MIS-SOLD CAR FINANCE
You have been Mis-sold a car finance deal if you either received poor advice or weren’t given all the information about a deal or the risks were not made clear to you.
- Let us investigate your claim on a GUARNTEED No Win, No Fee basis.
- Eligibility Check for a claim is 100% free with NO obligation to proceed
- Claim Thousands of £££££ ‘s in Compensation
A recent investigation by the Financial Conduct Authority (FCA) has revealed evidence on a large scale of mis-selling across the motor finance industry in all types of car financing options. Below are just some of the findings the FCA made:
‘’We are concerned that the way commission arrangements are operating in motor finance may be leading to consumer harm on a potentially significant scale.’’
‘’Some customers are paying significantly more for their motor finance because of the way lenders choose to remunerate their brokers’’
‘’In particular, we are concerned about the widespread use of commission models which link the broker commission to the customer interest rate and allow brokers wide discretion to set the interest rate. This gives rise to conflicts of interest and creates strong incentives for the broker to charge a higher interest rate.’’
FCA FINAL FINDINGS
WHAT IS MIS-SOLD CAR FINANCE?
The Finance provider has an obligation to tell you what is exactly involved in their car finance deal such as ‘commission payments’. They must legally inform you of what they can and can’t do, ensuring you pay for a deal that suits your financial needs. If they have not done this, you may be eligible for thousands of ££££’s in compensation.
The Finance provider could have potentially misled you about the extra costs involved in your contract or how risky the finance deal would be. You have the right to make a complaint about this.
Once we have reviewed your finance agreement, we will be able to inform you instantly if you have been the victim of mis-sold car finance. We will even inform you of how much money you may be able to claim if we see evidence of this in your agreement.
Do not panic if you can’t find the agreement or remember who the finance provider or dealership was. We can ascertain your agreement by tracing the name of the company you made the payments to. This information will be readily available on your bank statements.
TYPES OF MIS-SOLD CAR FINANCE
The FCA discovered widespread mis-selling on all vehicle financing options including the below:
- Personal Contract Hire (PCP)
- Contract Hire
- Hire Purchase (HP)
- Car Loans
HAVE YOU BEEN AFFECTED BY THE CAR FINANCE MIS-SELLING SCANDAL?
If you purchased a new car with a (PCP) you have mostly likely been the victim of mis-selling. These finance deals are complicated and involve a considerable amount of small print in the contract.
Unbeknown to you, the dealer may have taken advantage of you by suggesting that you are getting a better deal or that the PCP deal is a more cost-effective option than a conventional car finance loan.
You can end up paying a massive amount more in interest than you normally would on a HP contract. Many car dealers often don’t set out clearly that the balloon payment at the end effectively makes it an interest-only loan that is not paid throughout your agreement. This interest bill can be massive if you ultimately decide to buy the car outright in the future.
Car Dealerships have been known to discuss the profit you can make from PCP deals. However there is ‘NO PROFIT’. This so called ‘profit’ is the money you have already paid to cover the depreciation value of the car. Actually, you borrowed more money and paid more interest than necessary.
WHAT TO DO, IF YOU HAVE BEEN
MIS-SOLD CAR FINANCE!
- Let us investigate your claim on a GUARNTEED No Win, No Fee basis.
- Eligibility Check for a claim is 100% free with NO obligation to proceed
- Claim Thousands of £££££ ‘s in Compensation
- Let us do all the hard work for you
FREQUENTLY ASKED QUESTIONS
The amount of compensation varies on each case. The amount of compensation will depend on factors such as:
- When you entered the finance contract. The longer the contract, the more you can claim back
- The size of the finance loan – the larger the finance, the more you can claim
- The difference between the interest you were given and what you should have been given
You can make a claim for any/all finance agreements you had which were active after April 2008.
The amount of compensation varies on each case. The amount of compensation will depend on factors such as:
- When you entered the finance contract. The longer the contract, the more you can claim back
- The size of the finance loan – the larger the finance, the more you can claim
- The difference between the interest you were given and what you should have been given
You can make a claim for any/all finance agreements you had which were active after April 2008.
The amount of compensation varies on each case. The amount of compensation will depend on factors such as:
- When you entered the finance contract. The longer the contract, the more you can claim back
- The size of the finance loan – the larger the finance, the more you can claim
- The difference between the interest you were given and what you should have been given
You can make a claim for any/all finance agreements you had which were active after April 2008.
If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.
If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.
If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.
If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.