If you believe that you have been mis-sold a PCP car finance agreement, the best way to make a claim is to follow a few simple steps.
First, gather all of the information about your PCP agreement, including the terms and conditions, the amount of the loan, the deposit you paid, and the interest rate you were charged. This will help you build a case if you decide to make a claim.
Next, make a complaint to the lender, stating that you believe you have been mis-sold the PCP agreement. You should explain your concerns and provide any evidence you have to support your claim.
If you are not satisfied with the outcome of your complaint, you can then escalate it to the Financial Ombudsman Service (FOS). The FOS is an independent body that helps consumers resolve disputes with financial service providers. They will investigate your claim and make a decision on whether the lender has mis-sold the PCP agreement.
If the FOS finds in your favour, they will order the lender to compensate you for any losses you have incurred as a result of the mis-selling. This could include a refund of any excess charges or interest paid, as well as compensation for any inconvenience caused.
It’s important to note that there are also claims management companies that can assist you with making a PCP claim. However, these companies typically charge a fee, which can be up to 30% of the compensation payout, capped at £420. It’s important to ensure that any claims management company you use is regulated by the Financial Conduct Authority or the Solicitors Regulation Authority.
Overall, if you believe that you have been mis-sold a PCP car finance agreement, it’s important to take action and make a claim. By following the steps outlined above, you can increase your chances of a successful claim and ensure that you receive the compensation you are entitled to