Estimating Your Compensation for a Mis-sold PCP Claim
When it comes to a PCP claim, the compensation you might receive can vary widely. Several key factors influence the potential amount:
- Loan Size: Generally, the larger your loan was, the more you might be entitled to recover in compensation.
- Interest Rate Discrepancy: If there’s a significant difference between the interest rate you were charged and what would have been fair, this could increase your claim value.
- Affordability Assessment: Compensation may also reflect whether the dealer conducted a thorough affordability check. If you were approved for a loan that stretched beyond your means, this oversight could result in compensation.
While average settlements have seen claimants receive around £3,000, the range can extend up to, and sometimes beyond, £10,000. These figures are based on successful claims that have been managed in the past and are not guaranteed outcomes.
How to Claim PCP?
Steps to Claim Your Mis-sold PCP Compensation
Start Your Claim
Initiate Your Claim Online Complete our simple online form to provide details of your finance agreement. We'll securely pass your information to our SRA Regulated Law Firm partner, who will review your case details.
Assess Your Eligibility
You are eligible for a PCP claim if you have a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement and you believe it was mis-sold. Mis-selling may include not being fully informed about the contract’s terms, the final balloon payment, early termination charges.
Review and Case Building
Consultation with Experts A specialist from the law firm will get in touch with you to discuss the details of your PCP agreement, help you gather all necessary evidence, and start building your case.
Claim Submission
Expert Intervention In order to advocate for a just settlement on your behalf, the legal firm will file a lawsuit against the financial provider, which might be an intermediary, bank, or Independent Financial Advisor (IFA).
Resolution
Await Outcome After the claim is submitted, the resolution phase begins. Your legal team will keep you updated throughout this period until a conclusion is reached. While each case is individual, compensation can range significantly depending on factors like loan size, interest rate discrepancies
Receive Your Compensation
If your claim is successful, you may be entitled to financial reimbursement, adjustments to your finance agreement, or a settlement . Our goal is to secure an outcome that reflects both financial and emotional impact.
Estimating Potential Compensation
While each case is individual, compensation can range significantly depending on factors like loan size, interest rate discrepancies, and whether an affordability check was conducted. On average, claimants may receive around £3,000, with the potential for amounts up to or exceeding £10,000.
Frequently Asked Questions
If you’ve entered into a PCP or HP agreement and have experienced mis-selling due to lack of information, unsuitability, or improper affordability checks, you may be eligible for a claim.
Begin by filling out our online form. Your details will be forwarded to a specialized SRA Regulated Law Firm, which will assess your case and guide you through the next steps.
Compensation varies, but claimants could receive anywhere from around £3,000 to over £10,000, depending on the specifics of the case, such as the size of the loan and the nature of the mis-selling.
Our partner law firms operate on a ‘no win, no fee’ basis. This means that there are no upfront costs to start your claim. If your case is successful, the law firm will take a percentage of the compensation awarded as their fee.
The fee you pay to the law firm upon a successful claim typically ranges up to 40% + VAT of the compensation awarded. This rate can vary depending on the complexity of your case and the amount of work required to resolve it.
The duration of the claim process can vary. Straightforward claims may resolve within a few months, while more complex cases could take longer, especially if they go to court or require extensive negotiation.
Filing a claim itself does not affect your credit score. If there are adjustments to your finance agreement following a successful claim, we ensure these are managed properly to avoid negatively impacting your credit rating.
To facilitate a swift process, provide as much information as possible at the outset. Complete documentation of your finance agreement and correspondence with the lender can significantly speed up the review.