Millions of drivers who were mis-sold car finance may now be eligible for higher compensation payouts, after a landmark court ruling has paved the way for additional legal claims against lenders.
A ruling by the Court of Appeal has confirmed that thousands of motorists involved in a legal battle against eight major UK lenders will be eligible to progress their cases in the courts.
In response, Barings Law, the firm that brought these claims and secured the ruling, has announced the launch of a first-of-its-kind model, My Free PCP Claim, which will mean motorists who join a legal claim against their lender will receive 100% of any damages recovered in a successful claim, with no deductions for legal fees.
Today’s ruling paves the way for millions more large-scale consumer claims to be issued against these and other lenders, meaning motorists who were previously expecting to receive compensation from the Financial Conduct Authority’s (FCA) delayed Motor Finance Redress scheme are being encouraged to pursue litigation instead, where Barings Law believes motor