Car finance reclaim

Mrbowie

Hi I bought a car around Dec 2009 my memory is a sketchy but I know we took out finance for about £3K the dealer used clydesbank? who I think used barclays. Last year I seem to recall getting a letter from barclays saying they owed me 37p or something like that but it wasn't worth the phonecard to ring them and claim it. Do you think I've got a chance of getting anything back? Thanks

dunstonh

Mrbowie said:

Hi I bought a car around Dec 2009 my memory is a sketchy but I know we took out finance for about £3K the dealer used clydesbank? who I think used barclays. Last year I seem to recall getting a letter from barclays saying they owed me 37p or something like that but it wasn't worth the phonecard to ring them and claim it. Do you think I've got a chance of getting anything back? Thanks

Nothing in your post suggests you are one of the people affected or not.
At this time, we await the FCA report (due September) which will set out the FCA's view and what process will be put in place.   If the FCA decide there has been wrongdoing, then its likely you will start to see lenders publish whether they used discretionary interest or not.   Some have already started saying they don't.

Its early days and plenty of time and we will know more once the FCA publish their report.

Willyw89

Hi, I had a car finance deal with PCF bank in 2020 they are now in voluntary liquidation, 

Would I still be able to claim compensation on any mis sold finance? And how would I do that because I am already on a claim with a previous vehicle but the company I have used said they can't claim against PCF.

dunstonh

Willyw89 said:

Hi, I had a car finance deal with PCF bank in 2020 they are now in voluntary liquidation, 

Would I still be able to claim compensation on any mis sold finance? And how would I do that because I am already on a claim with a previous vehicle but the company I have used said they can't claim against PCF.

If a firm is in default then no.     It is unknown as to whether the FSCS step in.  I hope not as its not what the FSCS was introduced to do but it has been used that way sometimes in the past.     

You need to wait until the FCA publishes the report.

Nasqueron

Willyw89 said:

Hi, I had a car finance deal with PCF bank in 2020 they are now in voluntary liquidation, 

Would I still be able to claim compensation on any mis sold finance? And how would I do that because I am already on a claim with a previous vehicle but the company I have used said they can't claim against PCF.

If you read your contract and there is any free way to get out, then you should use it. The firm you have used use the same free complaint process you would have used and will have the same chance of success but will take probably 25% of any refund at the least