Have you ever had an impression when you regret having signed a document as you have the feeling that you were inadvertently deceived? This is how a lot of individuals perceive Personal Contract Purchase (PCP) agreements. If you are of the opinion that your PCP deal was not sold to you accurately, you won’t be in isolation, and this guide will direct you towards what areas require attention when making a PCP claim. In case, you are in doubt whether you’re eligible or you have no idea how to get started, Legal Assist is a suitable option as they will assist you throughout the process.
What is PCP and why is there an increasing number of claims?
What is a PCP Agreement?
A Personal Contract Purchase (PCP) Agreement is fundamentally an automobile finance arrangement. You provide an initial down payment, make a set number of installments on a vehicle monthly basis over the course, and when the term is over, patrons }
Can own the car if you make a walk away payment.
Bring back the car.
Swap the car with a newer one.
Why are so many PCP claims made?
Many consumers are now realizing that they were misled in financial and other terms of the PCP deals they undertook. People are filing for PCP claims due to unrevealed fees, marked-up interests, flimsy advice and sub-par advisory services to meet their specific needs.
Are You Sure Your PCP Deal Was Not Mis-Sold To You?
Non Disclosure
So, what did the sales rep speak with you regarding this? If there was no explanation on how the terms of the agreement in the outline or your exit/end of contract options were, then you were likely sold mis-sold.
Undisclosed Remuneration
Was the dealer open about all the commissions received from the finance provider? Many consumers did not know that they were taking out a loan for a higher interest rate in order to pay for concealed compensation.
Wrong Assumptions
Can the sales person advise a PCP deal where the closing balance outweighs the amount needed for the person with the assets? That can mean a mis-selling occurrence.
Wrong Assumptions
Were you on notice that the car value might dip below the balloon payment at the end of the period? If no, then it is possible they slapped you with a bad overpriced deal.
PCP Consumer’s Protection
When you enter into a PCP Contract Agreement, it is your absolute right to be provided with easy and easily understood information. That should be termed as a PCA promise. If these provisions have been disregarded then it means that mis-selling occurred, which is against consumer laws and against the rules established by the Financial Conduct Authority (FCA). In cases where your rights have been breached, what follows is that you can file for judicial compensation for losses on account of a PCP claim.
How to File for A Claim
Re-evaluate the Agreements
Try and locate the paperwork filed in your name and go through the terms thoroughly. In such matters, sutra that has not been elaborated is better suited.
procure evidence
Make sure that you store all communications, documents, and invoices including receipts. Also, if possible, take notes on what was discussed during the sale.
Reach Out to Your Financier
In regard to the escalation stage, the finance company should be first communicated with in order to see what their response is. There’s a chance they come up with a solution.
Seek Professional Help
If the outcome from the lender is not satisfactory, take the assistance of an expert and step forward with the Legal Assist like a customer’s claims.
What Compensation Can You Expect?
If and when your PCP claim is upheld you will get the refuging of the following:
Excessive interest rates that were paid.
Reimbursements of undisclosed commissions.
Reimbursement for recovering the amount lost.
Common Challenges in PCP Claims
Lack of Evidence
It becomes difficult to support one’s claim without substantial evidence.
Taking Time Responding to Clients’ Concerns
Certain finance firms make it a habit to take long when it comes to pursuing complaints.
Difficulty in Understanding Legal Language
Under such circumstances, professional advice becomes very important as the terminology can be complicated.
How Legal Assist Simplifies the Process
Legal Assist is a dedicated service provider for clients with claims of PCP, which includes:
Expert Advice: you can speak directly to our experts about how to qualify with your case free of charge.
Claim Management: we do everything from negotiations and paper works.
No Win No Fee: The only time you pay us, is when we win your case.
Why Timing Matters for PCP Claims
After working with Legal Assist, I understood the importance of acting quickly.
Timing is important but the legal aspects must be correctly processed including the completion or filling of the claim in a certain time frame.
Advice for Making PCP Claim
Do not wait. Otherwise, your claim will no longer be valid.
Bring in all supporting material. The more the better.
Get help from others. Legal Assist is one of them.
FAQsAbout PCP Claims
What should I be concerned about regarding the PCP deal?
A prospective client should take note of the non-disclosure of terms, Interest rate charged or commission fees.
What about a sealed agreement? Am I still eligible to claim?
Otherwise, yes but the misrepresentation must have taken place during the time that could be claimed.
So, how much do you really get in the end?
There is a lot of variance but commissions lost, interest amount paid and hidden fees invoiced could be claimed.
How long does a PCP Claim Last?
That is depending on the ground on application but the average time range is several months.
Legal Assist in a Claim of PCP: Why?
Honesty and trust are significant traits we have which surpasses other companies in supporting you in obtaining your compensation easily while achieving the desired results.
Endnote: Do Not Allow a Sub-Optimal Agreement to Stop You
The cases regarding PCPs are a chance for consumers to defend themselves against vices that might be out of control. For those who believe that their PCP was manipulated, now is the time to take the necessary action. Legal Assist will always be with you and that will let you manage the procedure smoothly and with certainty. Getting related and associated experience can be more of a hassle, but allow us to assist you in getting a quality result.
