Have you ever taken out car finance and felt you were missing? If so, you are not alone.
Thousands of people have been made victims of mis-sold car finance average payout and are now receiving compensation for it.
In this article, we will look at the average payout on missold car finance, the process, and your rights.
What is missold car finance?
Missold car finance occurs when a financial institution or dealership makes you accept a car finance offer by providing false information, concealing information, or pressuring you.
This can include the following situations:
- You were not given full information about the financial terms.
- You were not given a financial plan that suited your financial situation.
- You were forced to take unnecessary insurance or additional services.
Compensation for mis-sold car finance average payout
If you have been made a victim of missold car finance, you are entitled to compensation.
The amount of compensation depends on the extent of the loss you have suffered.
What can be the average payout?
The average payout in cases of missold car finance can range from £1,000 to £5,000, approximately Rs 1 lakh to Rs 5 lakh
However, this amount varies from case to case and depends on the following factors:
- The interest rate you pay.
- The tenure of the finance.
- The amount of financial loss you suffer.
How do I get compensation?
The process to get compensation for missold car finance is as follows:
- File a complaint: First, complain to the company that provided you finance.
- Contact the Financial Ombudsman: If the company does not resolve your complaint, you can approach the Financial Ombudsman.
- Seek legal advice: If you feel your case is complicated, it would be advisable to seek advice from a legal expert.
Your Rights
In India, under the Consumer Protection Act, you have every right to complain against missold finance.
Your complaint will be investigated, and if your case is found to be true, you will be compensated.
Conclusion
Missold car finance is a serious issue that affects thousands of people.
If you feel you have been misled about car finance, act immediately.
The average payout amount may vary depending on your loss, but by following the right process, you can get what you are entitled to.
Know your rights and take the right steps. If you have any questions, please comment or contact us.
This article is for informational purposes only. Please consult an expert for legal advice.