PCP Claim - Cheque for Interest Rebate - Full and Final Settlement

Delllaptop73

Hi Guys,

I went through the process to send a number of PCP claims to various car finance companys that I had used over the years.

One has sent a letter with a chque, stating that "It has come to our attention that when you settled your agreement, we made an error in the calculation of the interest rebate." There is absolutely no reference to the PCP claim, but a very clear statement that says "Provided to you in full and final settlement of your claims in relation to this settlelment calculation error" and so I called the provider and asked if this letter and cheque was actually in relation to my PCP claim and was told "Yes it is".

This seems to be an underhand way to force individuals that may not be aware of this nuance into accepting a claim that may not represent that actual full amount that may actually be claimed.

I am planning to email the company and request full details of the terms and considtions, the total amount paid under any "discretionary commission arrangements" to see what they come back with.

Incidentilly, I also sent claims for my wife too and she has received an identical letter, ablbeit for a different amount.

Any views or comments welcome.

Thanks.

dunstonh

One has sent a letter with a chque, stating that "It has come to our attention that when you settled your agreement, we made an error in the calculation of the interest rebate." There is absolutely no reference to the PCP claim, but a very clear statement that says "Provided to you in full and final settlement of your claims in relation to this settlelment calculation error" and so I called the provider and asked if this letter and cheque was actually in relation to my PCP claim and was told "Yes it is".

This has happened a fair few times.   When you make a complaint, they are required to check all aspects and not just the bit you are complaining about.

This seems to be an underhand way to force individuals that may not be aware of this nuance into accepting a claim that may not represent that actual full amount that may actually be claimed.

No its not.   They found an extra issue and have dealt with it.  It closes the complaint in respect of that extra issue but not DCA.

I am planning to email the company and request full details of the terms and considtions, the total amount paid under any "discretionary commission arrangements" to see what they come back with.

They are not required to tell you and its unlikely they will act on that whilst the complaints process on DCA is closed until late 2025 (and possibly into 2026 or 2027).   And that assumes you had DCA and if it was negative (rather than positive or neutral).

Any views or comments welcome.

Bottom line is that your DCA complaint is still outstanding and will remain so until the FCA report is completed.

This refund is a nice little extra on an unrelated subject and nothing to do with DCA.

Nasqueron

Bank the cheque, wait for the DCA process to finish at the FCA and see if you were entitled to anything extra. They are mutually exclusive, you just got lucky they found an error in process - DCA may well amount to nothing so firms paying out now to make you go away would be pointless as they'd be wasting money.

lesfw

Hi, I have been trying to find a company who will deal with a claim re PCP on behalf of my late husband. I am the executor of his estate and have probate. The companies I have contacted will not deal with this claim yet I am aware the Government web site clearly states that this is within the agreement. Can anyone recommend a company that would take this forward?. Thanks

dunstonh

Hi, I have been trying to find a company who will deal with a claim re PCP on behalf of my late husband.

Why would you want to do that?
The process is free of charge and you don't need to pay a third party.

Can anyone recommend a company that would take this forward?

You won't find anyone here recommending a freeloading ambulance chaser for this.  It just isn't required.   Anyone using third party companies is just a fool.       There is some hope that the FCA will be taking ambulance chasers out of the equation with the proposed Section 404 redress scheme, as that could shut down any complaints made prior to its report and the scheme being implemented.