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Did you purchase a car through PCP or HP finance in recent years? You might be entitled to compensation if your finance agreement was mis-sold.
Whether you’re still paying your finance or have already settled it, understanding how to reclaim potentially unfair charges could lead to compensation.
Did you purchase a car through PCP or HP finance in recent years? You might be entitled to compensation if your finance agreement was mis-sold.
Whether you’re still paying your finance or have already settled it, understanding how to reclaim potentially unfair charges could lead to compensation.
What is a PCP Claim?
A PCP claim is a legal request for compensation from a bank or lender when a PCP car finance agreement has been mis-sold. This typically happens when dealers fail to disclose commission arrangements.
Car finance mis-selling has affected numerous finance customers across the UK, with the Financial Conduct Authority (FCA) identifying widespread issues in the car finance industry.
Successful claims can result in refunds of overpaid interest, hidden commissions, and in some cases, compensation for financial distress.
How Can I Make a PCP Car Finance Claim to Get Compensation?
Making a car PCP claim requires understanding your eligibility, gathering the right evidence, and either submitting a properly structured claim yourself or working with experts who can handle the process for you.
With the right approach, you could potentially recover compensation for car finance mis-selling. Specialised claims services like MyCarLoanClaims.co.uk help customers reclaim what they may be owed with support throughout the process.
How to Check if You Might Be Eligible for a PCP Finance Claim?
It’s essential to determine if you qualify for compensation. If your car finance agreements were mis-sold based on one of the following, you might be entitled to compensation:
- DCA (Discretionary Commission Arrangements): These allowed brokers or dealers to adjust the interest rate within a set range from the lender. The higher the rate they chose, the more commission they earned. Customers were usually unaware of this setup.
- UDC (Undisclosed Commission Arrangements): This refers to any commission paid to a broker or dealer, whether flexible or fixed, that wasn’t clearly explained to the customer.
An eligibility assessment is the first step toward potential compensation, and MyCarLoanClaims.co.uk offers this free of charge. Their quick 2-minute assessment can tell you if you may have grounds for a claim.
Why Consider Professional Help for Your PCP Claim?
Here’s why people choose specialist services:
- Specialised Expertise: Their team has extensive experience specifically with car finance claims
- Comprehensive Service: They handle all paperwork, communications, and negotiations
- Maximised Compensation: Their experts know how to calculate and argue for compensation you may deserve
- Time-Efficient: They save you hours of research, documentation, and follow-ups
- Stress-Free Process: Reduced need to engage in lengthy disputes with finance companies
The DIY Approach: Basic Steps for Self-Filing
If you prefer to pursue your PCP refund independently, here’s a simplified overview of the process:
- Gather all relevant documentation, including your original agreement, payment records, and any communications
- Write a detailed formal complaint letter that articulates the reasons why you believe you were mis-sold the finance
- Submit your complaint to the finance provider’s designated complaints department and submit
- Wait up to 8 weeks, and the response time of 8 weeks is currently paused by the FCA, and the companies do not have to respond until 4th December 2025 (normally, the company will need to provide a final response within 8 weeks).
- Sometimes, escalate to the Financial Ombudsman Service if the provider’s response is unsatisfactory
While this DIY approach is possible, many customers find the process time-consuming and complex.
Time Limits and Deadlines for Making a PCP Claim
It’s important not to delay if you believe you have grounds to claim for car finance compensation. If you entered into a car finance agreement between 2007 and 2021, you may be eligible to make a claim.
Legal time limits do exist. They depend on when you signed your agreement or discovered the mis-selling. Taking that first step now is important. The sooner you start your claim, the sooner you might receive compensation.
Why Consider a Specialist Service Like MyCarLoanClaims.co.uk?
Specialist services may offer several benefits:
- Specialised Expertise: Their teams focus exclusively on car finance claims, giving them insight into the process
- Transparent Process: They keep clients informed at every stage of the claim
- Fair Compensation: Their experts know how to calculate and argue for the compensation you may deserve
- Stress-Free Experience: They handle all paperwork, communications, and negotiations on your behalf
Your Next Steps to Claiming PCP Compensation
Ready to find out if you might be eligible for compensation? Here’s how to get started:
- Check Your Eligibility: Take 2 minutes to complete the free assessment on MyCarLoanClaims.co.uk
- Retrieve Your Agreements: Don’t worry if you don’t have your paperwork; their team can help locate your finance documents
- Let the Experts Take Over: Once you’ve registered, the specialists handle everything from building your case to negotiating your settlement
Remember, this process has no upfront costs – you only pay if your claim is successful.
Conclusion
Making a car pcp claim could potentially result in compensation for mis-sold car finance. While some choose to pursue claims independently
Don’t miss out on what could be compensation owed to you. Check your eligibility today with MyCarLoanClaims.co.uk. It takes just 2 minutes and could be the first step toward receiving the compensation you may deserve.