A Personal Contract Purchase (PCP) is a type of vehicle finance agreement that has become increasingly popular in recent years. Under a PCP agreement, the customer agrees to make regular payments over an agreed period of time, after which they have the option to purchase the vehicle outright or return it to the dealership.

However, in some cases, dealerships have been found to wrongly sell PCP agreements to customers, often without them being aware that they are doing so. This can happen in a number of ways, such as the dealership failing to provide all of the information about the agreement, or providing misleading information. In some cases, dealerships have also been known to charge hidden commissions or interests as part of the agreement, which can make it much more expensive than the customer was originally led to believe.

If you believe that you may have been the victim of a mis-sold PCP agreement, then you may be able to claim compensation. In some cases, this can even lead to the agreement being cancelled entirely. If you think you may have been mis-sold a PCP agreement, then you should contact a solicitor who specializes in this area of law for advice on how to proceed.

Can I make a claim for my PCP contract?

You may be able to claim if you have a car finance agreement that was signed in the last ten years. This is a new area of law, but our solicitors are up-to-date on all the latest developments. The Financial Conduct Authority (FCA) recently conducted an investigation into this problem in the car financing industry. They found widespread evidence of brokers and dealers charging customers higher interest rates so they could receive higher commissions.

You may have been mis-sold your car finance agreement if your car seller:

• Did not inform you that they would receive a commission for the sale of the car.
• Inadequately explained the details of your financial contract with them, such as interest rates or other charges
• Did not offer and explain all available finance options before you made your purchase
• Did not offer you the most affordable or lowest-interest deal available to you
• You can claim against any brand if your PCP contract was missold to you

Can I still claim if my contract is old or ongoing?

You may be able to claim back as far as ten years from the time you signed your PCP contract with your car dealership. It does not matter if your contract is ongoing or it has been fully paid off, you are still entitled to claim if you have been mis-sold a PCP contract.

Get compensation for your missold PCP contract

If you believe you were a victim of missold PCP, you may be entitled to compensation. Our team can help you investigate your case and determine whether you have a valid claim. Contact us today to get started, fill out our form or call us on 0161 436 0006.