Complaints about Hire Purchase Car Financing Reach Alarming Levels in 2023/4

Tuesday, 16 July 2024, 10:55

The number of hire purchase (HP) car finance complaints spiked significantly in 2023/4, nearly doubling compared to the previous year. A staggering total of around 21,500 dissatisfied customers reached out to the Financial Ombudsman Service (FOS) seeking resolution. This surge in complaints highlights growing concerns and dissatisfaction among consumers regarding HP car financing schemes. It underscores the urgent need for enhanced consumer protection measures within the car finance industry.
LivaRava Finance Meta Image
Complaints about Hire Purchase Car Financing Reach Alarming Levels in 2023/4

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.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe