PCP Car Commission 6 July 2022 at 3:36PM in Reclaim bank & credit card charges 3 replies 374 views

Tent30

Hi - just wondering if anyone has had experience with My Money Advisory - not to be confused with My Money Advisor - in respect of claiming for mis-sold PCP car finance and undisclosed commission.  I'm just wary about the information they want and it seems that I am to be paid back a significant amount of money but it will take 6-12 months for the money to be repaid???

MalMonroe

How much will My Money Advisory take for helping you? Can't you just do it for yourself and save a fee?

If, as you say, you are wary about the information they want, then I'd advise to go with your instinct, think of it as a red flag and be very cautious indeed. They are probably only after what they can get out of you. Have they told you that you are to be paid back a significant amount of money? What is that amount? Don't let yourself be misled by this company as well as by the loan company. 

Things like this you really can do yourself. In fact, there's some great info and help in the link below from this very site, tells you how to reclaim mis-sold car loans for free. 

https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

My advice about that company, for what it's worth, would be - don't do it.

I particularly don't like the way they have chosen a name far too close to another company's name for starters, in an obvious attempt to deceive people.

[Deleted User]

Oh enough with this grifting - these firms are lying to you. There was no "undisclosed commission" ban, you were not entitled to know the commission as it was a commercially sensitive decision.

If they're using the lie about kickbacks to get you on a higher loan rate, how are you going to prove they deliberately did this or that they could have given you a lower rate?

These claims firms are hoping they can throw loads of mud and get some to stick with an auto-pay like with the lies about diesels.

The rules were changed in July 2020 on commission linked to interest (and became effective January 21) , they were not retrospective, even if you could prove they gave you a higher rate of interest (which you can't), it wasn't banned therefore nothing to "claim"

penners324

You won't get pcp commission refund. It's a scam