The amount a person could claim on a single PCP claim would depend on several factors, such as the total amount of interest paid, the size of the deposit, and the final balloon payment. It’s difficult to provide a rough indication as the compensation amount would vary depending on the specific circumstances of the claim.
In general, the Financial Ombudsman Service (FOS) has the power to order compensation for any losses incurred as a result of mis-selling, including a refund of any excess charges or interest paid and compensation for any inconvenience caused. The FOS has ordered compensation ranging from a few hundred pounds to several thousand pounds in previous PCP claims.
If a person has multiple PCP claims, the total amount they could claim would depend on the number of claims and the specific circumstances of each claim. Again, it’s difficult to provide a rough indication as the compensation amount would vary depending on the specific circumstances of each claim.
It’s important to note that the amount of compensation awarded would also depend on whether the lender agrees to a settlement or whether the case goes to the Financial Ombudsman Service (FOS) for a final decision. If the case goes to the FOS, the compensation amount would be legally binding on the lender