PCP mis-sold

kazkam42

Willguilfoyle said:

Has anybody tried to reclaim mis-sold PCP deals? I am currently starting the process and have been told I am due £10k plus in compensation for one of my previous cars? I have had other cars to which are eligible for the compensation. Almost seems to good to be true? 

The only sting if it is genuine like PPI, is the company I have enquired with take a whopping 35%!!! Of the claim value. Has anyone got any information on this? And how easy is it to do by myself without the massive commission 

thanks 

I am going to try making a claim myself. If all these firms are doing it there is some mileage in it and no reason why a claim cannot be made by us as client ourselves. Firstly I will be requesting Data Subject Access Request and from there a claim for non disclosure of commission and mis-representation can be made. If it falls through then the next step is to take the claim to the Financial Ombudsman. I will also inquire with the Legal Expenses cover within my home contents cover to see they can represent me. I contact a PCP claim firm who state "No Win No Fee" but the small print in their contract states that I would be liable for all sorts of fees. 

DrEskimo

kazkam42 said:

Willguilfoyle said:

Has anybody tried to reclaim mis-sold PCP deals? I am currently starting the process and have been told I am due £10k plus in compensation for one of my previous cars? I have had other cars to which are eligible for the compensation. Almost seems to good to be true? 

The only sting if it is genuine like PPI, is the company I have enquired with take a whopping 35%!!! Of the claim value. Has anyone got any information on this? And how easy is it to do by myself without the massive commission 

thanks 

I am going to try making a claim myself. If all these firms are doing it there is some mileage in it and no reason why a claim cannot be made by us as client ourselves. Firstly I will be requesting Data Subject Access Request and from there a claim for non disclosure of commission and mis-representation can be made. If it falls through then the next step is to take the claim to the Financial Ombudsman. I will also inquire with the Legal Expenses cover within my home contents cover to see they can represent me. I contact a PCP claim firm who state "No Win No Fee" but the small print in their contract states that I would be liable for all sorts of fees. 

Perhaps the fact so many firms are doing it is because they will jump on to anything where they think they can draw in as many people as possible with little to no care about whether there is 'mileage' in it, as they will make money off all the suckers customers that sign up whether they win or not....

Best of luck with your claim, but don't take the fact that 'loads of firms are doing it' as some sort of indication that it must be worth doing.

[Deleted User]

KitMunki said:

It would appear that companies failed to disclose the level of commission they received for selling the loan. If you speak to a mortgage broker they disclose their commission. As such you are an informed buyer and aware of what they earn. By failing to disclose that commission it becomes a secret payment. And you as a customer are not aware you have been sold a higher rate of interest because it pays better commission. As such you overpay unknowingly. That is mis-selling as you are paying more than you should be due to undisclosed commission. 

A lot of PPI claims were also down to the fact that the ‘insurance’ wasn’t actually as good as advertised. 

There is no requirement for lenders to disclose commission, that isn't miss-selling. PPI is nothing to do with PCP

sourcrates

Nebulous2 said:

The_Fat_Controller said:

Austin Aggro, a wonderful vehicle, especially with the QUARTIC steering wheel.

I had several Allegros at the same time. Occasionally I managed to achieve a magical combination of parts which gave me one functional car. 

Most notable problem was an under bonnet fire which took out the wiring. I had to buy a wiring loom from a scrappy and fitted it with the help of my father in law.

You couldn't do that on a modern day car! 

It was the hydro gas suspension that did it for me, pumped mine right up, well top heavy it was, the car was lime green to boot ha !!

sourcrates

OP, there are lots of claims management companies out there, and up until a short while ago, PPI claims were keeping them all in business, now that boat has sailed, they must find new avenues of opportunity.

They are simply looking for new leads to profit from, virtually any business deal can be challenged in the courts if there is the slightest hint of wrong doing, every case taken has at least some chance of success, they are simply doing the rounds, looking for work.

There is no particular precedence set, as yet, that any of these cases will be successful, they take a risk that the matter will be settled on an out of court basis, rather than face a judge, so no evidence ever has to be shown.

So if your happy to give away 35% of your claim, then go ahead, your alternative is to write to the company concerned yourself, stating the reasons why you think you were mis-sold your PCP, and you may get the matter resolved on a similar basis.

If a court were ever to rule on this, it may put a stop to this frivolous practice, as it costs all of us more money in the long run, until that happens, the gravy train continues.

Roofeo88

Hi there,

I would be interested to know anyone's thoughts on the original thread in this group

@Willguilfoyle. 

I have been considering the same, i have been approached by what seems like a reputable firm (base don my research). However my concern before proceeding, is that they need ID, which is fine, they also need my National Insurance number. they also require me to have a soft credit check done to prove its me, this is apparently due to them taking out an insurance policy to cover the cost of the claim if unsuccessful (no win no fee) and then i am not liable. Whilst I can see the logic in this, it concerns me that i would need to have this done on me? the cost of the premium comes out of the 35% fee out of whatever the claim value is at the end (i have been quoted that my claim will be worth £6k after there fees. 

With everything that is out there in today's world, by way of scams, i cant help but think if it might be scam, however the Firm is reputable

Any thoughts would be greatly appreciated on the overall info in my post, but also if anyone else has had to do the same for a NWNF claim before (insurance policy being taken out linked to the claimant?

Thanks 

[Deleted User]

Insurance policy is needed because they know there is little chance of success and need to cover their fees 

These policies were not miss-sold on the basis that the dealer gets commission for selling you a PCP plan (in other news, the Pope in Catholic) and adding nonsense due to the PPI gravy train expiring.

What grounds do you have for miss-selling? That someone earned some money for doing their job?

Tyler666Max1

Willguilfoyle said:

redpete said:

Willguilfoyle said:

Has anybody tried to reclaim mis-sold PCP deals? I am currently starting the process and have been told I am due £10k plus in compensation for one of my previous cars? I have had other cars to which are eligible for the compensation. Almost seems to good to be true? 

So you've had several cars on PCP, presumably the experience was not so bad otherwise you wouldn't have repeated it more than once, yet you think you should be compensated for it?

redpete said:

Willguilfoyle said:

Has anybody tried to reclaim mis-sold PCP deals? I am currently starting the process and have been told I am due £10k plus in compensation for one of my previous cars? I have had other cars to which are eligible for the compensation. Almost seems to good to be true? 

So you've had several cars on PCP, presumably the experience was not so bad otherwise you wouldn't have repeated it more than once, yet you think you should be compensated for it?

Lots of people got compensation for PPI that they didn’t even know they had? 

If some organisation has mislead/ lied about commission for there own personal gain surely they should be held accountable in the only way that they care about £££ 

I agree. taxes are also the problem. 

[Deleted User]

Tyler666Max1 said:

Willguilfoyle said:

redpete said:

Willguilfoyle said:

Has anybody tried to reclaim mis-sold PCP deals? I am currently starting the process and have been told I am due £10k plus in compensation for one of my previous cars? I have had other cars to which are eligible for the compensation. Almost seems to good to be true? 

So you've had several cars on PCP, presumably the experience was not so bad otherwise you wouldn't have repeated it more than once, yet you think you should be compensated for it?

redpete said:

Willguilfoyle said:

Has anybody tried to reclaim mis-sold PCP deals? I am currently starting the process and have been told I am due £10k plus in compensation for one of my previous cars? I have had other cars to which are eligible for the compensation. Almost seems to good to be true? 

So you've had several cars on PCP, presumably the experience was not so bad otherwise you wouldn't have repeated it more than once, yet you think you should be compensated for it?

Lots of people got compensation for PPI that they didn’t even know they had? 

If some organisation has mislead/ lied about commission for there own personal gain surely they should be held accountable in the only way that they care about £££ 

I agree. taxes are also the problem. 

No-one got PPI refunds for PPI they didn't know they had as they all knew they had it. PPI miss-selling was undoubtedly a problem but everyone who had it, signed up for it on their credit agreement and/or would have seen it on all their statements. It was a claims company myth that it was hidden or added without people's knowledge

Borders2017

you weren't miss-sold

you are just greedy

and a greedier company want some of the cash if they win a case.

simple