PCP car finance clients may have to brace themselves for the onslaught of claims management companies asking them to claim large sums of compensation for their PCP car finance packages
Claims management companies and solicitors have banded together to test the miss selling of PCP car finance deals and with more then a million PCP car finance deals completed in the UK last year this seems like a lucrative opportunity for the all involved barring the finance companies.
The possible claims and current investigations. are based on the assumption that PCP clients were incorrectly informed regarding the higher interest rates charged for PCP finance and the amount of equity in the vehicle
Banks are now on thew whole administering PPI cases in house which means the claims management companies handling PPI claims are looking for new options. The Miss-selling of PCP car finance as with ppi relates to seller giving bad or incorrect advice at the point of sale. With PCP being a product available for both new and used cars you can see that the market is huge
The next aricle on this site will outline some points for PCP clients to look at and determine if they think there finance has been miss-sold and how to initiate a PCP car finance cliam.