You could be owed on average £829 per car finance agreement
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Finance
PCP motor vehicle finance secret undisclosed commissions
Before November 2024, when a consumer purchased either a new or used car from a motor dealer, they would invariably be asked if they wanted financing using a Personal Contract Purchase (PCP).
Crucially both the lender and broker or motor dealer failed to disclose:
- That the interest rate being charged was actually being determined by the broker or car dealer itself.
- That the interest rate quoted was often significantly higher than if contacting the lender directly.
- That the difference between rates was being kept by the broker or dealer as a secret commission.
If you believe your PCP may have been subject to a discretionary commission arrangement (DCA) claim, you may be owed on average £829 per claim in compensation.
Important Information
Consumers may be eligible to claim compensation through the FCA's redress scheme free of charge. You can refer it to the Financial Ombudsman Service yourself for free. You do not need to use a claims management company to submit a claim. Our service is optional and is designed to support customers who would prefer assistance with the process.
Principal reason for making a claim
One of the main reasons you may be entitled to redress is that the lender did not fully disclose to you the details of the commission they were paying the person who sold you the car, or the dealer/broker who introduced you to the lender.
Other reasons you may have a claim:
How to make your claim through us
Step 1
Use our online check to see if you're eligible to make a claim.
Step 2
If it looks like you may have a PCP claim we will submit one on your behalf.
Step 3
Wait for the outcome.
Step 4
If you have a claim or complaint, get the compensation you deserve.
Our services
With Claim Smart you can expect:
No-Win No-Fee
We operate on a no-win, no-fee basis. There are no upfront costs for you to pay.
Expert Guidance
Our experienced team specialises in mis-sold PCP finance agreements.
Personalised Support
Clear communication and personalised support at every stage.
Cutting-Edge Technology
We embrace the latest technology for a seamless claims process.
Efficient Resolution
Our goal is a swift and favourable outcome for your claim.
Our Fees
Frequently asked questions
Up to November 2024, motor dealers and brokers failed to disclose that the interest rate you were being charged was being determined by the broker or car dealer itself, and that this rate was often significantly higher than if you had contacted the lender directly. The difference was kept as a secret commission.
Key Information
No Win, No Fee
We work on a 'No Win, No Fee' basis which means you pay nothing unless your claim succeeds. A fee of 18–36% (including VAT) applies only on successful claims, and a cancellation fee may apply after the 14 day cooling off period.
About Your Choices
Please be aware that you can make a free motor finance mis-selling claim directly with your lender, through the FCA redress scheme, or via the Financial Ombudsman Service. We can do the work for you, but you do not need to use a claims management company or law firm. To read more information on the facts referenced on this website, see the FCA's car finance complaints guidance.