If you have bought a car on PCP finance in the last six years, you may have a case for hidden commission mis-selling. However, making a claim yourself can be an arduous and time-consuming process, so working with a specialist claims company can be beneficial.

Read on to find out more about PCP claims, whether you are eligible for compensation and what to look for in the best PCP claims companies.

What is PCP?

PCP (Personal Contract Purchase) is a form of car finance that allows drivers to a buy a car in instalments. The contract usually requires a deposit followed by a series of fixed monthly payments over an agreed-upon term (typically 2 – 4 years). At the end of the term, the car can be returned to the dealer, traded in for a different car on a new PCP agreement or bought outright.

PCP is popular among drivers thanks to its relatively low monthly payments compared to other finance options. Drivers also have the freedom to select either a new or second-hand car, providing a large number of vehicles to choose from.

What are PCP finance claims?

If you were given poor or negligent advice regarding your car finance options when you took out the PCP contract, or you were not made aware of a hidden commission fee paid by the lender, you could be entitled to compensation. It’s surprising how many people aren’t aware of this type of claim, so it’s worth checking your documentation to see if any hidden fees inflated the price of the contract.

How do I know I was mis-sold PCP finance?

Here are some signs that you may have been mis-sold PCP finance and could be eligible to make a claim:

Hidden compensation: You were not told that the contract included a hidden commission and that this inflated the price of your deal.

Fees: The fees were not properly explained to you, including details about the interest rate and terms.

Product selection: The range of finance products available to you was not clearly explained.

Competitive rates: You were not offered the most competitive rates at the time.

Unaffordable lending: You were offered a product that you couldn’t realistically afford.

Responsibility: It was not made clear to you who was responsible for vehicle repairs
financially during the term of the agreement.

Add-on insurance: You were sold add-on insurance that was over-priced and not required.

What to look for in a PCP claims company

When choosing a PCP claims company, there are several things to consider. Here are some key factors to look out for:

Experience: Look for a company that has experience in dealing with PCP claims. The more experience they have, the better equipped they will be to handle your case.

Success rate: Check the company’s success rate in recovering money for its clients. A high success rate indicates that they are effective in handling similar claims.

Fees: Make sure you understand the company’s fees before signing up for their services. Look for a company that is honest about their fees and offers a no-win, no-fee guarantee.

Customer service: Choose a company that offers excellent customer service. They should be easy to contact and should be willing to answer any questions you have.

The best PCP claims company

The best company to support you with your PCP claim is Claims Bible. We offer step-by-step support to help you navigate this complex process. We know how stressful making a claim can be, so our expert team will take care of everything for you. We have processed hundreds of PCP claims, so you can be sure that our team are practised and experienced at getting the best possible outcome, no matter who you are claiming against.

As well as PCP claims, we offer support on credit card claims, loan claims and pension claims, so you can rest assured we know what we’re doing.

You can submit a claim in less than three minutes – all you have to do is take a moment out of your day and fill in our quick form. Then, we’ll get to work assessing your case and deciding if you have a right to compensation. To find out more, speak to a member of our team today.