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"This likely much more than doubles the amount of men and women concerned, and would really start to seem much more like PPI scale of payouts (and a substantial danger to the car finance industry)," he claimed on X.
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A personal line of credit score functions like a bank card, giving a revolving credit score line that you could attract from as necessary, nearly a specific limit.
Lewis claims this "alerts the FCA is paving the bottom to in long term broaden the scope of its car finance investigation, so not just on the 40% of past claims that had DCAs (where by dealers could increase their Fee by rising fascination) but all commissions including fastened commissions".
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Some of Britain's most important vendors have warned the chancellor that very last month's finances will stoke inflation during the economy and spark work losses as tax hikes include virtually £two.5bn on the market's yearly tax Invoice.