PCP Car Finance Claims

PCP & HP Finance Claims: Know Your Rights and Reclaim What You’re Owed

At Consumer Reclaim, we are committed to helping individuals like you understand your rights and secure the compensation you may be entitled to for mis-sold finance agreements. Whether you’ve taken out a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement, you could be among the thousands affected by hidden charges and undisclosed commissions.

What is PCP (Personal Contract Purchase)?

A PCP agreement is a popular way to finance vehicles, offering flexibility with lower monthly payments compared to traditional loans. Here’s how it works:

You make an initial deposit.
You pay fixed monthly installments over an agreed term.
At the end of the term, you have three options:
- Return the car.
- Pay a final balloon payment to keep the car.
- Use the car’s value as a deposit for a new one.

Unfortunately, many PCP agreements were mis-sold. In some cases, consumers were not informed about the hidden commissions paid to car dealers by lenders, which may have inflated their overall costs.

What is HP (Hire Purchase)?

Hire Purchase agreements are straightforward finance options that allow you to eventually own your car. The process involves:

An upfront deposit.
Monthly payments spread across an agreed term.
Ownership of the car upon final payment.

Similar to PCP, many HP agreements involved undisclosed commissions and misleading sales tactics that resulted in unfair costs for consumers.

The High Court Ruling and Claiming Delays

In a landmark case, the High Court ruled that lenders must provide compensation to consumers affected by undisclosed commissions and other unfair practices in PCP and HP agreements. This ruling has set a precedent, ensuring that consumers are better protected in the future.

However, due to the complexity of the case and the volume of potential claims, lenders and finance companies are delaying the claims process. This can be frustrating, but it’s important to remain patient. At Consumer Reclaim, we stay on top of these developments to ensure your case progresses as efficiently as possible.

How Consumer Reclaim Can Help

Navigating the claims process alone can be confusing and overwhelming. That’s where we step in. As a team of unbiased, empathetic, and FCA-regulated experts, we are committed to helping you:

Understand your claim: We provide clear, transparent guidance about your rights.
Build your case: Our experienced team gathers and organizes the necessary evidence to strengthen your claim.
Communicate with lenders: We act on your behalf, ensuring lenders are held accountable and meet their obligations.
Maximize your compensation: We fight for the best possible outcome, ensuring you recover what’s rightfully yours.

Take Action Today

If you’ve taken out a PCP or HP agreement, you may be owed compensation due to undisclosed commissions or other mis-selling practices. Don’t let lenders take advantage of you.

At Consumer Reclaim, we are dedicated to ensuring your voice is heard and your rights are protected. Contact us today to start your claim and join the thousands of consumers who have already begun their journey toward financial justice.

The FCA has introduced a free to use motor finance redress scheme. See more information on the FCA website

Start your claim today to find out if you are entitled to compensation

Let our experts take care of the claim

Our expert team assist customers by making a thorough assessment as to whether the customer received the correct advice and in establishing if less costly options were available at the time, thus entitling the customers to now claim back the difference between what they are paying and what they could have been paying. This can amount to thousands of pounds over the term of the finance. Simply complete the above with your details and one of our claims advisors will be in touch with you shortly by both email and phone to discuss your options, or alternatively you can call on 0161 564 5205.