BOUGHT A CAR ON FINANCE BETWEEN 2007 AND 2024?

If you have acquired a vehicle through PCP or HP financing between 6th April 2007 - 1st November 2024 and the financing arrangement was improperly sold to you, you might have grounds to pursue compensation for mis sold car finance. In short, eligibility for mis-sold HP or PCP finance claims qualify for a number of reasons. They apply to individuals who have encountered situations where the salesperson failed to provide a comprehensive overview of available financing options, inadequately explained the contract’s intricacies, such as interest rates. Additionally, they omitted conducting affordability assessments or neglected to disclose information about their own commission earnings. Furthermore, mis-sold car finance claims can be initiated under the following circumstances: • Compensation claims can be lodged for both new and pre-owned vehicles procured via financing. • Additionally, claims can encompass various types of vehicles, ranging from cars to vans and trucks. • Agreements that are either ongoing or have concluded are eligible for claims. • It is possible to file claims for multiple vehicles concurrently.

The precise compensation amount for a car finance payout will fluctuate and numerous factors must be considered, for example: Loan amount: The greater the loan, the greater the owed compensation. Agreement Date and term: The more extensive your history of loan payments, the higher the owed compensation. Interest rate disparities and the discrepancy between the quoted rate and the appropriate rate.

The Financial Conduct Authority (FCA) defines a discretionary commission arrangement (DCA) as an agreement between lenders and brokers that allowed brokers to adjust the interest rates offered to customers, often resulting in higher commissions for brokers when interest rates increased. While the FCA banned this practice in 2021, they are now conducting an industry-wide review to determine whether there has been widespread non-compliance with the relevant regulations, potentially leading to financial loss or harm to consumers.

No, it is not imperative to enlist the assistance of a third-party entity for the pursuit of this claim. Therefore, you retain the right to directly address your concerns and submit a complaint to the responsible party free of charge, without the need for external representation by a firm or individual.

You pay nothing unless your claim succeeds. A fee of 15% to 30% plus VAT applies to successful claims, depending on the level of redress secured. A cancellation fee may apply after the 14-day cooling-off period or if you submit a duplicate claim through more than one provider for the same agreement. Successful claims made through Car Claim Specialists are subject to fees, charged in line with your terms of business. These range from 15% to 30% exclusive of VAT, depending on the level of redress you receive.