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Do you think you were mis-sold on your PCP or HP car finance agreement? Recent court rulings mean motorists may be able to make a PCP claim for unfair sales commission and unfair interest rates.
Many lenders, intermediaries and dealers have been paid commissions to sign customers up to PCP and HP agreements when they might not have been either affordable or advisable for the customer. This fee was then added onto the overall cost of the loan and paid by the customer without their knowledge. This practise is highly unethical and has subsequently been banned.
Check out some of the most common questions asked to our team of experts
As long as you bought all cars on PCP finance and you were mis-sold, then yes. You can make a claim for each finance agreement that you were mis-sold on.
Car finance mis-selling is an industry-wide practice involving several dealers, introducers and banks. Therefore, if you have bought a car on finance in the last 10 years, you may have been mis-sold. The Financial Conduct Authority (FCA) has banned all lenders from charging hidden commissions.
To claim for mis-sold PCP, you will need a copy of your PCP agreement, photographic ID and a signed letter of authority.
You cannot make a compensation claim without a copy of your PCP agreement. If you don’t have this agreement to hand, you can request a new document from your dealership. Our team can help you with the process to collate the required paperwork.
Yes, you can claim for mis-sold PCP without using a claims management company. You must first make a complaint to your lender. If the complaint isn’t successful, you can then escalate it to the Financial Ombudsman Service.
Using a claims management company will take the stress out of the process. We are experienced in helping clients receive the compensation they deserve with ease.
We charge clients a success fee of 40% plus VAT of any damages won on their behalf. Should we refer the claim to a third party (e.g. a law firm), the fees will not exceed this amount. We work on a No Win, No Fee basis, meaning that you will only be charged if your claim is successful.
The amount of compensation you will receive can depend on various factors. First of all, the sum depends on the size of your loan. The larger the loan, the more compensation you will be awarded. It also depends on the interest rate and whether or not you were sold a higher rate than you should have been. Finally, the length of your agreement and when it commenced will affect your overall payout.
Do you think you were mis-sold on your PCP or HP car finance agreement? Recent court rulings mean motorists may be able to make a PCP claim for unfair sales commission and unfair interest rates.
