GENERAL QUESTIONS

No! We work on a “no win, no fee” basis. You won’t be billed if your claim request is rejected.

No. Filing a claim is your right and won’t negatively impact your credit report or future credit opportunities.

The PCP scandal involves mis-sold PCP car finance. If your agreement wasn’t explained correctly, you might be entitled to compensation, like a reduced total amount owed, a refund for specific charges, or even cancellation of the contract.

PCP allows you to finance a car with monthly payments, with the option to own it at the end. Mis-sold finance claims arise when the lender doesn’t explain the PCP deal clearly or pressures you into an unsuitable agreement.

There’s a chance you can get money back if your PCP deal was mis-sold, particularly between 2007 and 2021. Red flags include unclear explanations, lack of alternative options discussed, or the salesperson not mentioning their commission.

Look for these warning signs:

• Unclear explanations about the final balloon payment.
• High interest rates.
• Feeling pressured into the PCP deal.

If any of these apply, it’s time to take action:

• Review your agreement thoroughly.
• Consider professional financial advice to explore your options.

People file claims because they believe their car finance deal wasn’t explained accurately, especially regarding the final payment or total loan cost.

Look for these warning signs:

• Hidden Commissions: The salesperson didn’t disclose their car and loan commission.
• Pressured Sale: You felt pressured to sign before understanding the terms.
• Unaffordable Payments: The monthly payments seem unrealistic for your financial situation.
• Mileage Restrictions: You discover unexpected mileage limitations on the car.

Usually, you contact the loan company, not the car dealership, as they’re responsible for upholding fair practices during financing.

The rewards of winning a mis-sold PCP claim can vary, but they may include:

• Lowered Loan Amount: You may receive a refund of a portion of the initial loan amount.
• Interest Rate Adjustment: The difference between the charged and fair interest rate could be compensated.
• Unfair Fee Removal: Any unfair fees or charges you pay might be reimbursed.

There’s no set amount, but several factors can affect your compensation:

• Extra Fees: Refunds for unfair fees charged on your PCP deal.
• High Interest: Reimbursement for the difference between the charged and fair interest rate.
• Surprise Balloon Payment: Compensation for the difference if the final payment was much higher than expected.

Here’s how to fight back if you think you were a victim:

• Check Your Agreement: Review your PCP documents for red flags like unclear explanations or pressured sales tactics.
• Seek Professional Advice: Get help from a claims specialist who can analyse your case, assess your options, and guide you through the next steps.
• Gather Evidence: Collect relevant documents related to your car finance, including the agreement, emails, and any communication with the lender. Your argument will be more compelling with the additional evidence you can provide.
• Let the Experts Negotiate: A claims specialist can negotiate with the lender on your behalf to try and reach a fair settlement.

Even while you can file the claim on your own, there are benefits to employing a claims company:

• Expert advice throughout the process.
• Help gathering evidence to support your claim.
• Excellent negotiation skills to ensure you receive the greatest deal.

While there’s no strict deadline, PCP deals signed after April 2014 tend to have higher success rates due to stronger consumer protection laws. Therefore, your case may be stronger the sooner you act after April 2014.

Yes! An ongoing PCP agreement doesn’t disqualify you from a claim. If you believe the terms weren’t explained properly, you can still claim. It is advised that you consult a specialist to learn about your alternatives and the best course of action.

Financing for both new and used cars can result in PCP misselling. Speak with a claims specialist if you have a used vehicle that is financed using PCP and believe you were misinformed about the terms. They are able to evaluate your circumstances and determine if you can file a claim.

No. Claims for mis-sold motorcar financing usually relate to PCP agreements, which are not the same as personal loans. PCP is specifically designed for car purchases, while personal loans can be used for various purposes.

PCH (Personal Contract Hire) is more similar to a rental, whereas PCP gives you the option to eventually purchase the vehicle. Because of the ownership option, mis-selling claims are limited to PCP agreements. If you’re unsure which type of agreement you have, consult a financial advisor.

For business loans as opposed to personal loans, there may be differences in the procedures for pursuing mis-sold motor financing. Speaking with a claims specialist is advised, even though it could be more difficult. They can examine your case to determine whether you can make a mis-selling claim over the financing of your business vehicle. They can also look into different options to resolve any issues you may have with the contract.

Absolutely! If you believe PCP agreements for multiple cars were all mis-sold, you don’t need to file separate claims. You are able to integrate them into a unified claim. This might be a more efficient way to handle the problem.

Original documents are helpful, but not always required. Claims agencies can assist, even though things can be harder without them. They can help you gather the proof you need to move forward with your claim and can make copies of requests to the lender on your behalf.

No, the primary source for detecting PCP mis-selling isn’t car dealerships. The UK’s financial regulator, the Financial Conduct Authority (FCA), actively looks into any possible misrepresentation of car loan products like PCP. In the car loan sector, this promotes consumer protection.

Two common car loan choices are HP (Hire Purchase) and PCP (Personal Contract Purchase), although they have different ownership structures. PCP allows you to lease an motorcar with the possibility to buy it at a later date. With HP, it’s like a loan for the car. You own it completely once you’ve made all the payments.

A vehicle financing option called PCP (Personal Contract Purchase) includes ownership at the end. For this reason, PCP agreements are frequently linked to allegations of misrepresentation. It’s always better to speak with an expert if you have questions or are unclear about the kind of vehicle financing you have. They can help you make sense of the issue and offer advice on what to do next.

Even though PCP has reduced monthly payments, there are certain restrictions on owning a car:

• Mis-Selling Risk: Ensure you understand the terms completely. Misselling may result in increased interest rates.
• Selling Restrictions: Selling the car before the PCP agreement ends can be complex and might leave you financially obligated.
• Possibility of Debt Trap: The last balloon payment may be substantial. You can owe more money on your debt than the car’s worth if its value drops considerably.

Three ways to speed up your claim:

• Organise Documents: Have all car and loan paperwork readily available.
• Select a Reputable Insurance Provider: Their knowledge can make things go more smoothly.
• React Promptly: In order to prevent processing delays, respond promptly.

Unfortunately, PCP claim processing times can vary depending on individual circumstances. Certain claims could be settled right away, while others would take longer. To forward your claim as quickly and smoothly as feasible, you must be patient and give all required information as soon as possible.

• Do I know how much the motor car will cost in total, including interest and other costs?
• Can I afford both the monthly payments and the balloon payment after the contract?
• Will the warranty be extended to cover any potential repair costs?
• What are the restrictions on mileage, and will surpassing them result in additional expenses?

Being knowledgeable while purchasing a car is crucial, particularly with financing. Salespeople may get paid more for promoting particular finance deals due to the existence of hidden commissions. This may cause them to give agreements that increase their commission a higher priority than your financial circumstances. Recognise this possible conflict and make your own decisions about the best financing solution, not just the one offered by the salesperson.

In the UK, were you offered a PCP car loan between 2007 and 2021? You may be able to make a compensation claim if you believe the salesman deceived you or did not fully explain the terms. During that time, misselling of PCP products was a prevalent problem.

There’s no set amount for mis-sold PCP compensation. It depends on your specific case. We’ll take into account things like the deception and any monetary losses you experienced. For example, you may be entitled to reimbursement for any interest rate differential you paid over what was reasonable due to mis-selling.

Here are 4 key signs:

• Affordability Check: Does the deal fit your budget?
• Understanding: Do you understand everything? Ask questions!
• Take Your Time: Don’t be rushed. Review carefully.
• Total Cost: Look beyond the monthly payment. Consider interest and the final balloon payment.

PCP financing offers should be transparent and clear. Be cautious if you have any doubts about the validity of a PCP offer you’ve received. Investigating further is crucial. It can be beneficial to speak with a claims professional. They can evaluate your case and determine whether you have a case for compensation for mis-selling or if the offer may be fraudulent.