Check out some of the most common questions posed to our team of experts, we’re here to help!

Revive Solutions’ Mis-Sold Motor Financing operates on a “no win, no fee” premise. It means that you won’t have to pay anything up in advance or if your claim is rejected. However, you must review the exact conditions of any claims business you choose. 

No. You have the right to file a claim, which won’t harm your credit report or make it impossible for you to get credit in the future.

Motorists may be eligible for reimbursement if their PCP financing was misrepresented. This could entail a decrease in the overall sum due, the payment of specific fines or penalties, or even the contract’s cancellation.

Personal Contract Purchase, lets you spread the cost of a car with monthly payments. In the end, you can either make a final bigger payment to own the car or return it. Mis-sold finance happens when a lender doesn’t explain the details clearly, or pushes you into a deal that isn’t a good fit for you.

If you suspect mis-selling practices during your PCP agreement signing, particularly from 2007 to 2021, you might be eligible for compensation. This could involve the salesperson not explaining all the details, failing to present alternative options, or neglecting to mention commissions earned.

Red flags like unclear balloon payments, high interest, or pressured sales tactics suggest PCP mis-selling.  Here’s what you can do:

• Review your agreement.
• Look for the signs mentioned above.
• If unsure, seek professional financial advice to explore your options.

These options might include claiming compensation or renegotiating the terms.

PCP claims exist to help people who believe they were misled about the terms of their car finance. If you feel the salesperson didn’t explain things clearly, like the final balloon payment or the true cost of the loan, you might be eligible for compensation.

1. Surprise Commissions: You weren’t informed about the salesperson’s commission for selling you the car and arranging the loan.
2. Pressured Deal: The salesperson used aggressive tactics to get you to sign before you fully understood everything.
3. Unrealistic Affordability: The finance agreement might not have considered your financial situation, potentially leading to future difficulties in making payments.
4. Mileage Traps: The agreement might have hidden restrictions on how many miles you can drive the car, leading to unexpected charges.

When it comes to mis-selling a PCP deal, your claim is usually directed towards the loan company that provided the financing. They are responsible for ensuring fair and transparent practices throughout the process.

Unfortunately, there’s no one-size-fits-all answer. The compensation amount depends on the specifics of your case. Several variables that may impact it include:

• The size of the original loan.
• The difference between the interest rate you were charged and the fair rate.
• Any additional fees or charges are deemed unfair.

Several factors are considered when calculating compensation for mis-sold PCP:

1. Unfair Charges
2. Overpaid Interest
3. Balloon Payment Discrepancy

Don’t stay silent! Here’s what you can do:

1. Assess Your Claim: Review your PCP agreement and see if any red flags of mis-selling exist.
2. Get Professional Help: Contact a claims specialist who can analyse your case and advise you on the best course of action.
3. Gather Evidence: Collect all relevant documents like your agreement and communication with the lender.
4. Let the Experts Negotiate: A claims specialist can negotiate with the lender on your behalf to get the best possible outcome.
5. Receive Compensation (if applicable): If your claim is successful, you could receive financial compensation for the mis-selling.

While you can file a claim yourself, consider seeking help from a claims company. Their experience in handling such cases can significantly improve your odds of success. They can provide:

• Expert guidance throughout the process.
• Support in gathering necessary evidence.
• Strong negotiating abilities to ensure you receive the greatest deal.

While you can technically file a claim anytime, PCP deals signed after April 2014 generally have a higher chance of success. This is because regulations and consumer protection have become more robust in recent years.

An ongoing loan doesn’t mean you can’t seek justice!  You can still file a claim for mis-selling if you believe the terms were not explained accurately. You just need professional advice to explore your options.

While PCP is more common for new cars, it can be mis-sold on used car loans too.  If you’re unsure about your financing agreement, especially if it feels like a bad deal, it’s crucial to talk to a claims expert. They can analyse your case and see if you have grounds for a mis-selling claim.

Unfortunately, no. Mis-sold car finance claims typically target PCP agreements, which are specifically designed for car purchases. Personal loans are for various purposes, so mis-selling claims related to car features wouldn’t apply.

PCP and PCH are leasing options, but PCP gives you the chance to buy the car later.  Mis-selling claims are possible with PCP due to this purchase option.  If you have a PCH agreement, it wouldn’t qualify.  Not sure which one you have or if you were mis-sold. Don’t hesitate to seek professional financial advice to clarify your situation.

Business car finance can be different from personal car finance, and mis-sold claims might be more challenging.  However, talk to a claims expert who can clarify if you have a case for mis-selling. They can also explore other options for addressing your concerns regarding the business car finance agreement.

Yes, you have. Because you’re not limited to filing separate claims. If you believe all the contracts were misrepresented, you can file a single, consolidated claim. This can be a more efficient way to address the issue.

While having your original documents helps, it’s not necessarily a deal-breaker for a mis-sold car finance claim. The process might be more challenging without them, but claims agencies can assist you in requesting copies from the lender. They can help you gather the necessary evidence to move forward with your case.

The Financial Conduct Authority (FCA), the UK’s financial watchdog, is actively investigating common practices of misrepresenting car finance products like PCP. They play a crucial role in identifying and addressing mis-selling in the car finance industry.

The biggest difference between PCP and HP lies in car ownership. With PCP, you lease the car and only own it if you make a final “balloon payment” at the end of the term. If you don’t pay the balloon payment, you typically return the car without owning it.  On the other hand, HP is a loan where you gradually own the car as you make your payments. Once you’ve paid off the entire HP agreement, the car becomes yours.

Not sure what type of car finance you have (PCP or something else)?  That’s okay!  PCP deals are common targets for mis-selling claims because of the final ownership aspect.  If you have any concerns about your car finance agreement, it’s best to seek professional advice to explore your options.

While PCP offers lower monthly payments, there are some limitations on ownership:

1. Mis-Selling Risk: Make sure you understand the terms. If mis-sold, you might end up paying more interest than expected.
2. Selling Difficulties: Selling the car before the contract ends can be tricky and might leave you financially responsible.
3. Potential Debt Trap: The final balloon payment can be high, and if the car depreciates significantly, you could owe more than the car’s value.

Preparation is key to a speedy claim resolution:

• Organise Your Documents: Gather all car-related paperwork, loan agreements, and any communication with the lender. Having everything organised upfront saves time.
• Pick an Experienced Claims Company: Opt for a claims company with a proven track record in handling mis-sold car finance claims. Their expertise can streamline the process.
• Respond Quickly: Promptly answer any requests for information to avoid delays in your claim’s progress.

It’s important to be patient when filing a PCP claim.  The processing time can vary depending on the situation.  Some claims might be resolved quickly, while others might take longer.  It’s best to focus on gathering all the necessary information and be prepared to answer any questions that may arise.

• Do I know how much the car will cost in total, including interest and other costs?
• Do I think I can afford the monthly instalments as well as the balloon payment in the end?
• Will the warranty cover any future repairs that I need to pay for?
• What are the mileage restrictions, and does going beyond them incur extra fees?

Not all car salespeople are created equal. Some might be motivated by hidden commissions, where they earn more money for recommending certain finance deals. This can create a bias, and they might push you towards a financing option that benefits them more than it benefits you. Be aware of this potential conflict and do your research to ensure you’re getting the best deal for your situation.

Were you sold a PCP car finance deal in the UK between 2007 and 2021? If so, and you feel the salesperson misrepresented the terms or failed to explain everything clearly, you might be able to claim compensation. Mis-selling of PCP products was widespread during that time.

Redress plans are how the financial industry compensates for mis-sold products like PCP. The amount you might receive depends entirely on your specific situation. Factors like the misrepresentation that occurred and any financial losses you suffered will be considered when determining the compensation amount.

• Can You Afford It?: Make sure the salesperson realistically assesses your finances and the PCP deal truly fits your budget.
• Do You Understand?: Don’t hesitate to ask questions and get everything explained clearly. Read over all of the terms and conditions before you sign.
• Take Your Time: Don’t feel pressured to rush into a decision. Take your time to review the agreement and ask for clarification if needed.
• Look Beyond the Monthly Payment: While the monthly payment might seem low, consider the total cost of the car, including interest and the final balloon payment.

PCP agreements should be clear and transparent.  If you have any doubts about your PCP deal, it’s worth investigating further. Talking to a claims specialist can help you understand if you have a case for mis-selling and what steps you could take.