Complaints about Hire Purchase Car Financing Reach Alarming Levels in 2023/4
Tuesday, 16 July 2024, 10:55
Surge in Complaints about Hire Purchase Car Financing
The number of hire purchase (HP) car finance complaints surged in 2023/4, almost doubling compared to the previous year.
21,500 Unhappy Customers
Approximately 21,500 dissatisfied customers contacted the Financial Ombudsman Service (FOS) seeking resolution.
- Concerns: The increase in complaints reflects mounting concerns among consumers.
- Consumer Dissatisfaction: The surge highlights growing dissatisfaction with HP car financing schemes.
- Consumer Protection: The situation underscores the need for improved consumer protection in the car finance sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.