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PCP Refund Timelines: How Long Do Car Finance Claims Take?
This guide outlines the expected timelines for PCP refunds, detailing each stage from claim submission to payout. It explains common delays, including lender disputes and missing documents, while also offering practical tips to speed up the process. Readers will learn how long a refund on car finance typically takes, what factors affect processing times, and how to track their claims effectively.
What Is PCP Car Finance? A Complete Guide to How It Works
PCP (Personal Contract Purchase) is a flexible car finance option that allows you to drive a new or used car with lower monthly payments. Unlike Hire Purchase (HP), you only pay for the car’s depreciation value, with the option to return, trade in, or buy the car at the end of the agreement. In this guide, we cover how PCP works, its pros and cons, and how it compares to HP financing.
Filing a Claim for Settled Car Finance Agreements: Is It Possible?
Many consumers assume that once a car finance claim is settled, they cannot recover any compensation. However, under certain conditions, refunds may still be possible. This article explains eligibility for reclaiming mis-sold car finance, the required evidence, and what to do if your claim is disputed.
Mis-Sold PCP Car Finance Refunds: Average Payouts and Success Stories
Mis-sold PCP car finance agreements have led to thousands of UK consumers claiming compensation. This article explains how PCP refund amounts are determined, presents car finance refund success stories, and offers guidance on maximising your payout. Learn how to check your eligibility using a car finance refund checker and avoid common pitfalls in the claims process.
Close Brothers Sets Aside £165 Million for Car Loans Commission Scandal
Following a landmark ruling in 2023, lenders, including Close Brothers, are facing pressure to compensate consumers mis-sold car loans with undisclosed commissions. With the total industry-wide compensation expected to run into billions, Close Brothers is taking steps to strengthen its financial position, while also acknowledging the uncertainty surrounding the final costs.
What to Know About Recovering Car Finance Compensation for Mis-Sold Deals
Many borrowers are unaware they have been mis-sold car finance until it is too late; hidden fees, unanticipated balloon payments, and unjust interest rates abound. Sometimes lenders and brokers overlook important information, which results in you spending more. How would you find out your arrangement was unfair? And should it be such, what then can you do?
Major Lender Santander UK Sees Profits Tumble 38% Amid Car Finance Mis-Selling Fallout
In 2024, Santander UK's pre-tax profits fell 38% to £1.3bn, with revenues dropping 10% to £4.7bn and net interest income declining by 7% to £4.3bn. The downturn is largely due to mounting costs linked to a car finance mis-selling scandal, which has forced the bank to set aside £295m for potential compensation claims. Recent court rulings have broadened the scope of eligible claims, adding further strain to the sector.
Understanding Compensation for PCP Mis-Selling
Many UK drivers were deceived into unfair PCP agreements, overpaid owing to hidden commissions, too high interest rates, and concealed costs. Those impacted can now seek PCP compensation as the FCA bans discretionary commissions in 2021. This guide covers the claims process, eligibility rules, and mis-selling signs. Find out how to confront lenders, lower outstanding debt, and recoup hidden fees.
Choosing the Right PCP Claims Company: What to Look For
Dealing with a mis-sold PCP agreement can be overwhelming. This guide provides expert advice on selecting the best PCP claims company to ensure your case is handled with professionalism and transparency. Gain insights into identifying hidden fees, understanding your rights, and managing the claims process with confidence. Choose the right partner to secure the compensation you are entitled to.