Drivers who may be entitled to compensation of up to £950 due to mis-sold car finance deals are being warned about fraudsters requesting their personal information. Be cautious and do not be deceived by these requests.
If you suddenly receive a call or text claiming you’re eligible for compensation for a mis-sold car finance deal, be wary. The caller might claim to represent your finance company and ask for your personal details to process the compensation.
Given recent news that UK drivers might receive up to £950 for car finance mis-selling, such communications might seem plausible, especially if you’ve previously contacted your finance provider about potential compensation. However, these are likely scams.
This week, the Financial Conduct Authority (FCA) alerted the public that scammers are impersonating lenders targeting vehicle owners. The FCA is responsible for determining who is eligible for compensation from lenders and the manner of disbursement. The authority has stated that the specifics of the compensation scheme will only be clear by October, with actual payouts not expected until the following year.
Until then, it’s important to remember that lenders will not initiate contact regarding compensation payments. Any such promise of immediate payment is almost certainly fraudulent.
Recognizing the Scam
The scam could manifest as a phone call from an unknown mobile number or a text message. On platforms like Whocalledme, certain numbers have been associated with various fraudulent activities.
Some reports indicate that individuals claiming to represent car finance companies have contacted drivers. Others have received texts that include details like their car model and registration, accompanied by a link requiring further action to claim their supposed compensation.
In one reported instance, a message claimed the driver could receive a compensation of up to £16,000.
How to Respond
The FCA advises that if you receive such a call, you should end it immediately. Do not divulge any personal information to the caller.
In the UK, you can report these scam calls and texts to Ofcom by forwarding them to 7726.
If you genuinely believe you are due compensation, patience is key. The FCA will instruct lenders on the proper procedures for handling compensation claims. You might receive this compensation automatically or be contacted legitimately for more details about your finance agreement. Even in these cases, remain vigilant and avoid providing personal details through any links sent over the internet.
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