The PCP scandal - all you need to know

Car finance for used cars Manchester

PCP allows the customer to drive a high-value car at a significantly lower monthly price, but they do not own the vehicle. During the contract, the customer is effectively only paying the interest on the car and covering its depreciation as the agreement progresses. This sounds like the perfect agreement, doesn’t it? However, many people around the UK have been mis-sold PCP car finance agreements Manchester and most of them don’t even know about it.

The Mis-Selling Scandal

The FCA has estimated that dealerships have been driving up interest payments on PCP to secure a higher commission and consumers have been overcharged by as much as £300m annually. Car buyers are getting overcharged £1,000 at the start of a PCP agreement, and then at the end of it they find themselves not being able to afford the big balloon payment. It is estimated that over 560,000 people have been mis-sold a PCP deal, and that an average customer could be paying £1100 more in interest charges than they should be.

The main issue is that brokers aren’t fully explaining the terms of the PCP deal to their customers. In fact, only 28% of dealers explained to their customers what would happen if they failed to meet their monthly payments. A lot of customer aren’t aware that they don’t own the car at the end of the contract, unless the balloon payment has been made. Some were not informed about additional fees, or were sold add-on products that they didn’t need.

Have you been mis-sold PCP car finance?

You may have been mis sold car finance Manchester if you received poor advice about your financing options or if you were not made aware of the commissions being charged within your agreement. If you think you have been mis-sold a PCP deal, you are entitled to seek compensation, and you should. We want to help stop this happening to others and the only way to do that is to stop the dealers getting away with it. You could be owed thousands of pounds in compensation.

Mis sold PCP car finance

Mis-Sold PCP Claims - PCP Claimsline

PCP Claimsline are a car finance claims company from Manchester. Their services are offered on a no-win-no-fee basis, with no hidden fees, so there is no risk to making a claim. You can claim for any loan you were sold to purchase a vehicle in the last ten years, so you can upload as many agreements as you like. The more information you can provide about your agreements, the faster they will be able to process your claim. So, please try to gather as much information as possible.

To get in touch, you can either use the details below or fill out a short form and someone will be in touch within 20 minutes.

Tel: 0333 358 2131
Address: Bank Chambers, 93 Lapwing
Lane, Manchester,
United Kingdom,
M20 6UR