You could be owed up to £4,000
in Motor Finance Compensation

You could be owed up to £4,000 in Motor Finance Compensation

If you used PCP or Hire Purchase from 2007 to 2021, you may have paid hidden commissions. Start your 60-second claim today!

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Just 3 Steps to More Justice

Follow these easy steps to get the compensation you deserve and hold the companies accountable for mis-sold PCP agreements.

No Win, No Fee Guarantee*

We operate on a no win, no fee basis. If we don't win, you pay nothing.

Average Refunds of £4,000*

Clients recover an average of £4,000. You could be entitled to a refund too.

Mis-sold Interest Rates

Paying too much due to misleading rates? We'll help you get it back.

Dont miss out! you could be owed *£4,000

You could have one of the *22Million effected agreements. *£33Billion is being paid out to people who have had PCP over the next 2 years.

How Do You Know If Your PCP Was Mis-Sold?

If any of the following statements apply to you, you may be entitled to thousands of pounds in compensation from a PCP claim:

The finance company did not inform you about any sales commissions.
The finance company disclosed that they received a commission but did not specify the amount.
You paid a high interest rate on your PCP finance.
You purchased a car through a PCP deal within the last *7 years.

FAQs

What is PCP?

Personal Contract Purchase (PCP) is effectively a personal loan which allows drivers to spread the payments for a vehicle over a long period, typically two or three years.
However, unlike a normal personal loan, you won’t be paying off the full value of the car and you won’t necessarily own it at the end of the dea, unless you choose to pay the final balloon payment.
PCP is one of the more complex financial products available to help you buy a car, but it can be broken down into three main parts: the deposit, the amount you borrow and the balloon payment.

How do i make the claim process as quick as possible?

The more details you can recall about your agreement, the more likely it will be that the finance company can locate and verify you against their systems promptly.
This will also help avoid requests for further information which can delay a decision being made.

Why do dealers offer PCP finance?

Dealers use PCP finance to draw in people who want to change their car every few years. *73% of new cars in 2014 were bought using PCP, making it the most prevalent financial product in the market.

What if i don't have the paperwork to make a claim?

It is mandatory for car finance companies to keep records of all their customer’s transactions and dealings for at least 6 years.

Can i still make a claim without my paperwork?

If you paid off your Finance Deal more than 6 years ago, there may not be any available paperwork for you.
However, there have been cases in which claims have been made against cases of mis-selling over 20 years ago, often without paperwork.

Why is the mis-selling scandal only now coming to light?

The misconception around car finance is that the product being sold is a car.
This is only partly true. In fact, the main product that is being sold is a financial product which is a loan.
The car is a red herring that has deflected the public eye away from this sector of credit broking meaning it has not been under as much scrutiny as, say, mortgages.
The concept of PCP itself is also relatively new.

How much will i have to borrow?

The amount you will have to borrow is based on how much value the finance company predicts the car will lose over the term of the deal (usually 24 or 36 months) minus the deposit you’ve put down.
You will pay this amount off during the deal, plus interest.
So, you are not paying off the full value of the car. Typical annual percentage rates (APRs) start from around 4%.

Could you be entitled to receive compensation?

Our expert panel covers various different products and provides all clients with the best possible outcome to their claim.

Our check is 100% free. Once we present the results of our assessment we will make a suggestion to you from our panel of Solicitors, but your are under no obligation to proceed. Our Solicitors work on a no win no fee basis which may include Legal Expenses and cancellation charges for any claim cancelled after the 14 day cooling-off period. You will have the chance to review the Solicitor paperwork once we complete our initial work and identify a valid claim. We may receive a referral from your Solicitor, but you do not need to pay us anything.

You do not need to use a claims management company to make a claim for compensation. It is possible for the customer to present the claim themselves for free, either to the person against whom they wish to complain or to the relevant Financial Ombudsman Service (FOS) or the statutory compensation scheme (FSCS).

When a claim is referred to a 3rd party (e.g. a law firm), fees will be charged at no more than 30% + VAT. The respective fee will always be clearly outlined to all clients at the time of referral and the client will be given the opportunity to decide whether or not to proceed on that basis.

To read more information on the facts referenced on our website you can go to this article on the FCA’s website https://www.fca.org.uk/consumers/car-finance-complaints

**At Reclaim My Money we will charge you a fee based on a sliding scale from 18%-36% (inclusive of VAT) of your compensation. We will charge a termination fee if you cancel your agreement with us after the cancellation period. Please read our Terms and conditions for more information.

Reclaim My Money Ltd is a claims management company trading as claimsmart.uk authorised by the FCA (FRN934965). We charge a fee of 18–36% (inc. VAT) of your compensation. Using our service does not guarantee a faster or better outcome. You can claim directly through your finance provider or the Financial Ombudsman Service.

*the £4,000 figure is based on each claimant having 2 car finance agreements between 2007-2021.