📢 "Lloyds Banking Group’s decision to increase its provision for motor finance mis-selling to £1.15 billion is a clear acknowledgment of the constantly increasing compensation liability car finance lenders are facing. But let’s be absolutely clear, this is still nowhere near enough to compensate consumers for the true scale of the harm caused."

📢 "The total amount set aside by lenders for car finance compensation stands at just £1.7 billion. When divided across the 31.38 million car finance agreements issued between 2007 and 2021 that the FCA say are affected, that equates to a payout of just £54.18 per agreement. That figure is completely inadequate, and the evidence we have gathered over the last three years proves that. Consumers unknowingly paid thousands in hidden commissions and inflated interest rates."

📢 "Lloyds is the UK’s largest motor finance lender. If they are setting aside £1.15 billion while the entire industry combined has only allocated £1.7 billion so far, the question is: how much more will need to be added? The financial exposure is clearly much higher, and lenders are still drastically underestimating their liabilities to protect their share price."

🚨 "If you took out car finance since 2007, don’t wait, check your agreement and claim what you are rightfully owed before lenders attempt to limit payouts and reduce their financial exposure."

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