You financed your perfect car using a Personal Contract Purchase (PCP). Now that it’s been a few months, you're not feeling as happy about the situation.
The realities of the contract are, perhaps, not as clear cut as you first thought - maybe you feel the company mis-sold you the agreement in the first place. You can make a PCP claim and get your money back!
1. Understand the Basics
First things first - what is PCP car finance? It is a type of car finance where you make a deposit to reduce the initial loan value. Then pay monthly installments before having the option to buy the car at the end of the contract, give it back, or part-exchange.
2. Identify Your Claim
Not sure if you have a claim? Common reasons that you can make a PCP claim include being mis-sold the terms, finding hidden charges, or feeling that no one explained the car’s worth accurately.
3. Gather Your Documents
Keep all relevant documents together, including the finance agreement, recent payments, as well as any emails or letters from the dealership. These are vital when you put your case together.
4. Contact Get My Claim
Get My Claim will ensure you don't miss any steps - helping you in the battle to win your claim.
Once you get in touch, Get My Claim will first assess your situation. Looking at your documentation, they can determine what claim can be made on your behalf.
5. Formal Complaint
Should Get My Claim deem your case to hold water, they will help you put together a complaint to the finance company. This will explain your grievances and provide proof. The company then has 8 weeks to respond.
6. Escalate to the Financial Ombudsman
Should you be turned away, you can take it up with the Financial Ombudsman Service (FOS). Reach out to Get My Claim to help you lodge your grievance in a valid and professional way.
7. Resolution
Once your complaint has been examined, the FOS will provide you with a final response. Should they side with you, you may be liable to get your payments back, as well as any interest.
Final Words
Making a PCP car finance claim can seem scary - but it doesn’t have to be. With Get My Claim on your side, you can get your money back.
You may have a long road to go before your PCP claim is complete. But hang on, you'll get there. Don’t give up, stay on top of all the paperwork, and get help from experts.
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