Revelations about missold Personal Contract Purchase (PCP) agreements have sent shockwaves through the automotive finance world. If you bought a car on PCP between 2007 and 2021, it’s time to take a look at your motor finance deal, and make sure you aren’t missing out on a compensation claim.
Since the start of last year, the automotive industry has been rocked by a scandal that affects countless drivers across the UK. If you’ve taken out a car finance scheme, and particularly if you think you’ve been missold PCP plan, you might be caught in the crossfire of this unfolding crisis. One which has been highly publicised by consumer rights advocate Martin Lewis, founder of MoneySavingExpert.
Who is Investigating the Missold PCP Scandal?
More recent revelations have shed light on how some consumers may have unknowingly entered into missold PCP agreements, leaving them with unexpected financial burdens, while dealerships made commissions through the use of Discretionary Commission Arrangements (DCA). Some consumers have reported paying inflated interest rates, which could run into hundreds or even thousands of pounds, leading to huge amounts of compensation for customers with missold PCP claims.
The Financial Conduct Authority (FCA) launched an in-depth investigation into the practices surrounding Personal Contract Purchase (PCP) schemes last year, aiming to uncover widespread mis-selling issues. As a result of this scrutiny, new regulations and policies are being proposed to enhance transparency and avoid future scandals in car finance agreements. These changes will help ensure that customers fully understand their contracts before signing.
The supreme court is also ruling on the issue.
Do You Think You’ve Been Missold PCP? Find Out Today With Our Instant Claim Checker.
There’s growing momentum for consumer compensation claims related to missold PCP products. Many individuals may be eligible for refunds or financial redress if they can prove they were misled or misinformed during the sale process. This is an evolving situation worth monitoring closely as it unfolds across the industry, and we’ve committed to keeping you updated of developments.
By submitting your details on our form, we can quickly and easily determine if you qualify for compensation, and approach dealerships and lenders on your behalf, making the process as simple and stress-free as possible. We operate on a no-win no-fee basis, ensuring that you won’t be out of pocket if you don’t have a claim.
Start your claim today.
