MIS-SOLD PCP & HP Claims
Bought a car since 2007 using finance? You may have been mis-sold and could be owed
thousands of pounds in compensation.
What Are Mis-sold Car Finance PCP Claims?
A recent Financial Conduct Authority (FCA) investigation discovered widespread evidence of mis-selling on all types of UK car finance agreements.
Mis-selling occurs when the person buying the car has not been presented with all the information necessary to decide whether the contract represented value for money or was financially viable.
You may be able to claim for a mis-sold PCP car finance agreement if the salesperson failed to give you all of the information about your agreement, misled you, provided poor advice, or did not inform you of any commissions or interest being charged as part of the agreement.
The FCA investigation discovered that, unbeknown to customers, lenders systematically incentivised brokers and car dealers to charge their customers higher interest rates so they could receive higher commissions themselves.
As one car dealer openly admits in a recent article, “frankly, we were getting away with murder. We weren’t treating customers fairly and were, in effect, charging them to earn us money.”
About Us
Welcome to Ideal Claims, your trusted partner in resolving mis-sold financial services claims with professionalism, expertise, and dedication. Based in the heart of Manchester, we specialize in assisting individuals and businesses in seeking justice and compensation for financial products that were mis-sold to them.
At Ideal Claims, we are committed to empowering our clients by fighting against the mis-selling of financial products and ensuring they receive the restitution they rightfully deserve. Our mission is to navigate the complex landscape of financial services claims on behalf of our clients, providing steadfast support and guidance
100 000+
Happy clients who we have assisted in claiming back on mis-sold financial products since 2015.
200 +
Fully trained and competent staff based in our offices in the UK and South Africa.
+ 90%
Success rate on our mis-sold products claims and growing day by day.
Step 1
Complete our quick and free eligibility check.
Step 2
Our team of solicitors will access your case
Step 3
Documents will be prepared and requested.
Step 4
Our team will submit and pursue your claim.
How do I make the claim process as quick as possible?
The more details you can recall about your agreement, the more likely it will be that the finance company can locate and verify you against their systems promptly.
This will also help avoid requests for further information which can delay a decision being made.
How Far Back Can I Make A PCP Claim?
You can make a claim for any mis-sold car finance agreements entered into from 2008.
What is the FCA's role in mis-sold car finance?
The Financial Conduct Authority (FCA) regulates the financial services industry in the UK.The FCA aim to make markets work well for individuals, for business, large and small, and for the economy as a whole.
This includes car finance which covers several types of financial products you can take out when purchasing a car.
Can I Claim If I Bought A Used Car ?
Yes, you can claim for mis-sold car finance for used cars too. You can claim as long as you entered into a finance agreement to purchase your vehicle, and we can prove you were mis-sold.
What if I no longer have the paperwork to make a claim?
It is mandatory for car finance companies to keep records for their customers transactions for at least six years, we at PCP compensation claims can request the records from them on your behalf if you no longer have them.
Will I have to pay my solicitor any upfront fees for making my PCP claim?
Most solicitors are willing to represent you under a “no-win, no-fee” agreement, also referred to as a conditional fee agreement or CFA. With this type of agreement, you are not required to make any payments if you do not succeed in your case.
How long does it take for a car finance claim to be paid out?
The duration of the process may differ in each individual case and will be influenced by various factors, including the accessibility of the sales documentation and the approach adopted by the lender. In the event that all circumstances align in your favour, it is possible to receive payment within a span of 4 months.
How much could I receive?
The amount of compensation you may receive if your PCP is deemed unfair will be determined by the loan amount and interest rate you were charged. According to the FCA, a typical PCP loan of £10,000 will result in customers paying over £1,100 in excess interest, plus interest which should be repaid to the customer as compensation.
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