Buying a car is a significant investment. You will get many options to finance your vehicle in the UK. However, PCP plans have become a famous car finance scheme because it is affordable for UK citizens. The PCP plans are more accessible with monthly installments. You can buy a car of choice, make monthly payments and enjoy the drive for the next 3-4 years. You can also upgrade your car type and model with a new PCP plan. Sometimes people are often mis-sold in PCP plans, and they make PCP claims.
What Involves in PCP Claims?
As a car buyer, you must be aware of the PCP agreement. Often, PCP claims are made to the dealer with ambiguities in the agreement. Therefore, take your time to read the agreement and do not sign it hastily. From the limited mileage offer to the responsibility of vehicle repairs, everything should be mentioned in the PCP agreement and signed between the dealer and borrower of the vehicle.
Illusion of Car Ownership: The borrower makes a central PCP claim, in which they are given the idea of owning the car. However, you can only own the vehicle if you make a lump sum payment equal to the car’s value. In the PCP plans, ownership of the vehicle remains with the dealer.
Undefined Responsibilities: When a person takes a car on the PCP plan, they least expect any wear and tear on the vehicle. However, the PCP agreement does not say anything about the responsibility of car repairs, which leads to a PCP claim.
Hidden Commissions: You may be charged higher for the monthly instalments, or the commission may not be mentioned in the agreement as it should have been. Failure to provide information about the commission could lead to higher payments, making future payments difficult for the borrower and leading to PCP claims.
Types of Compensations I Can Get?
You can get Compensation for PCP claims under various circumstances. What kind of Compensation you can get depends from case to case:
Monetary Compensation – a claim that you can make against the payments. For example, if you were misled about the payment methods and paid higher than the actual amount, you are eligible for Compensation.
Non-Monetary Compensation: In most cases, the lender did not check your credit history before agreeing to the PCP plans, and you are having difficulty making future payments.
Legal Panel for PCP Claims
Whether you have a PCP claim against the mis-sold vehicle or a claim for vehicle repair, you are eligible for Compensation. Despite the types of Compensation available for PCP claims, people are still confused about the Compensation. A breach in the PCP contract leads to PCP claims in the UK. Any misinformation regarding PCP plans sold to you can lead to PCP claims. Let a solicitor handle your case. They will identify the exact type of Compensation that you deserve. Hiring an expert solicitor will get you successful Compensation.
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