MIS-SOLD CAR FINANCE
Did you purchase a car, van, caravan or motorbike on PCP or Hire Purchase. If so, you could be one of the millions in the UK to be owed compensation.
MIS-SOLD CAR FInance
(PCP)
The Financial Conduct Authority (FCA) has launched an investigation into the motor finance sector. The FCA’s concerns centred on the use of ‘discretionary commission arrangements’ (DCAs) contained in PCP or Hire Contracts which enabled brokers or dealerships to receive a commission. This in turn incentivised brokers to steer consumers towards finance agreements with higher interest rates, inflated to include their commission without clear justification. As a result, the majority of finance agreements taken out between April 2007 and January 2021 could have been mis-sold.
Commission isn’t always prohibited, but it is important that consumers are provided with clear information when entering motor finance contracts such as if a commission is payable and if so, how much this commission amounts to. If you have been misled or had information withheld in a PCP or Hire Purchase Agreements, you may have been mis-sold car finance and could be eligible to claim.
WHY JOIN THE CLAIM?
The FCA estimates that 95% of car finance deals had some sort of a commission model, with approximately 40% containing the now banned discretionary commission arrangements / DCAs.
If you were unaware that your finance arrangement included a DCA, you may be entitled to compensation.
At Charles Lyndon, we believe in empowering consumers and ensuring their protection, especially when it comes to mis-sold car finance. We’re committed to making it easy for anyone affected to claim a refund, without the hassle. That’s why we’ve streamlined the process to check eligibility and join the claim – simply complete a short questionnaire, and we’ll let you know if you have a claim.
This is a ‘no win, no fee claim’. This means that if you do not receive any compensation for your claim, you won’t have to pay us anything.
How do I know if I’ve been mis-sold car finance?
We represent consumers who have been affected by mis-sold car finance in relation to vehicles (cars, vans, motorbikes, caravans) purchased via Personal Contract Purchase agreements (PCP) or Hire Purchase Agreements.
The FCA has highlighted that you may have been mis-sold a PCP or Hire Purchase finance agreement if the following applied to you:
· You purchased a car on finance (such as a hire purchase or PCP) before 28 January 2021
· A commission arrangement existed between your lender and broker
· You were unaware of the commission arrangement or the amount of the commission
If this situation applied to you may be eligible to make a claim.
Lets Talk…
If you have any questions about a specific case we are working on, would like to discuss us representing you or want to know more about who we are and what we do, then speak to our team. We will get back to you as soon as possible.