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Have you entered into a Personal Contract Purchase (PCP) agreement to purchase a car and you feel cheated by the dealer? If the dealership or lender failed to elucidate the terms in detail or if there were any distortions, you may have grounds to lodge a PCP claim. Let’s take a closer look into what’s a PCP claim, and more importantly, how do you file your claim, and even more importantly, how much compensation are you entitled to? And if you are one of the people who like to get professional assistance, Legal Assist is your best shot to successfully and confidently deal with this process.
What is a PCP Agreement?
A PCP, or Personal Contract Purchase, is a method of car financing that enables individuals to buy a car in installments. This commonly includes small monthly payments which can be top-off with a hefty optional final payment if consumers wish to maintain ownership of the car at the end of the contract. These sorts of contracts can get fairly complex but if the important aspects and specifics were not properly incorporated, you may want to consider if you have a case.
Basic Reasons explaining why you are eligible for PCP Claim.
Deception or Non-disclosure of Relevant Facts.
You could make a PCP claim if you were not given the crucial details of the deal or were misled in regarding some important particulars of the deal. A considerable number of customers were falsely assured of the ‘only or best option’ position of the PCP program, which was not entirely the case.
Mis- selling, by the Dealer or Lender
Dealers or lenders occasionally did not fully describe or elucidate the total cost or the relevant interest rate among other constituent elements of the PCP arrangement including the optional final payment’s likely effect on the financial bottom line.
How to Know if You are Able to Filing a PCP Claim
Here are a few things to consider in attempting to determine if you may have a PCP claim:
Did the dealer fail to explain the PCP agreement in full and in full detail?
Did you know that there was a final optional payment or ‘balloon payment’?
Was the dealer’s commission disclosed?
Did they urge you to agree as if it was the only reasonable course of action to take?
Were there unexplained changes in the interest rates or the sum of monthly repayments?
If you responded yes to any of these, then you may have a claim. Legal Assist could assist in looking at your contract and explaining the next course of actions.
Types of PCP Mis-Selling Claims
Undisclosed Commission Claims
When a car dealer does not disclaim any commission earned through a lender, those claimants have a valid basis; the commission may have affected the dealer’s representation.
Incorrect Monthly Payments
Quite a few people have expressed shock and confusion to see some monthly payments increased quite substantially without being informed as to why this occurred in the first place. If this did occur to you, it may amount to a breach of the PCP agreement that was mis-sold.
Confusion over Interest Rates
Your dealer or your lender may, for example, not have given the correct information on the interest rate, or may have made claims about it that were not accurate, which would be classed as mis-selling.
How to Pursue a Claim for a PCP
- Save Your Papers The first step of the process is to save every document that concerns the PCP contract, which includes: PCP agreement contract Monthly payment history Interactions with the dealer and the lender Any Advertisements that were present at the time of sale
- Determine the Factors That Constitute the Mis-selling of the Product Examine the papers signed in the dealership to establish what basis grounds the claim. Was there pressure from the seller to go into that agreement? Was the point about the almost persuasive commission omitted? The clearer your case, the higher the prospect of winning the case will be.
- Start Looking for Expert Legal Assistance This type of action, which falls under the avenue of mis-selling claims, can be quite complicated. Engaging the team such as Legal Assist will enable you get professional guidance on your claim which will make the chances of winning the case quite high.
- Go Ahead and Present the Claim Once you have sought legal advice, you will have an easier time pursuing your claim. Sometimes, it may be necessary to escalate the issue to the Financial Ombudsman Service, or to some extent, filing it in a court of law.
The Many Misunderstandings Behind the Mis-conception of PCP Claims
About all PCP Agreements being ahh, Mis-sold.
Mis-selling only applies to PCP agreements where either the key details were not clearly explained or customers were misled on significant aspects.
Court Litigations on Your Rationale Relating to Claim Settlement.
Almost all PCP claims are resolved without proceeding to court. Attorneys such as Legal Assist help to expeditiously resolve the disputes out of the court.
You Should Only Claim When You Have the Vehicle.
You can claim a mis-sold PCP regardless of the fact you do not possess the vehicle anymore.
What Role Does Legal Assist Play in Your PCP Claim?
Providing Relevant Field Experience.
Legal Assist is well gifted in representing clients with respect to their complaints involving Mis-sold’s in PCP. Our team has a background of involvement in all sides of mis-selling cases, and hence will make it easy to guide you through the processes.
Client Centered Solutions.
Witnesses and other primary evidence can be beneficial in seeking fair compensation alongside our clients’ needs. Legal Assist takes care of your case from the very beginning until you see the pleasing end results, regardless of how many files and negotiations are needed to secure appropriate compensation.
Services on a Not So Always Considered Basis.
There are a plethora of reasons why Legal Assist is probably the best law firm in not only the representation of clients but the success in achieving the desired outcomes. Legal Assist operates on a no-win, no-fee basis, which means there is no upfront payment till there are tangible outcomes.
Common Mistakes That Should Be Avoided When Making a PCP Claim
Not Seeking Professional Guidance
The complexities surrounding the cases of mis-selling often need legal intervention on behalf of the claimant so as not to waste time and chances of getting compensation.
Overlooking Time Bar
Time limitation is a reality in many Pcp claims and therefore if you believe you have any claim, do not wait for six years and do not undo any delay.
Conclusion
It is often said that it is better to avoid entering into an agreement than to enter into one that is mis-sold to you. Mis-sold PCP is one of those agreements that can cause unexpected costs when terms are hidden from the owner or terms are manipulated. But in the event of treating that’s unjust, one has the right to claim. The stress related to theN process can be enhanced and reduced while the chances of success in making a claim can be enhanced i.e. Legal Assist or similar professionals. The point to remember is that this is not a process that can be taken on the claimant alone. No matter how complicated or intricate the matter is, once a professional team is in place, the chances of getting a fair outcome increase tremendously.
FAQs
What is the maximum amount that I can claim back in a case involving pcp mis-selling?
There is no fix amount as it is however dependent on each case but in most cases it will include refunding the monthly payments made, there will also be balance waivers apart from that some additional amount may be paid even.
What is the deadline for submitting a PCP complaint?
Normally, after the signing of a contract or the event of mis-selling, you can file your claim for six years.
Am I required to engage lawyers for the PCP claim?
No, you don’t have to, but if you work with firms like Legal Assist the chances of winning the case may improve and there will be a smooth process.
What if I don’t have the vehicle any longer? Will it prevent me from making the claim?
Yes, you can claim even in the absence of the vehicle at the moment as long as it is assume that there was a mis-sale of the PCP.
What if I was not informed by my dealer of their commission; can I make a claim?
Yes, this is a frequent situation which pertain towards the frustration of the deal and therefore is a major reason for the claims.
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