance in making a complaint against Ford Credit, you can visit Redbridge Finance's website at carloanrefunds.redbridgefinance.co.uk. As a UK-based claims management company specializing in making complaints and claims against UK lenders for mis-sold loans, Redbridge Finance can help you navigate the process and potentially secure a refund or compensation.