A personal contract purchase (PCP) agreement can be an excellent option to buy a vehicle. But what if it turns against you? There are many consumers who ignore where to go and what to do when a PCP deal does not go well. If you have been mis-sold a PCP agreement or if you have been mistreated, this guide is meant for you. At Legal Assist, we help people like you recover what is rightfully yours. Let us take an extensive look at everything about PCP claims that you need to know about.
What Exactly Is a PCP Agreement?
Unpacking PCP
PCP is a type of car finance where you can own the car after the end of the term based on agreed monthly payments over a course of time . When the term is over, you have the option to do the following:
- Pay a lump sum to acquire the car.
- Hand the car back.
- Exchange it for a newer one.
What’s the Deal with the Popularity of PCPs?
Many people see PCP as a dream come true since it has a lesser monthly repayment than any other financial solution available in the market. Also, they allow some options at the end.
What Are The Claims Under PCP?
Peculiarities Of Mis Selling PCP Claim
When someone conceals crucial terms or incorporates backdoor fees, excessive interest payments or similar term agreements when selling a vehicle, it results in a PCP claim.
Indicators Showing That You Might Have Been Mis-Sold
The respect for you as a borrower was not on the right level.
Only vague details were provided with respect to the final cost in any payment agreement.
There was a great deal of emphasis on you signing the agreement.
There were no clear terms provided regarding the interest rate.
Why Have There Been Such An Upward Streak Of PCP Claims?
Improved Monitoring Of Financing Activities
Concerns have recently been raised by the Financial Conduct Authority (FCA) regarding the car financing market, particularly concerning lack of fundamental knowledge and insensitivity.
Consumer Awareness
Now it is easy to locate specific vital information concerning PCP which at the end makes filing a claim much easier.
Your Rights When Under A PCP Agreement
Transparency Agreement
When filing with such an attorney it is important you pay attention to the details, otherwise any form of withholding information can be grounds
for a claim.
The Financial Ombudsman
In the event that a situation arises where it seems like you have been wronged and raising a concern with the firm has not solved the issue, the Financial Ombudsman service is there to help in seeking conflicts.
How Can You Tell If A PCP Agreement Was Mis-Sold To You
What To Look Out For – The The Stain of A Mis-Sold Agreement
Not having been made aware of the payment terms of the contract is a clear indicator.
They were more concerned with how affordability was maintained over the details of the finance agreement.
The huge financial risk wasn’t in the first place possible to comprehend with the balloon payment.
And, importantly, the depreciation of the car was never revealed leaving you with an equity deficit.
Procedure for Complaining on PCP
- Arrange for Proof
Appoint all your relevant documentation such as agreement, record of payments made, and conversation had with the dealer or the lender.
- Get an Active Support
Working with financing Companies can be frustrating. This is where Legal Assist and other professionals come to play. We always do the work so that your claim is backed up effectively.
- Claim/Make Offer
Now having the evidence, contest your claim with the lender or with the Financial Ombudsman.
What Do You Think The Ultimate Resolution Will Be?
Types of Compensation
Refunds of overpayments: If in any case you were charged a higher percentage of interest than required.
Cancellation of the Contract: In extreme situations, the agreement may be cancelled.
Damages for Misrepresentation: Why they would speak for everything has been simply done for this reason distress and inconvenience suffered.
How Can Legal Assist Help You
How Legal Claims Assist can help you with PCP Claims
We have assisted numerous clients on PCP claims and recovered thousands in overpayments and compensation. So we know our work and do it for the clients.
Why us?
We work on a no win no fee basis: This means you do not pay anything unless we secure a successful outcome in your case. Expert Team: The members of our team understand PCP agreements thoroughly.
Consumer Satisfaction: Every step is touched by our aid.
The Implications Of Turning A Blind Eye To A PCP Issue
Monetary Implications
Overlooking a troublesome PCP in the contract may end up in an individual repaying much more than he/she is supposed to or getting involved in negative equity on the asset.
Your Legal Rights
Now this passivity is allowing creditors and dealerships to engage in certain abuses.
How To Start Your PCP Claim Today
Step 1: Get in Touch with Legal Assist
Contact us in order to seek assistance. Our staff welcomes the opportunity to provide a free case review.
Step 2: Hand Over Everything To Us
From gathering the evidence to submitting the claim, we do all the work for you.
PCP Claim Related Questions
Question 1 – How Long Do PCP Claims Last?
The majority of claims are resolved within 6-12 months, however, time frames will be dependent on the particulars of the case.
Question 2: Can I Still Claim at the End of my PCP Contract?
Yes you can still make a claim six years post signing of the agreement.
Question 3: I Have Returned The Car, Can I Still Make A Claim?
A car that has been returned can be the basis for a claim if misrepresentation or mis-selling of overcharging has taken place.
Question 4: I Am Afraid I Am Going To Have To Go To Court. Is This The Case?
Not in most cases, as most of these claims settle out of court. Legal Assist will act for you in legal proceedings if this is required.
What Are The Filing Fees For A PCP Claim?
Legal Assist is quite helpful as they give all the legal help with no initial outlay. You have to pay only when the claim gets settled in your favor- it’s a ‘no win, no fee’ policy.
You will be surprised that ‘mis-sold PCP agreements’ are more widespread than you think, but there is no reason why you should keep quiet about it. At Legal Assist, we are determined to fight your corner and get you the justice and compensation which you deserve. If you think you have been a victim of a wrongly sold PCP agreement, contact us now. Your worries are a phone call away!
