
Helping you discover if you've been mis-sold pcp car finance
Frequently Asked Questions
Personal Contract Purchase (PCP) is effectively a personal loan which allows drivers to spread the payments for a vehicle over a long period, typically two or three years.
However, unlike a normal personal loan, you won’t be paying off the full value of the car and you won’t necessarily own it at the end of the deal, unless you choose to pay the final balloon payment.
PCP is one of the more complex financial products available to help you buy a car, but it can be broken down into three main parts: the deposit, the amount you borrow and the balloon payment.
Dealers offering PCP finance will typically want around 10% of the value of the car as a deposit. Customers pay a deposit on the car they want and then make monthly repayments until the end of the term.
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Have you purchased a car with PCP or HP finance in the last 8 years?
Car owners who purchased their car using Personal Contract Plans (PCP) and Hire Purchase (HP) finance deals from a dealership are being warned they might have fallen victim to a new type of mis-selling scandal. The Financial Conduct Authority (FCA) estimates that 95% of people have been mis-sold their car finance. Have you been mis-sold car finance? Discover if you have a CLAIM TODAY by completing our no-obligation claim eligibility check.