If you bought a car on finance, you could be eligible for a claim but to register, you will need your car registration and there are a few simple ways to find it.
Collective actions
What is the difference between PCP, Hire Purchase and Personal Contract Hire?
If you are one of the many who are unsure on whether you are eligible to make a mis-sold car finance claim, it’s important to determine what type of finance agreement you had. Below, we break down the differences between PCP, Hire Purchase and Leasing.
With millions of people potentially being mis-sold car finance, many people are checking to see if they are eligible to make a claim. However, with all the admin and logistics required to make a claim, it can look complicated and feel overwhelming.
If you are one of the many who are unsure on whether you are eligible to make a claim, it’s important to determine what type of finance agreement you had. Below, we break down the differences between PCP, Hire Purchase and Leasing.
What is PCP?
PCP, a personal contract purchase is a way of spreading the cost of your car across monthly payments. At the end of your contract, you can decide on whether you want to keep the car by paying one final pre-agreed ‘balloon’ payment, hand the car back to the dealership or use it as a deposit for your next car. Your contract details will tell you if you purchased a car on PCP and if you did before the 28th January 2021, you could be eligible for a claim in the ongoing car finance reclaim.
What is a Hire Purchase?
Hire Purchase is a way to finance a car with fixed monthly purchases as a way of spreading the cost of the car. The loan is secured against the car, so you don't own the vehicle until the last payment has been made. It usually requires a deposit and then you pay off the remaining cost of the car for a fixed amount of time. The mis-sold car finance claim does include those who have purchased or currently purchasing their car via hire purchase, and you can easily check by inputting your registration here. If you are unsure on how to find out previous registrations, this guide can help you.
What is a Personal Contract Hire?
Personal Contract Hire or leasing is a log-term rental agreement where you pay a set amount each month to use the car, similar to a Hire Purchase. However, with this agreement, you are not able to purchase the car. Unfortunately, this type of car contract is not included in the mis-sold car finance claim.
At Slater and Gordon, we are car claims experts and are on hand to help with any queries you may have. For more information, contact us at carfinanceclaims@slatergordon.co.uk
Find out more from experts
Collective actions
How you can find your previous car registrations
Collective actions
Myth-busting: What you need to know about mis-sold car finance
Mis-sold car finance has been all over the news recently and with a lot of technical jargon being used and many people spreading misinformation. So, we are going to bust some of the myths surrounding claiming back on your mis sold car finance
Commercial law
What is collective action?
When a lot of people are hurt, either physically or financially and whether it happens as a result of negligence or other incidents that are somebody’s fault then collective action is a legal solution that enables you to share risks, knowledge and rewards with others who are in the same boat. You benefit from having the strength in numbers to take on even the mightiest corporations.
Collective actions
Mis-sold car finance claims
If you bought a car, van, caravan, motorbike, boat, plane or any other type of motor vehicle through a finance deal between 2007 and 2021, you could be one of the millions in the UK to be owed mis-sold finance compensation.
Enter your details to find out if you are eligible to claim compensation.