Suppose you have purchased a car on finance, especially a Personal Contract Purchase (PCP); you can be entitled to a PCP refund. Britishers who purchased vehicles on PCP finance before 2021 can make a PCP claim against their lenders. According to the Financial Conduct Authority (FCA), individuals who bought cars on PCP finance from Black Horse can apply for a Black Horse Finance refund.
Whether you are facing PCP mis-selling issues, high interest rates problems or unfair agreement complications, you can make a PCP claim against your lender or the dealership. This guide will help you identify common mis-selling issues and navigate your PCP refund process smoothly.
Understand the Grounds for a PCP Refund Claim
Before making a PCP claim, it is important to identify the mis-selling issue. There are various reasons why you might be eligible for a PCP refund.
- Mis-sold PCP deals:
Mis-selling of PCP deals occurs when the customer is not properly informed about the agreement. If your lender or the seller did not disclose complete details about the agreement, terms, and conditions of the contract, commissions charged, interest rates, or details about the car, then it can be considered a mis-sold PCP deal.
- Hidden Commissions:
In 2021, the FCA banned the practice of Discretionary Commission Arrangements (DCAs) because many lenders unfairly charged excessively high interest rates or commissions on old PCP contracts. Previously, some lenders used DCAs to increase their profit gains, which the customer was not aware of, and as a result, this can be refunded to the customer’s account.
- Unfair Terms:
Another reason for seeking a PCP refund is the unfair terms and conditions of the PCP agreement. If you were not informed about the final balloon payment or other PCP options, then you can count it as a mis-sold deal. Sometimes, the lender did not offer the best financial deal suitable for the customer’s needs. Sometimes, they lack information about the customer’s financial status and offer an expensive or unsuitable product. In such cases, the unfair treatment by the seller can account for a mis-sold deal.
Furthermore, if you end your contract before your due date and overpaid some amount, you can seek a PCP refund.
Gather Documents
To make a successful PCP claim, you have to gather enough relevant details about your PCP contract to make a valid claim request. These documents may include,
- The original PCP agreement
- Copy of terms and conditions of the PCP contract
- Monthly payments receipt
- E-mails, brochures, and other marketing materials
- Evidence of any issues with the motor vehicle
If you have these documents, the PCP claim process will be smoother and faster.
Review Your Agreement
Moreover, it is essential to review your PCP agreement to identify any issues within it. For instance, you should recheck your PCP contract details for unclear terms or any discrepancies. Notice details about the final balloon payment, mileage limit and car’s condition. Check if you were clearly informed about the optional final balloon payment, or if you were informed about the overcharges that may occur as a result of the mileage extension. You can also see if you were charged any wear and tear costs that can not be justified.
This will help you identify issues and will make the claim process easy.
Seek Assistance from a Claim Management Company
Let us assume that you purchased a Volkswagen on PCP finance from Volkswagen Financial Services. If you think that you were mis-sold on the PCP contract, you can file a Volkswagen PCP claim against the lender. Similarly, if you purchased any car or motor vehicle on finance from Black Horse Finance, you may file a Black Horse Finance refund claim to the company.
Currently, there are many PCP claim experts who are actively helping individuals to make their PCP claim process. People assume that the PCP claim process is as complex as the agreement itself. They do not understand the terms, conditions, and legalities of filing a PCP claim. Therefore, they seek help from the professionals. However, the PCP claim process is not as complex and tricky but with the right help and support from the claim experts, you can file a successful claim. There are many claim management companies in the UK such as Revive Solutions.
The claim management companies have hired a dedicated team of experts who can handle and tackle all complaint requirements easily and swiftly. If you are interested in learning more about it, you can book a free consultation with their service provider. They do not charge any consultation fees, and no hidden costs are involved. It is a no-win, no-fee process. So, you can seek help from experts on your PCP refund.
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