PCP Car Finance Mis-selling

Tidge68

Recently commenced an enquiry on PCP mis-selling, 'owned' a certain German manufacturer's car since 2007 renewing every 3-4 yrs on PCP which always bothered me in terms of charges, mileage etc. I have been told that I am owed aprox. £13k on 2 agreements (you can only go back a certain time) which are made up of 1. unfair APR rate charged, 2. 'Secret commission' between lender and dealer based on what they can 'get away with'. The claim is on a 'no win no fee' basis where the costs are covered by After the Event insurance and the legal firm can take up to 35% of the amount.

My question to MSE and the forum is, is this the next PPI and is the process familiar and above board? be interested to hear of any experiences so far. I have not noticed and posts so perhaps many could be helped by this post.

Thanks in advance, onwards and upwards!

bazzyb

Why did you agree to the rate if it was unfair?  

There have been a few mis-sold PCP threads popped up lately but generally people who are saying they have been mis-sold don't really know why they have been mis-sold...

[Deleted User]

You should have been charged the rate you agreed to. 

If that wasn't the case, you should make a complaint and receive redress for the difference. How did your advisor come to the figure of 13k? That's a lot of interest.

k3lvc

So you're going to pay for an insurance policy on which your claims company no doubt earn commission (out of interest do they declare how much or are they really so hypocritical ?)

All you're doing is placing a bet with completely unknown outcome (and one would suspect the odds are stacked firmly against you)

Assuming you can explain clearly why you've been mis-sold then you make the claim yourself at much lower cost and you'll retain the full payout

Keep_pedalling

Deleted_User said:

You should have been charged the rate you agreed to. 

If that wasn't the case, you should make a complaint and receive redress for the difference. How did your advisor come to the figure of 13k? That's a lot of interest.

£13k is the nice juicy (made up) worm to get you to swallow the compo merchant’s hook. 

Grumpy_chap

Tidge68 said:

Recently commenced an enquiry on PCP mis-selling, 'owned' a certain German manufacturer's car since 2007 renewing every 3-4 yrs on PCP which always bothered me in terms of charges, mileage etc. I have been told that I am owed aprox. £13k on 2 agreements (you can only go back a certain time) which are made up of 1. unfair APR rate charged, 2. 'Secret commission' between lender and dealer based on what they can 'get away with'. The claim is on a 'no win no fee' basis where the costs are covered by After the Event insurance and the legal firm can take up to 35% of the amount.

My question to MSE and the forum is, is this the next PPI and is the process familiar and above board? be interested to hear of any experiences so far. I have not noticed and posts so perhaps many could be helped by this post.

Thanks in advance, onwards and upwards!

1. What APR did you pay and what APR do you think you should have paid?
2. What was the "secret commission" and why do you think it would have changed the amount you actually paid?  Somehow, the car dealer has to be paid a fee for selling the finance product.

The_Fat_Controller

@Tidge68 if you were bothered about charges and mileage, why did you keep renewing every 3-4 years ?

Best of luck with your fishing expedition and if they hook YOU make sure that there is no fee to get off that hook as some who started and subsequently abandoned PPI claims have found to their cost.

superbigal

Have you had an accident also in the last 5 years ?

I tripped over the cat once but the compo company did not take me on.

mcpitman

Laughable, completely laughable.

What is this firms name?

Ebe_Scrooge

A few weeks ago my little lad fell off his bike, causing a big rip in the knee of his trousers and a badly grazed knee.  I feel that Halfords was grossly negligent in selling such a dangerous piece of machinery that is patently not suitable to be used by a child.  I feel that I am entitled to compensation both for the damage to his jeans, and for the immense and long-lasting psychological stress caused to my son.  Halfords are denying any responsibility - are there any firms that specialise in these type of claims that anyone can recommend?

nowhereboy

The OP asked a question, naive or not I see no need for sarcasm and witty responses. 

I see this place hasn’t changed much in the year I’ve been away....