GENERAL QUESTIONS

Drive Back Mis-Sold Car Finance Claim works on a “no win, no fee” premise. This means you will not have to pay anything upfront or if your claim is unsuccessful. However, reviewing the exact conditions of any claims business you choose is important. 

No. It is lawful for you to file a claim, and doing so won’t harm your credit report or prevent you from getting credit in the future.

Owners of cars who were missold PCP financing can be eligible for reimbursement. This can entail a reduction in the whole amount due, a refund of specific fees or charges, or even the agreement’s termination.

When financing a car through PCP (Personal Contract Purchase), monthly installments are paid with a final “balloon payment” at the conclusion. Mis-selling happens when you are coerced into a transaction that isn’t right for you or when the financing for the car isn’t stated clearly.

If you believe you were misled when you signed a PCP agreement in the UK, especially between 2007 to 2021, you could be able to make a claim.

There are a few signs:

• Uncertainty over interest rates or the final balloon payments.
• The salesperson is pressing you into a deal without considering your demands.
• Hidden commissions influence the transaction.
• Fictional monthly payments are made without sufficient credit checks.

Review your finance arrangement and get professional guidance if you are unclear.

If you think your PCP car financing was misrepresented, you can file a PCP claim to get compensation.

• Hidden Commissions: The salesperson keeps their compensation for both the car sale and the financing a secret.
• Pressurised Sales Tactics: Rushing into a transaction without giving yourself enough time to weigh your options.
• Lack of Affordability: Your financial status is not reflected in the agreement.
• Discrepancies in Mileage: Unclear or unjust limitations on distance allowed.

Usually, the lender that supplied the financing would be the target of your dispute rather than the motor dealership.

Pay varies according to your particular situation. It can entail paying back fees, having your debt reduced, or even ending the contract.

This computation takes into account things like unjust charges, interest that was paid too much, and the gap between the car’s worth and the balloon payment.

Usually, the procedure entails:

1. Verify whether your claim is legitimate.
2. Getting in touch with a claims expert.
3. Assembling pertinent paperwork.
4. The claims organisation is negotiating on your behalf with the lender.
5. Getting paid if your claim is approved.

Sure, but it can also be difficult. Claim firms can improve your chances of winning because they are experts at managing these kinds of claims.

Although there isn’t a set date, it’s generally believed that agreements signed after April 2014 have greater success rates.

Yes. Indeed, you can still make claims if your financing arrangement is still in effect.

That varies. PCP is usually applied to new car financing, however it can also happen to used car loans through misselling. Speak with a claims specialist as soon as possible.

No, claims for mis-sold car finance usually relate to PCP agreements rather than conventional personal loans.

Since PCP is a form of lease arrangement, you might be able to claim if misrepresentation happens. Due to its uniqueness, Personal Contract Hire (PCH) is not eligible for a mis-sold PCP claim.

While claims are feasible, the procedure may be more difficult. Consult a claims expert for advice.

Yes. If you feel that the PCP agreements for each vehicle were misrepresented, you can submit claims for more than one vehicle.

Claims agencies might be able to assist you in getting copies from lenders. However, it’s more difficult but not impossible.

The Financial Conduct Authority (FCA) is looking into widespread practices of misrepresenting products. You might also inform them of your worries.

If you don’t make the last balloon payment on a PCP, you ultimately forfeit ownership of the vehicle. Ownership in HP is transferred after payment in full.

The purpose of these inquiries is to determine your potential eligibility for a claim. if your car was financed through a PCP (Personal Contract Purchase) agreement, you might be eligible to claim compensation for mis-sold car finance. 

Possible problems consist of:

• High loan rates in the event of a missale.
• Selling the car before the contract expires will be difficult.
• If the last balloon payment is large, you will owe more than the car is worth.

• Assemble all pertinent documentation (vehicle details, finance agreement, etc.).
• Select a claims business that has a solid track record and is respected.
• Answer information requests as soon as possible.

1. Do I realise how much the motor car will cost in total, including interest and other fees?
2. Do the monthly installments and the balloon payment at the end feel manageable to me?
3. Can I fund any future repairs that the warranty does not cover?
4. What are the mileage restrictions, and are there any fines for going beyond them?

This could apply to everyone who signed up for a PCP arrangement in the UK who feels they were missold, especially if they did so between 2007 to 2021.

Redress plans are attempts by the industry as a whole to make up for mis-sold products. The particulars of your case determine the possible amount.

Mis-selling can occur for several reasons, such as: 

• Improperly evaluating your financial status.
• Inadequately outlining the terms and conditions.
• Forcing a deal onto you without giving it enough opportunity to think it through.
• Disregarding the entire cost and concentrating only on the monthly payment amount.

If you believe there was mis-selling in your PCP agreement, you may want to investigate your claim options by seeing a professional.