Introduction
Have you ever felt cheated with the entire process of financing a car? You are not the only one. The personal contract purchase (PCP) agreements are now quite commonplace for car ownership but have left many people confused and frustrated. If you think that the dealer or lender has sold you this type of agreement without legal backing, you may get compensation for it.
Legal Assist aims to defend your rights and protect your interests. In this article, we will explain what PCP claims uk entails, and equally highlight the role of Legal Assist in such cases.
What Are PCP Claims?
PCP claims refer to legal grievances brought forth by a consumer who has a signed personal contract purchase (PCP) contract that they want to contest on legal grounds. Mis-selling occurs when a dealer or any other lender fails to present information that is useful and helpful as well as fair regarding pursuing such an agreement.
PCP claims facilitate consumer claims to recover losses or modify unfair terms.
Understanding PCP Agreements
Before diving into claims, let’s break down what PCP agreements are: The car loan structure consists of various elements, summarized below:
Initial Deposit
In most cases, the customer’s deposit will be anywhere from 10%-20% of the value of the car.
Monthly Payments
The car does not have to be paid for in full, but rather in equal payments that are made every month that accounts for the depreciation of the car.
Balloon Payment
At the end of the contract you can choose to do any of the following:
Pay off the car completely and take ownership of it.
Give back the car and not make any further payments.
Use it as a down payment on a different car.
Why PCP Agreements Can Be Betraying
As PCP deals may seem simple, they actually have numerous problems:
Extra Payments: Most clients have something called balloon payments that they are not even aware of.
Reduced Rate Terms: Dealers might have a commission which might alter the rate that they offer.
Un/a Credit Check Issues: Some individuals get approved for a participatory lease without actually undergoing an affordability assessment.
Overuse Of Legal Language: Selling language forms an understanding of the agreement text.
Indicators that you have been Shut out from a PCP Agreement
Don’t know whether you have a legitimate case? Here are several indicators that you should watch out for:
Poor Customer Service
Did they provide a complete explanation of the terms and conditions of the deal and all the costs?
Hidden Payments
Did you know that your dealer received a fee from a lender?
Saturation Of Credit posing an Unaffordable Situation
Did they conduct any credit checks before approving your finance agreement?
False Advertising
Did the lender create an expectation of a very low interest rate as well as low repayment periods?
The Consequence of Mis-Selling PCP Agreements:
There is a bigger picture that you have to be looking at whenever you are dealing with mis-sold PCP, that bigger picture is the big picture, the problem that goes beyond what you signed.
Stress On The Budget: Mis-sold contracts can include terms and costs that you simply were not prepared for.
Unjust Financial Situation: Proposals that seek to be an enticing fast payment option were misleading, forcing more than what was originally intended.
Emotional Toll: The stress induced by all the concealed terms can be quite severe.
How Can Legal Assist Help
We are good at what we do because we specialize in acting on PCP claims at Legal Assist. This is what we offer:
- Initial Consultation free of Charge
We will check your PCP agreement to see if it is worthwhile to go forward with the claim.
- Full Service
We can take care of all the aspects of your claim, from submitting documents to negotiating.
- No Win No Pay
If you’re concerned about costs, with Legal Assist it does not matter because you only pay after winning your case.
The Stages for Filing a Claim for PCP
It is a simple process to file a PCP claim. Just remember the following steps:Step 1: Assess Your Qualification
Read the crocodile letter of the agreement and see if there are any trouble spots.
Step 2: Call Legal Assist
Our team will assess your problem for free.
Step 3: Lodge Your Claim
We shall assist you in gathering the relevant documents and filing your claim.
Step 4: Be Patient
Wait for the solutions and let us do the hard work by negotiating on your behalf to get compensation.
What You Can Claim For
In making a PCP claim you may be entitled to the following benefits:Overpaid interest or fees may be refunded to you.
Funds lost as direct or indirect expenses may be compensated.
Unjust clauses or provisions may be altered.
Actual Examples of Successful PCP Claims
Case 1: Where Models and Explanations Were Hidden.
It turned out that one of the customers was paying high interests because of the dealer’s hidden commissions. We managed to get back £4,000.
Case 2: Terms that are Not Correct.
Another client was surprised by unexpectedly high balloon payments. We assisted them in being compensated as well as re-tendering their agreement.
PCP Claims FAQS
- Can I Still Make A Claim, Even When My PCP Agreement Has Elapsed?
Even in the cases where your agreement curtail is finite, you still have the opportunity to make a claim.
- How Long Is the Process and When Can One Expect Their Claim To Be Resolved?
3 to 6 months is the average timeline provided, however, things can vary depending on how complicated the case is.
- Will Making A Claim Such As This Impact My Credit Rating?
No, you do not have to worry about your credit rating going down as a result of making a claim.
- The Amount of Money That I Can Expect For The Compensation, What Is It?
Depending on the level or scale of the mis-selling, compensation can be in the form of refunds or alterations in finances among others.
- Why Should I Use Legal Assist?
Claiming is incredibly simple with us. We don’t charge for unsuccessful claims, so there’s no stress involved.
Conclusion
Don’t let mis-selling of PCP agreements prevent you from achieving your dreams anymore. For compensation needs, Legal Assist has you covered. We will protect you from excessive charges or unfair conditions at all stages of the process.
If you are ready to commence engagement with us, feel free to reach Legal Assist today and in case of concerns regarding your financial security, contact us again.