What Happened?
In January 2021, the regulator the Financial Conduct Authority (FCA)
banned 'discretionary commission arrangements' (DCAs). This
stopped lenders allowing brokers (including car dealers) to increase
interest rates on car finance, so that they'd be bunged more
commission (even though they did no work). It's an unfair practice, as
consumers weren't told, and many – thinking it's a fixed price – didn't
negotiate.
You may have been overcharged £1000s in interest and fees due to
hidden commissions on car finance agreements.
The FCA has found that commission was paid on 95% of UK car
finance PCP agreements. If you were not informed about this
commission or the finance deal wasn’t right for you, you could be
owed thousands in mis-sold car finance compensation. Find out now,
we can help.
How much can I reclaim?
The amount you can reclaim from a mis-sold PCP depends on several
factors, including the extent of mis-selling and overpayments on
interest and fees. Each case is unique, so potential refunds vary
significantly based on individual circumstances and the specifics of the
finance agreement.
Most claims range from £1000-£4000
Why wait to claim?
The FCA has extended the period of time motor finance firms can deal
with discretionary commission arrangement complaints (received
after 17 November 2023) while it investigates. Submit your claim
today.
Submit your application today!
Please complete the form to start.
Mis-Sold Checklist
There are plenty of scenarios in which YOU could have been MIS-SOLD on your car finance deal. When purchasing a vehicle through finance, many customers fall victim to misleading sales practices and unclear terms.
The process can be confusing, rushed, and pressure-filled, leading to agreements that may not be in your best interest. If you’ve recently financed a car, it’s important to review your agreement and consider whether you were treated fairly throughout the sales process. Were you:
