Can You Claim?
Use our PCP Car Finance tool and instantly find out if you are eligible to claim for thousands in compensation!
Did you use a finance provider to purchase a car, van or motorbike before the 28th January 2021?
Use our PCP Car Finance tool and instantly find out if you are eligible to claim for thousands in compensation!
Your mis-sold PCP or HP compensation claim could arise from hidden, undisclosed or misleading commission that resulted in you paying more for your finance product. It may also have arisen from unaffordable finance agreements. This could apply to PCP, HP or another form of lease agreement that inflated your interest payments (overcharging interest to attain higher commission).
You could be entitled to receive:
What you could be entitled to receive can depend on the nature of any breach, but don’t worry: we will sort this all out for you and always aim for the maximum compensation that you could be entitled to receive.
To check if you could be eligible to claim mis-sold compensation for a PCP, HP or another lease agreement, ask yourself these simple questions. The answer to all of them should be “YES”, so if you are at all unsure that this is the case, you may have been mis-sold your car finance product unless you can confidently say YES.
Were you clearly informed that your broker/dealer would be receiving commission for the finance that they sold to you? Did they tell you how much they would receive?
If the answer is no, you may have a claim.
Did you go through the agreements and information about the financial product in detail instead of the dealer/broker just skipping through them quickly?
If the answer is no, you may have a claim.
Were you given a number of options to choose from or were you simply sold the recommended product that they told you to get?
If the answer is no, you may have a claim.
Did they allow you any chance to properly assess different options and what the costs and benefits were?
If the answer is no, you may have a claim.
Did you know exactly what would happen at the end of the lease deal? Did you know that you would be handing the car back with no ownership at all unless a balloon payment was made? Whilst PCP means “personal contract purchase”, it is actually a lease agreement and you do not normally own the car at the end of the term.
If the answer is no, you may have a claim.
Did you know about your requirement to pay for repair costs, additional fees and other charges?
If the answer is no, you may have a claim.
A key one was pressure sales tactics, and people not expecting certain charges as part of the process or at the end of the lease term. Another is that there have been instances where the trade-in values have matched products almost too well, suggesting that the dealers and brokers have made the figures work to either under-settle the trade-in value of your vehicle or to allow them to push the product that will earn them more commission. This can easily happen when you are trading in a vehicle for what is a brand new car, but it can be easy to forget that you may not actually own the new car, and there is still likely a balloon payment at the end of the term. This can cause the consumer to be underpaid for their trade-in vehicle.
It is also worth pointing out that the FCA saw that it was people with better credit scores that may have been targeted by the inflated interest rate issues to charge higher commission, leading to inflated costs of the product.
If you have to stop the finance deal at any time and return the vehicle due to affordability problems, this can also be also potential grounds for a claim.
How long your claim can take can depend on a number of circumstances, but our general estimate is between 12 to 18 months. During this time, you can leave us to do all the legwork for you.
It is important to not delay starting your claim – make sure to use our mis-sold car finance compensation claim calculator to check if you are eligible to claim and see how much you could be owed.
A clear link has been established between consumers like you paying higher interest rates so dealers and brokers can earn more commission. This has cost the consumer millions of pounds, and it is not fair at all.
Claim your refund now – start your mis-sold PCP / HP compensation claim here now.
We have an easy and hassle-free process for getting started with a claim. Our stress-free and simple approach means all you need to do is provide us with at least the following details:
If you have more, you can provide this on our simple form here now, but the above is enough for us to proceed with a Subject Access request for you – No Win, No Fee.
Contact
18, Prospect House,
Colliery Close,
Staveley, Chesterfield
S43 3QE
Opening Times
Mon - Fri: 9am - 10pm
Tel: 01246 474 487
Email: carfinanceclaims@yourlawyers.co.uk
Did you use a finance provider to purchase a car, van or motorbike before the 28th January 2021?