Why can I make a claim?
In 2022 the FCA closed a case worth millions in compensation to the UK public, all to do with how car finance was sold to approximately 95% of UK car PCP (Personal Contract Purchase) agreements.
It was uncovered that thousands of car salesman were receiving commission from the finance companies who were behind the PCP Finance agreement, which often resulted in the sales person not pushing you the best deal, as they’d often earn more commission doing the opposite.
This resulted in hundreds-of-thousands of customers overpaying on their PCP deal, whilst the salesperson received inflated commissions. FCA Director, Jonathan Davidson, revealed that many customers would have overpaid by “over £1000” on their total deal. It is estimated that this mis-selling has cost the UK public around £300 million per year.
When the FCA conducted private mystery shopping inspections, they found only 11 of 122 dealers declared that they’d receive commission for the PCP agreement.
Whilst it’s not illegal for a salesperson to earn commission on these deals, under FCA regulations, it is illegal for them not to disclose the fact they earn off this.
Can I make a claim?
If you bought your car on a PCP Finance Agreement between January 2007 & October 2019, then you may be eligible to make a claim.
Your PCP agreement is considered as mis-sold if it matches any of the following:
- The commission for the sales person was not fully disclosed
- The lender or bank did not explain the commission
- You (the customer) felt pressurised into a specific finance agreement
- The PCP Payments were unrealistic and no background or finance check was completed
- The salesperson skipped the Terms & Conditions of the finance agreement
How much am I entitled to?
This is very dependent of the loan and how much it is predicted that you have overpaid by. The larger the loan, the larger the compensation that you are owed, the longer you have been paying, the more you’re owed and the higher the interest rate, the more you’re owed.
To find out exactly how much you can earn click here and complete the simple form
How do I make a claim?
If you believe that you have been mis-sold, then it’s important to act quickly. SmartMoneySaver’s simple claim checker helps you quickly find if you’re eligible to make a claim.
We’ll help you get in touch with the legal advisors who can handle the whole case for you, it’s highly recommended you seek professional legal help like this, to help you ensure you get the full compensation you deserve. Best of all, it involved no upfront fees and is a no-win-no-fee claims process.
Click the button below to get started with your claim today.
