These days, car-financing loan schemes have gained popularity among the UK citizens. One scheme is named Personal Contract Purchase (PCP), under which people can loan a car and make monthly installments. They can also buy the car and register under their name before the contract ends. This option requires balloon payment, a bigger payment that is paid at the end of the contract. However, the PCP deals are valid for at least three years. The PCP claims can be made if you thought you were mis-sold.
Were You Mis-Sold? Make PCP Claims Now!
There are different scenarios in which you may think that you are mis-sold. The first thing to know is that you have completely understood the car-finance agreement. The finance broker must advice you in the best interests rather than focus on their financials.
As a buyer, you must see the red flags in car finance mis-selling.
Ensuring Purchase Claims in the UK
If you think that you were not advised properly and could have chosen a better PCP deal, then you can opt for PCP claims. In another situation, the sellers sell cars to the consumers that do not suit them but convince the buyer with their marketing skills. Additionally, you may not know about the hidden commission that the salesperson is getting. There have been many fraudulent cases by misusing the commission on the car value.
What Amount of Compensation Can I Get with PCP Claims?
The amount of compensation for the PCP claims depends on several aspects of the car-finance agreement. One has to know the following details while making a PCP claim:
- Interest rate that was applied during the agreement
- Upfront cost paid
- Duration of repayment term
- Commission model.
Those factors can help decide the compensation. However, since purchasing a car involves a big financial amount, the compensation for misselling will be equal to the loss incurred by the purchaser. The financial broker takes the hidden commission from the lender. At first, it was thought that only the hidden commission would be recovered, but now paid interest will also be recovered.
Is there a time limit for PCP Claims?
You can make claims at any time from signing the car-finance loan agreement to the monthly instalment. It is important to talk to the lender in the first place. Make them understand why you felt you were mis-sold the car and talk about compensation. If you think the lender will not listen to your complaint, you may choose solicitors to make your claim successful.
Solicitor’s Concerns for PCP Claims
Legal experts have become concerned that the financial provider misinforms the vehicle buyer in two ways. The finance broker may tell the value of the car more than it holds, leading them to make profits. The other way to earn more profit is through PCP at a higher interest rate than applied in the hire purchase.
Should You Hire Legal Expert?
If you have clearly understood about the PCP claims and sure that you were mis-sold, you can make the claim, alone. Nevertheless, these claims are complex, therefore, often people would hire solicitors to have successful compensation. Also, the seller will take the whole situation seriously if only they are summoned by the solicitors.
With the solicitors at Legal Assist, we ensure that you get the best PCP claims services and successful compensation at the end of the day. You will not be disappointed to make your claim with us. Acting sooner on the claim would be beneficial as it can be processed quickly.
