Mis-sold Car Finance (PCP)
Mis-sold car finance claims arise when customers were not given clear or fair information about their vehicle finance agreement. In many Personal Contract Purchase (PCP) deals, buyers were not told that dealerships received commission from finance companies. This lack of transparency may have led to higher interest rates or charges. If this happened to you, you may be eligible to make a mis sold car finance claim in the UK and recover compensation.
How much can I reclaim?
The amount you may be able to reclaim from mis-sold car finance depends on several factors, including how the agreement was structured and whether you were charged excessive interest or undisclosed commission fees.
Because every agreement is different, compensation amounts vary depending on the individual circumstances of your case. If you are unsure how to claim mis sold car finance, we can assess your agreement and provide clear advice on your potential entitlement.
Frequently Asked Questions
Making a claim can be overwhelming, so we’ve compiled a list of frequently asked questions to assist you find the answers you need.
Accordion Content
If you signed a car finance agreement, such as a hire purchase (HP) or personal contract purchase (PCP) arrangement, before January 28, 2021, you may be eligible to make a claim.
Currently, there is no clear indication of how far back the FCA probe will go, as commission structures such as DCAs were in operation for many years before being abolished. However, it is likely that only contracts signed after April 2007 would be reviewed, given this is when the FCA took over regulation of vehicle finance.
Yes, you can. This is because each claim is made in reference to a single car financing arrangement. If you had multiple vehicles purchased via finance between 2007 and 2021 that you believe were mis-sold, you can bring a claim for each.
We operate on a No Win, No Fee basis which means you will not be charged anything if your claim is unsuccessful. If you are successful, we will charge a predetermined proportion as our fee.
In most cases, there is no need to attend court, due to the fact that a settlement is usually achieved through negotiations between your solicitor and the finance company / broker.
The exact length of time it takes to process the claim varies depending on several criteria and is unique to each situation. It may take several months before the lender or car dealer accepts responsibility.
