Santander
Santander UK is among the lenders implicated in the car finance mis-selling scandal involving discretionary commission arrangements. These arrangements allowed car dealers to set higher interest rates in order to earn increased commission, without properly informing customers. If you took out a PCP agreement through Santander, you may be entitled to compensation where commission or key costs were not clearly disclosed.
BACKGROUND
Santander UK has set aside £295 million to cover potential compensation claims relating to car finance mis-selling. This provision was announced alongside the bank’s third-quarter results in November 2024, which were delayed due to the impact of a Court of Appeal ruling.
The ruling expanded the scope of misconduct to include any non-disclosed commission, not just discretionary arrangements. As a result, a wider range of Santander car finance agreements may now fall within the scope of review
WHAT WE COVER
We assist customers in reclaiming money from car finance agreements that may have been unfairly structured or mis-sold.
HIDDEN CHARGES
Some car finance agreements included costs or commission that were not clearly explained at the point of sale. This may involve broker commission or additional charges built into the agreement without transparency. Where key charges were not disclosed, customers may be eligible to seek compensation.
EXCESSIVE INTEREST RATES
In certain cases, dealers were permitted to increase interest rates to earn higher commission. This often resulted in customers paying more than necessary over the life of their finance agreement.
If your interest rate was not clearly explained or appeared higher than expected, your agreement may be suitable for review.
Mis-sold agreements
An agreement may be considered mis-sold if important information was missing, unclear or misleading when you signed.
Our streamlined process is designed to make reclaiming money straightforward and stress-free, with clear guidance throughout.
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