Absolutely, you can submit claims for more than one car if you were misled in multiple PCP or HP agreements. However, keep in mind that the rules and processes may differ for each vehicle, depending on the details of the agreements and any legal precedents concerning those misrepresentations.

We handle your case on a No Win, No Fee basis. We will only be compensated if the claim is successful. This aligns our interests with yours, demonstrating our confidence in our ability to secure a positive result. In the event of a favourable result, our billing structure entails a nominal deduction from your compensation.

The most straightforward answer is that it varies. The compensation you could receive depends on several factors, including the amount you paid, the specifics of the contract, the lender involved, and the interest rate charged.

One of the earliest successful claims involved a borrower who financed 100% of the car, paying an interest rate of 5.5%. Over the course of the five-year agreement, the borrower paid a total of £2,095 in interest. It was later revealed that the financing bank was offering similar loans at a significantly lower rate of 2.49%. As a result, the bank was instructed to refund the borrower £1,147 for the excess interest charged.

The Financial Conduct Authority (FCA) is currently conducting a thorough investigation into PCP and HP contracts. This involves placing a pause on the 8-week deadline that finance providers have to respond to complaints that involved discretionary commission arrangements. Whilst consumers can still complain to their finance provider, the provider will not have to respond to their complaint until June 2025, at the earliest.

Following this, any eligible claims will likely be processed within three to six months. It is advisable to initiate your claim as soon as possible. Compensation will be paid in the order in which claims are received. By registering early, you will benefit from priority in the queue, which is especially important given the likely backlog lenders will face. If you would like to know more, please refer to the FCA’s website.

DCA or also Scaled models is where the lender would set a minimum APR or fixed interest rate then the dealer or broker could increase that percentage which would increase in most cases the amount of commission they earned, these practices where banned from January 2021, this means millions of people across the UK could have overpaid substantially on car finance agreements between 2007-and January 2021. Start your check today and see if you were affected.

Not all lenders offered either a DCA or scaled commission models and not all finance agreements where affected, please message our team with the name of the lender and we will let you know if you could be affected.