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How can we help you claim car finance compensation?

Many people have fallen victim to deceptive practices involving the mis-selling of PCP and HP car finance. If you have had hidden fees imposed on you, there is a possibility that you are eligible for compensation. Reclaim Finance are here to assist you in navigating the potential claim process. Our legal panel comprises professionals with a proven track record in successfully pursuing claims in the financial mis-selling sector.

Let us take the complexity out of making your claim

PCP (Personal Contact Purchase) claims and HP (Hire Purchase) claims can often be complex for a consumer, and we intend to simplify this as much as possible for you throughout your time with us. That’s why we’ve included some commonly asked questions which our team receive daily. These should cover the majority of your questions, but if you have any queries at all, you’re welcome to contact our team on 020 3002 0644, who will gladly cover any gaps in your knowledge. 

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.

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. The FCA aim to make markets work well for individuals, for business, large and small, and for the economy as a whole. This includes car finance which covers several types of financial products you can take out when purchasing a car.
Dealers use PCP finance to draw in people who want to change their car every few years. Around 80% of new cars you see on the road every day have been bought via a PCP deal, along with a growing amount of used vehicles too, making it the most prevalent financial product in the market.
It is mandatory for car finance companies to keep records of all their customer’s transactions and dealings for at least 6 years.
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.
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.
If you claim is rejected you may be able to escalate this to the Financial Ombudsman Service.
Compensation will vary depending on your original contract but most claims involving PCP agreements will be worth several thousands of pounds.
Claims will be made against the lender of the finance only. The broker of the PCP agreement is considered an agent of the lender so the responsibility is on the lender to ensure their brokers behave according to the standards set by the FCA.

People who have been mis-sold their car finance agreement can potentially claim thousands in compensation if they believe they have fallen victim to undisclosed or hidden commissions, lack of proper affordability checks or inflated prices and overcharges in interest. When you bring forward a claim, you can ensure that the finance agreement is ended, whilst also receiving compensation intended to put you back in the place you were financially had you not been mis-sold the finance agreement. This can equate to thousands of pounds.

If you purchased your car using PCP or HP finance between 2007 – 2020, then it is possible you may be eligible to claim mis-sold car finance compensation.

Rest assured, your car finance claim will be in good hands...

Our strong reputation is founded on our consistent delivery of results, allowing us to establish close collaborations with experts across the UK. This ensures that we can offer our clients the finest possible service. To initiate the process, we kindly request an initial time investment from you to provide our team with the necessary documentation.


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