No, you won't owe more money if your mis-selling claim for car finance is unsuccessful in the UK.
Here's why:
- The Mis-selling Process: When you make a mis-selling claim, you're arguing that the car finance agreement wasn't suitable for you and wasn't sold correctly. If your claim is unsuccessful, it simply means the provider doesn't agree and you'll continue with your existing car finance repayments.
- No Penalty for Making a Claim: There's no penalty for making a mis-selling claim. You won't be charged any additional fees or interest for bringing the claim to the provider's attention.
What to Remember:
- Even if your claim is unsuccessful, you may still be eligible to explore other options for managing your car finance, such as refinancing with a different lender.
- It's always best to weigh your options and consider seeking independent financial advice before making any significant changes to your car finance agreement.
Resources:
- Financial Conduct Authority (FCA): https://www.fca.org.uk/
This information aims to be a starting point. It's advisable to consult with the Financial Conduct Authority (FCA) or seek independent financial advice for more specific guidance on your situation.
