Over the past few weeks, discussions around mis-sold car finance have surged, notably with Martin Lewis spotlighting this pressing issue on his show recently. This blog post aims to demystify who’s affected, unravel the essence of mis-sold car finance claims, and guide you on how to determine if you’ve been impacted. Highlighting the finance companies under scrutiny, we illuminate how Great Claims stands ready to assist you through this complex landscape.

Who’s Affected?

Mis-sold car finance claims primarily involve individuals who’ve financed motor vehicles—cars, vans, campervans, or motorbikes—on agreements like Personal Contract Purchases (PCP) or Hire Purchase (HP), excluding leasing, before 28 January 2021. Should your finance agreement have commenced post-April 2007 and falls within these parameters, you may be entitled to unclaimed compensation. This encompasses agreements still in effect, concluded within the last six years, or possibly older agreements if the issue has only recently been discovered.

The Crux of Mis-Sold Car Finance Claims

At the core of mis-sold car finance claims lies the problematic practice of hidden commissions. It was revealed that dealers and brokers could inflate their earnings by selling costlier contracts, unbeknownst to customers. This often resulted in contracts riddled with undisclosed charges or escalated interest rates. The crux of a claim rests on whether critical information was deliberately withheld or obfuscated, impacting your ability to make an informed financial decision.

Spotting If You’ve Been Mis-Sold

Identifying if you’ve been a victim of mis-sold car finance revolves around several pivotal indicators:

• Engagements under finance schemes (PCP or HP) signed before 28 January 2021.
• Ignorance of the commission earned by the dealership from your agreement.
• Lack of disclosure on additional costs tied to your finance agreement, such as damage charges.

Finance Companies in the Limelight

A handful of finance entities are currently being scrutinised for potentially mis-selling car finance. Notable mentions include Black Horse, Lloyds Banking Group, Santander, Close Brothers, Royal Bank of Canada, and Barclays Finance. If your finance agreement was with any of these providers, delving into your eligibility for compensation is paramount.

Great Claims: Your Beacon Through the Fog

Navigating the aftermath of realising you might have been mis-sold car finance can be overwhelming, but it’s critical to act promptly to secure your rightful compensation. Great Claims offers a beacon of support, guiding you through every step of initiating and processing your claim. From reviewing your agreement and gathering evidence to consulting with financial experts or legal advisers, Great Claims ensures you’re not navigating this complex landscape alone.

Conclusion

The discovery of mis-sold car finance agreements has prompted a significant wake-up call for the automotive finance industry, with countless individuals potentially overpaying for their vehicles. If you suspect you’re among them, understanding your rights and the avenues available for claiming what you’re duly owed is crucial. Awareness and proactive engagement are your best allies in traversing this challenging terrain, with Great Claims by your side every step of the way.