How It Works
At My PCP Claim, we understand the various reasons behind the mis-selling of car finance by dealers and lenders. As regulated financial institutions, it’s their responsibility to transparently present the offered deal, ensuring customers comprehend its benefits, financial implications, and drawbacks before making informed decisions.
Your Rights
You have the right to reclaim undisclosed commissions and request compensation for overcharged interest rates. At My PCP Claim, we're here to assist you in asserting these rights and seeking appropriate remedies for any financial injustices you've experienced.
Inadequate Checks
Many customers were offered car finance despite having credit ratings that should have resulted in rejection. This oversight has led to the sale of expensive products to individuals who arguably couldn't afford them, causing widespread financial strain. Regulated finance providers have breached their duty of care in this regard.
Inflated Interest
Lenders not only failed to disclose the commissions but also had incentives to push unnecessarily high-interest rate loans, disregarding consumer rights. According to consumer law, all necessary information must be provided for informed decision-making, a standard that has been overlooked for countless customers.
Hidden Commissions
Numerous lenders, intermediaries, and dealers have received undisclosed commissions for steering customers towards PCP and HP agreements, even if they weren't financially viable or advisable. These fees were covertly added to the total loan cost, leaving customers unaware and disadvantaged. This unethical practice has rightfully been prohibited.