More than 23 million people are expecting to win compensation for mis-sold car loans, according to a new poll suggesting that hopes have been stoked for a PPI-type cash bonanza before a key Supreme Court judgment.
Slater & Gordon, the consumer law firm said that public expectations were now “running very high” with 45 per cent of all UK adults hoping they could be in line for a payout.
Heavy advertising on TV, radio and social media by claims management companies is stoking public awareness that redress may be due on as many as 30 million finance packages arranged for buyers of cars, vans and motorbikes between 2007 and 2021.
Car finance firms including Lloyds, Santander, Close Brothers and Barclays have so far set aside £1.7 billion to meet claims, but the credit rating agency Moody’s has suggested the total cost of the compensation payout could be as much as £30 billion.
That…
