Check out some of the most common questions posed to our team of experts, we’re here to help!

No. It is legal for you to file a claim, and doing so will not hurt your credit report or prohibit you from obtaining credit in the future.

Motorists who had their PCP finance misled may be entitled to repayment. This may mean a reduction in the total amount owed, a reimbursement of particular fees or penalties, or even the cancellation of the contract.

Payment for a car loan is made in monthly instalments with a final “balloon payment” at the end through PCP (Personal Contract Purchase). When you are forced into a transaction that isn’t good for you or when the financing details of the car are unclear, it is considered mis-selling.

Should you feel that you were deceived when you signed a PCP agreement, particularly from 2007 to 2021, you may be eligible to file a claim.

Many signs are out there:

• Uncertainty over balloon payments or high-interest rates.
• Without considering your demands, the salesperson is pressuring you into a deal.
• The transaction is influenced by undisclosed commissions.
• Not enough credit checks are done before making fictional monthly payments.

Examine your financial agreement and get expert advice if you have any questions.

You can make a PCP claim to receive compensation if you believe that the terms of your PCP motor loan were misrepresented.

• Unknown Commissions: The salesperson conceals their payment for both the loan and the car sale.
• Pressurised Sales Techniques: Hurrying into a deal without taking the necessary time to consider your options.
• Lack of Affordability: The agreement does not take your financial situation into account.
• Variations in Mileage: Implicit or unfair restrictions on the permitted distance.

Typically, the focus of your argument would be on the financing provider rather than the car dealership.

The reward varies depending on your specific circumstances. It can mean making interest payments again, getting your debt lowered, or even breaking the contract.

This calculation accounts for items like unfair charges, overpaid interest, and the difference between the car’s value and the balloon payment.

Generally, the process comprises: 

1. Confirm the validity of your claim.
2. Contacting a claims specialist.
3. Assembling the necessary documents.
4. The claims organisation is negotiating with the lender on your behalf.
5. Receiving payment should your claim be accepted.

Yes, but the process can also be challenging. Because claim businesses are experienced in handling these types of claims, they can increase your chances of winning.

There’s no exact date, although deals signed after April 2014 are typically thought to have higher success rates.

Yes. Provided that your financing agreement is still active, you are still able to file claims.

That fluctuates. PCP is typically associated with financing for new cars, although it can also occur through misselling with loans for secondhand cars. Consult a claims expert as soon as you can.

No, instead of referring to traditional personal loans, mis-sold car finance allegations typically concern PCP agreements.

PCP is a type of lease, thus if misrepresentation occurs, you may be entitled to make a claim. Personal Contract Hire (PCH) is not covered by a mis-sold PCP claim because of its distinctive form.

Although claims can be made, the process might be more challenging. Seek guidance from an expert in claims.

Yes. You have the option to file claims for multiple cars if you believe that the PCP contracts for all of them were misrepresented.

It’s more challenging, but still doable. You can request copies from lenders with the help of claims agencies.

The Financial Conduct Authority (FCA) is investigating common product misrepresentation activities. Another option is to talk to them about your worries.

Under a PCP, you eventually lose ownership of the car if you don’t make the final balloon payment. Upon final payment, ownership of HP is passed over.

To ascertain your possible eligibility for a claim is the aim of these inquiries. You may be able to get compensation for mis-sold car financing if your vehicle was financed under a PCP (Personal Contract Purchase) deal. 

Potential issues include:

1. High-interest rates in case of a misselling.
2. It will be challenging to sell the car before the contract expires.
3. Should the final balloon payment be substantial, the amount you owe will exceed the car’s value.

• Bring together all relevant paperwork (car specifications, loan agreement, etc.).
• Choose a reputable claims company with a proven track record.
• As quickly as you can, respond to requests for information.

The complexity of the case will determine if more sessions are required. Perhaps a year or a few months will be required.

1. Do I know the whole cost of the car, including interest and other expenses?
2. Do I think I can afford the balloon payment at the end and the monthly instalments?
3. Can I pay for any upcoming repairs that are not covered by the warranty?
4. What are the mileage barriers, and is there an additional cost for exceeding them?

This is the result of a salesperson holding back money from you to close a certain finance deal, which could influence their recommendation.

All those who feel they were misled and signed up for a PCP arrangement in the UK between 2007 and 2021 may be covered by this.

The industry’s collective endeavours to make up for missold items are known as redress plans. The potential amount depends on the specifics of your situation.

Many factors can lead to mis-selling, including: 

• Assessing your financial situation incorrectly.
• Terms and conditions are not sufficiently explained.
• Forcing an agreement upon you before giving it the time to consider it.
• Ignoring the full expense and focusing solely on the monthly instalment.

You might wish to consult a specialist to learn more about your claim options if you think there was mis-selling in your PCP arrangement.