Yes, you can claim compensation on a PCP motorcycle finance agreement if it was mis-sold to you. If the dealer failed to explain the terms clearly, didn’t assess affordability, or earned hidden commission, you may be entitled to a refund or reduction in your finance. PCP claims apply to motorbikes as well as cars, and thousands of riders across the UK may be eligible.
In this comprehensive guide, we’ll delve into the complexities of unfair PCP motorcycle finance, explore the potential avenues for claiming compensation, and provide clarity on the steps you can take to protect your financial interests.
What is PCP Motorcycle Finance?
Personal Contract Purchase (PCP) is a type of finance often used to buy motorbikes in the UK. It usually involves:
- Paying a deposit
- Fixed monthly payments for 2–4 years
- An optional “balloon payment” if you want to keep the bike at the end
While PCP gives flexibility, many riders weren’t fully informed of the risks, final costs, or the fact they wouldn’t own the bike unless they paid the final payment.
If any key details were left out when you signed the agreement, that’s called mis-selling – and it could mean you’re owed money.
What Constitutes Unfair PCP Motorcycle Finance?
Identifying unfair practices within PCP motorcycle finance can be challenging. However, several key indicators can signal that you might have grounds for a claim:
- Misleading sales practices: Were you provided with inaccurate or incomplete information about the terms of the agreement? Were you pressured into signing the contract without fully understanding the implications?
- Excessive interest rates and charges: Are the interest rates and charges significantly higher than the market average? Do they seem disproportionate to the value of the motorcycle?
- Hidden fees and commissions: Were you charged unexpected fees or commissions that were not clearly explained or disclosed?
- Unfair termination clauses: Does the agreement contain unfair termination clauses that make it difficult or costly to end the contract early?
- Inadequate affordability checks: Did the lender conduct thorough affordability checks to ensure you could comfortably meet the repayments without facing financial difficulties?
If you suspect that you have been subjected to any of these unfair practices, you may have the right to claim compensation.
Steps to Take if You Suspect Unfair PCP Motorcycle Finance
If you have concerns about the fairness of your PCP motorcycle finance agreement, it’s important to take prompt action to protect your rights:
- Gather evidence: Collect all relevant documentation, including the finance agreement, correspondence with the lender, and any evidence of misleading sales practices or hidden fees.
- Seek professional advice: Consult a financial advisor or solicitor specialising in consumer credit law. They can assess your situation and advise you on the best course of action.
- Act quickly: There are time limits for making complaints and taking legal action. Don’t delay in seeking redress.
Mis-sold Car Finance Claims Checker
Our mis-sold car finance claims calculator below estimates the level of compensation you may be able to reclaim for a mis-sold car finance agreement.
Add the value of your vehicle, the length of your agreement, and the interest rate you paid to the calculator below. Then, compare this against a rate that you may have been offered if you weren’t mis-sold.
Disclaimer : The Mis-sold Car Finance Claims calculation is illustrative, and under no circumstances should it be used or relied upon in the pursuit of a claim. If you need more help and clear understanding
Contact National Claims – Mis-sold Vehicle Finance Team
The Importance of Professional Advice
Navigating the complexities of unfair PCP motorcycle finance can be overwhelming. Seeking professional advice from a qualified financial advisor or solicitor can significantly increase your chances of a successful claim. They can provide expert guidance, assess the strength of your case, and represent your interests throughout the process.
If you’re facing challenges related to unfair PCP motorcycle finance or have been injured in an accident, consider reaching out to National Claims, a trusted claims business with over 1,000 reviews on Trust pilot. We’ll connect you with a specialist solicitor who can assist you with your claim.
People Also Ask
Q1. ❓ Can I claim if I bought a motorbike on PCP finance?
Yes. If the agreement was mis-sold or lacked key information, you could claim compensation – just like with a car PCP deal.
Q2.❓ What counts as mis-selling in motorcycle finance?
Mis-selling includes unclear fees, undisclosed commissions, affordability issues, and pressure to sign without full explanation.
Q3.❓ How long do I have to make a PCP claim in the UK?
You typically have six years from the agreement date, or three years from when you first noticed the mis-selling. PCP claims are valid for agreements made between April 2007 and 28 January 2021, when commission rules changed.
Q4. ❓ Can I claim if I no longer own the motorbike?
Yes, you can claim even if the agreement has ended or the bike has been sold or returned.
Q5.❓ Do I need a solicitor to start a PCP claim?
You don’t have to use one, but working with a solicitor improves your chances. National Claims can connect you with solicitors who specialise in PCP mis-selling cases.
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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