philip combs's blog : Understanding about PCP Claims in the UK

philip combs's blog

It is true that people are mis-sold in the UK. Many individuals tend to buy cars through car finance loans. There are different car financing options, but the Personal Contract Purchase (PCP) plan has been the most successful car loan scheme. A PCP contract gives liberty to the individual to change the car every time the PCP contract is renewed. Also, the person will not be financially burdened as they will make affordable monthly payments to the seller. However, misinformation about cars leads to PCP claims. Sometimes, the car's value is not true in its sense, or the commission is not mentioned in the PCP contract, which could indicate mis-selling of the vehicle. 


Self-Evaluation to Buy a Car


If you doubt your financial situation and are confused about buying a car, you need to ask several questions yourself:


Did you understand the PCP agreement? If you were given a breakdown of the PCP finance and you were told about the commission in the agreement, then you may have an idea about the PCP agreement. 


Will the commission affect the interest rate? You should know if the commission will impact your loan's interest rate. If so, you would know how much and if the seller has a justification for it. 


Do you have a good credit history? A good credit history is important for financing a car. The seller must ensure that you can afford the vehicle on monthly payments. 


What Leads to Mis-Selling Car Finance?


Many people need to learn if they were involved in mis-sold car finance. In other words, mis-sold car finance is when the seller sells the vehicle to the buyer in a way that does not suit the buyer's needs. The buyer might have to pay a high interest rate and feel financially burdened.


Moreover, if you were misinformed about the vehicle or any information was hidden, it may lead to PCP claims in the future. The buyer should not be pressured to sign the agreement. They must give you time to understand the PCP agreement before you can sign it. You can review the documents to confirm your PCP claim before formally filing it with a Legal assist expert.


Dealing PCP Claims in the UK


If you knew that you were mis-sold the vehicle, you must prove it for successful PCP claims. Collecting evidence against mis-selling is essential to ensure the compensation that you deserve. Important evidence in the PCP claim could be the documents, including the PCP agreement and the record of communication conducted regarding the car finance product. If you have any receipts or invoices against the car finance, they should also be submitted as proof. 



To make successful PCP claim, evidence should be organised and aligned according to car finance claims. 


Does PCP Claim Filing Cost You?


In most cases, PCP claims are handled with a no-win, no-fee policy by the solicitors. You do not have to make any payment to the solicitor or anyone if you lose the claim. However, in case of successful PCP claims, you must pay your solicitor a certain amount.


Validation of PCP Claims


You can make a PCP claim any time, even after a year of using the car. It is said that sooner rather than later is helpful. Therefore, you must resolve your car finance problems quickly. One way to avoid PCP claims is to talk to the lender first. If they do not agree with your claim, then you have a valid PCP claim. However, a PCP claim can be asked at any time throughout the PCP agreement. 


Let your solicitor do the hard work for you. Get in touch with a renowned solicitor for successful PCP claims


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On: 2024-07-15 09:33:55.616 http://jobhop.co.uk/blog/374149/understanding-about-pcp-claims-in-the-uk