Have you bought a new car on a Personal Contract Plan (PCP)? If so, you could have been mis-sold your car loan. Contact us today and let us investigate the possibility of potential compensation for you on a no win no fee agreement*

What is PCP and how does it work?

  • Deposit

A PCP deal is basically a loan to help you get a car. But unlike a normal personal loan, you won't be paying off the full value of the car and you won't own it at the end of the deal (unless you choose to). The deposit (usually around 10% of the cars price).

  • Monthly Payments

Monthly repayments are dictated by the length of the term of the plan, deposit, amount, annual mileage, and the cars total value.

  • Final Payment

At the end of the agreement there is an optional final payment, this is a pre agreed figure which is determined in the PCP contract prior to starting the agreement, this figure is set out by the finance company which predicts the cars worth at the end of the agreement.

Drivers who have bought cars using a type of finance deal from a dealer are being warned they might have fallen victim to a new type of mis-selling scandal

This is according to the National Association of Commercial Finance Brokers (NACFB), which says that many buyers could have had the wool pulled over their eyes by car dealers.

Have you been mis-sold?

Was the PCP contract properly explained? Were you aware of such consideration such as balloons payments, extra mileage charges and that you would not own the vehicle until all sums have been paid?