A PCP finance claim arises when a consumer believes they’ve been mis-sold a Personal Contract Purchase (PCP) agreement or has suffered financial loss due to misrepresentation or negligence on the part of the finance provider. This type of claim aims to secure compensation for the consumer for any financial detriment they’ve experienced.
Understanding PCP Finance
PCP finance is a popular car financing option in the UK that allows consumers to access a vehicle with lower monthly payments compared to traditional hire purchase agreements. At the end of the contract term, the consumer has several options: return the car, make a final balloon payment to own it outright, or part-exchange it for a new vehicle.
Grounds for a PCP Finance Claim
A PCP finance claim can stem from various scenarios where the consumer feels they were misled or unfairly treated during the agreement. Some common grounds for claims include:
- Mis-selling: The finance provider failed to adequately explain the terms and conditions of the PCP agreement, leading the consumer to enter into a contract they didn’t fully understand or that wasn’t suitable for their needs.
- Unaffordable payments: The finance provider didn’t conduct proper affordability checks, resulting in the consumer struggling to meet their monthly payments.
- Excessive interest rates or charges: The consumer believes they were charged unfairly high interest rates or hidden fees that weren’t adequately disclosed.
- Early termination penalties: The consumer faced excessive penalties for ending the PCP agreement early, causing financial hardship.
- Negative equity: The consumer was left with negative equity at the end of the agreement, meaning the car’s value is less than the outstanding finance amount, making it difficult to part-exchange or sell the vehicle.
The Importance of Seeking Professional Assistance
Navigating the complexities of a PCP finance claim can be challenging, especially when dealing with a large financial institution. Seeking professional assistance from a solicitor specialising in this area can significantly increase your chances of success. They can:
- Assess the merits of your claim: A solicitor can review your case, identify any potential legal breaches, and determine the likelihood of securing compensation.
- Negotiate with the finance provider: Your solicitor can engage in negotiations with the finance provider on your behalf, aiming to achieve a favorable settlement without the need for court action.
- Represent you in court: If a settlement cannot be reached, your solicitor can represent you in court and present your case to a judge.
- Maximise your compensation: A solicitor can help you calculate the full extent of your financial losses and ensure you receive the maximum compensation you’re entitled to.
Making a PCP Mis-selling Claim with National Claims
At National Claims, we understand the financial burden and frustration that can arise from being mis-sold a Personal Contract Purchase (PCP) car finance agreement. If you believe you were misled or overcharged, we’re here to help you seek justice and compensation.
Free Consultation
We recognise that every PCP mis-selling case is unique, and we’re here to offer you a free, no-obligation consultation to discuss your specific situation. During this consultation, we’ll listen attentively to your experience, gather relevant details about your PCP agreement, and assess the potential strength of your claim.
Our team will then connect you with a qualified solicitor from our panel who specialises in financial mis-selling claims, ensuring that you receive the expert legal representation needed to pursue your case effectively.
*Customers pay up to 25% (incl. VAT) of the amount recovered towards solicitor costs and if you cancel outside your cooling off period, you may be charged a fee.
Contact us today to speak to one of our claims agents who will be able to help you get started on your claim.
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