Have You Been Mis-Sold Car Finance?
The Financial Conduct Authority (FCA) have investigated the way in which PCPs were sold and concluded more than 500,000 people could have paid over £300 million more in interest than they should have.
Mis-sold PCP/HP Car Finance Claims
The FCA has found that commission was paid on 95% of UK car finance PCP agreements. If you were not informed about this commission or the finance deal wasn’t right for you, you could be owed thousands in mis-sold car finance compensation
Below, we explain exactly what is involved in bringing forward a mis-sold car finance (PCP) (HP) claim and how you can begin.
Undisclosed or hidden commission
The FCA has reported that thousands of customers may have been completely unaware of any commission payments. If the car salesperson received a fee or commission for bringing the car finance deal to the bank, and the bank has not informed you of this, that is a hidden, secret, or undisclosed commission. The finance provider or bank must inform you of ALL of the fees within the transaction.
Lack of proper affordability checks
Many customers enter into loan agreements that are not suited to their financial situation. This leaves them trapped by the PCP deal, where they are not in a position to make payments throughout the whole term of the agreement.
Inflated prices and overcharges in interest
Many cases show that customers are overcharged thousands in interest in order for the dealership to obtain a higher commission pay-out.
Conflict of Interest
This potentially leads to a huge conflict of interest. The car dealerships are supposed to be separate from the finance providers, but such discretion could lead to salespeople adjusting interest rates in order to earn more commission from the deal. In essence, there is an incentive for the salesperson to broker a finance deal at a higher interest rate, to the detriment of the customer.
Customers overcharged
Some cases show that customers are being overcharged by over £1,000 in interest in order for the dealership to obtain a higher commission pay-out. The FCA estimates this could be costing consumers £300 million annually. If you have any questions that we haven’t answered please get in touch with AKM consultants.
What will it cost to make a claim?
Bringing forward a mis-sold PCP car finance claim will cost you nothing. Making an enquiry to our expert panel is completely free. If they agree to take your claim on, it will be on a No Win, No Fee basis, meaning you will not be charged for the time they have spent on the case if they are unsuccessful.
Find Out If You are Eligible
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Make Your House A Home Again
At AKM Consultants, our team of specialists understands the stress and frustration living with housing disrepair can cause, particularly if your landlord fails to comply with their legal obligations and duty of care to uphold and maintain high standards of maintenance and repair work they are legally required to, which is why we have carefully selected the most experienced and reputable panel of solicitors to handle your claim.
Do these look familiar?
If so you can make a claim
Is the condition of your rented property unfit for human habitation?
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Your business may be owed money due to mis-sold energy contracts
We have helped hundreds of businesses make claims ranging from £2,000 to £180,000. See how much you could be owed in 3 easy steps.
Have you been Mis-sold to?
Millions of UK businesses regularly use an energy broker to source their business energy needs, acting as a middleman between you and the supplier. If you’ve used an energy broker, they may have added hidden commission into your energy contracts without clearly explaining it.
Energy brokers legally have to disclose any commissions earned, but over the years many have made misleading statements or concealed their financial incentives.
Over 90% of the businesses we’ve spoken to have used an energy broker and our average claim is over £25,000, with some businesses entitled to millions of pounds in energy compensation.
We believe there are upwards of 2 million businesses entitled to compensation, and we’re here to make your energy claim as easy as possible.
How energy brokers mis-sell?
Did your energy broker tell you how much in total they made from arranging your business contract? In our experience most don’t, and there’s normally a good reason for that. Brokers know that if they had to fully disclose they would not make anything like the kind of commissions they do if they were transparent, after all would you sign up to a deal if you knew a significant chunk of your bill was going to your broker?
They may even have told you that the service was free, or that the broker got their commission from the supplier as an “introducers fee” or words to that effect. Typically, most brokers receive their commission directly from the supplier they place you with, and it is built into the unit price they arrange for you. Often, this is not disclosed to the customer.
Did energy broker tell you how much they made from your business contract?
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Have you had a road traffic accident which wasn’t your fault?
According to the Department for Transport, road traffic accidents are one of the main causes of personal injury in the UK. In 2018 alone, casualties of road traffic accidents reached 165,100 – with 26,610 victims killed or seriously injured.
If you were unfortunate enough to get injured on the road and it was not your fault, you may be entitled to compensation.
You might be entitled to compensation if you were involved in
- Motorcycle Accident
- Bicycle Accident
- Pedestrian Accident
- Car Accident
You can also claim if during the accident, you suffered from
- Whiplash
- Brain and spinal injuries
- Back Injury
- Minor Cuts/Bruising
- Fatal Injury
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ECO4 IS A GOVERNMENT BACKED SCHEME
The ECO 4 Government grant provides a range of free home improvements to help people improve the EPC rating of their homes, including insulation, heating improvements, and renewable energy upgrades.
What is the ECO 4 Scheme?
The ECO4 scheme is a a government-funded initiative designed to help low-income households and vulnerable individuals living in fuel-poor homes (bands E, F and G) to become more energy efficient.
It is a policy that aims to make homes warmer and households’ emissions lower, as well as making large energy companies accountable for supporting income-restricted households.
These grants pay for new heating systems like boilers, loft or cavity wall installation, upgrades to your central heating and other measures, all FREE of charge.
The energy efficiency measures available through the ECO4 scheme are given via eligibility criteria.
If you are on qualifying benefits, and you’re a homeowner or a private tenant, you are likely to be eligible for free home improvements.
Who is eligible for ECO4 scheme?
The government’s ECO4 scheme aims to support the least energy-efficient homes in the UK, with a focus on low-income and vulnerable households. To qualify, you will have to meet the government’s criteria as regards the type of benefits you receive. Are you a homeowner or private tenant? Are you in receipt of the qualifying benefits outlined below? There’s a good chance you’ll meet the criteria.
- Income based Jobseekers allowance (JSA)
- Income related Employment & Support Allowance (ESA)
- Income Support (IS)
- Pension Credit Guarantee Credit
- Working Tax Credit (WTC)
- Child Tax Credits (CTC)
- Universal Credit (UC)
- Housing Benefit
- Pension Credit Savings Credit
- Child Benefit
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We are here to assist you with your legal rights
You need a professional and reliable company to support you with your claim from start to finish