Mis-Sold Car finance & PCP Claims
Bought a car since 2007 using finance? You may have been mis-sold and could be owed thousands of pounds in compensation.
Rest assured, Consumer Savings Network is authorised and regulated by the Financial Conduct Authority. So all our claims processing work follows the FCA Principles of Treating Customers Fairly and TCF Expected outcomes. We explain your rights to reclaiming £1,000’s in compensation. Use our free reclaim tool to find out more.
Check here if you qualify:
What Are Mis-sold Car Finance PCP Claims?
A recent 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 Financial Conduct Authority (FCA) have said that commission was paid on 95% of UK Car finance agreements. If you weren’t told the exact amount of commission paid then you may have a claim.
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.”
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