Were you mis-sold financial insurance by your financial advisor?’ is the first question that comes to mind when you consider applying for PCP claims.

Frankly, only a few people know their eligibility when it comes to the claim they apply for and that is ok because it’s not the claimant’s job to confuse themselves with all this information.

This is why we are here to give all the information about PCP claims and also find out if you are eligible for a PCP claim or not.

Understanding PCP Car Finance and PCP claims

First of all, it is crucial to understand how it all began and be attentive as what we are about to say might sound familiar.

PCP car finance was a complex but effective way to purchase a car back then. All you had to do was purchase a vehicle through your car finance dealer, pay through monthly payments, and at the end, a balloon payment which would give you complete ownership of the vehicle.

However, in 2019 the FCA concluded an investigation into this insurance plan and discovered that the PCP works in the worst interest of its consumers.

In several ways, the PCP car finance has misguided the consumer into subscribing to a plan that resulted in a massive loss of income.

So let’s see how exactly the car dealers mis-sold you the PPC and if you are eligible for PCP car finance claims.

Understanding the Fraud and its treatment?

Here is how the financial advisors tricked and mis-sold their customers,

Secret Commissions: Car finance dealers were accused of paying secret commissions to their car dealerships and salespeople. According to the law, all the secret commissions should be disclosed to you and written on your agreement but they were not.

High-Interest Rate: The secret commissions resulted in the customers paying more money due to higher interest rates, and the financial advisor made more money because of it.

In certain circumstances, car dealers had the upper hand when it came to dictating the commission and interest rates they wanted to impose on the buyer.

Incomplete Information: A car dealer is obliged to give you correct information that helps you make a sensible decision. Poor car dealers, do not take the time to carefully teach you about the different merits of the deal you are getting, they end up doing the complete opposite.

Unregulated Brokers: Unregulated brokers are the ones who are not directly under the FCA and they most likely use this to their advantage by bending the agreement in their favor.

Your dealers must run important checks on your financial state. This helps the dealers provide you with realistic options for affording a vehicle. But the dealers who mis-sold PPC, often leave the credit check out and even add in extra fines and fees which puts more burden on the consumer.

We hope that after reading this, you have a slight idea if you were mis-sold a PCP claim. Now let’s look at how Legal Assist which is a PCP claims company, can get you compensation for your financial loss.

Legal Assist PPC Support

Legal Assist has an expert panel that governs hundreds of PCP claims cases every week. With our experienced legal experts with 10+ years of professional experience, we will ensure that your case is as strong as it can be and that it helps you claim healthy compensation.

From the get-go, we will offer you a dedicated legal expert, who will guide you on the next steps as well as help you understand all the legal intricacies of the case.

So what are you waiting for? Contact Legal Assist today for your PCP finance claims and get compensated.