{"id":240595,"date":"2023-10-03T18:19:30","date_gmt":"2023-10-03T18:19:30","guid":{"rendered":"https:\/\/automotobuzz.com\/?p=240595"},"modified":"2023-10-03T18:19:30","modified_gmt":"2023-10-03T18:19:30","slug":"will-mis-sold-car-finance-become-a-multi-billion-pound-scandal-larger-than-ppi","status":"publish","type":"post","link":"https:\/\/automotobuzz.com\/car-reviews\/will-mis-sold-car-finance-become-a-multi-billion-pound-scandal-larger-than-ppi\/","title":{"rendered":"Will mis-sold car finance become a \u201cmulti-billion pound scandal larger than PPI\u201d?"},"content":{"rendered":"<h2>A UK legal firm predicts PCPs will top the list of Financial Ombudsman complaints by 2024, and eyes huge compensation bills<\/h2>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--RXMKV5QQ--\/f_auto,t_author-mobile@1\/v1649247551\/autoexpress\/2022\/04\/Chris%20Rosamond.jpg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--LgCO4jKL--\/f_auto,t_primary-image-mobile@1\/v1684758027\/autoexpress\/2023\/05\/Car%20finance.jpg\"><\/p>\n<p>The number of complaints to the Financial Ombudsman Service about Personal Contract Purchase (PCP) deals used to buy cars is soaring, with one UK law firm predicting they\u2019ll be the most numerous type of complaint by 2024.<\/p>\n<p>Figures released recently by the Ombudsman show the number of complaints about motor finance deals rose from 6,128 to 11,446 in the last financial year. 90 per cent of car finance deals are PCPs, where a customer makes monthly payments and can either hand \u2018their\u2019 car back or buy it outright at the end of an agreed term. According to Legal UK Services, which describes itself as \u201ca firm of financial mis-selling specialists dedicated to helping clients with a wide range of compensation claims\u201d, the current trend will see PCP complaints outnumber the currently most numerous category of complaints about bank current accounts, by the first quarter of next year.<\/p>\n<ul>\n<li><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.autoexpress.co.uk\/image\/private\/s--5VA9QmQs--\/f_auto,t_related-embed-mobile@1\/v1646048526\/autoexpress\/2022\/02\/Car%20finance%20header.jpg\">Car finance explained: a simple guide to paying for your new car<\/li>\n<\/ul>\n<p>\u201cOur prediction is based on the current trend, and the fact that millions of motorists are likely to have been affected by PCP mis-selling but are only just starting to be aware of the issue,\u201d says the firm\u2019s Legal Director, Elaine Walker.<\/p>\n<p>Legal UK Services says the Financial Ombudsman itself has estimated that PCP claims could top \u00a310 billion, but claims that estimate is \u201cvery conservative\u201d, pointing out that UK consumers have racked up about \u00a350 billion in car finance deals.<\/p>\n<p>\u201cWith PCPs still extremely widely used, the full extent of the mis-selling scandal could be bigger than PPI,\u201d Walker suggests.<\/p>\n<p>There are multiple reasons why consumers may believe their PCP was mis-sold, the company says, listing a range of scenarios including a lack of proper affordability checks, hidden commissions, misleading paperwork, lack of transparency around mileage limits, excessive damage repair costs and unexpectedly high final payments.<\/p>\n<p>Unlike the Payment Protection Insurance (PPI) scandal which has seen banks and financial institutions make payouts totalling billions of pounds to millions of their customers, there\u2019s no formal redress process relating to potentially mis-sold PCPs, which is where law firms see their opportunity.<\/p>\n<p>However, it\u2019s relatively easy to make a claim yourself, if you think you\u2019ve been mis-sold car finance. Write to your finance provider outlining your case, and if you\u2019ve not received a satisfactory response within eight weeks you can escalate your complaint to the Financial Ombudsman Service, which is free and independent.<\/p>\n<p><em><strong>Want the latest car news in your inbox? Sign up to the free Auto Express email newsletter&#8230;<\/strong><\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.autoexpress.co.uk\/consumer-news\/361118\/will-mis-sold-car-finance-become-multi-billion-pound-scandal-larger-ppi\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A UK legal firm predicts PCPs will top the list of Financial Ombudsman complaints by 2024, and eyes huge compensation<\/p>\n","protected":false},"author":2,"featured_media":240594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will mis-sold car finance become a \u201cmulti-billion pound scandal larger than PPI\u201d? - AutoMotoBuzz.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/automotobuzz.com\/car-reviews\/will-mis-sold-car-finance-become-a-multi-billion-pound-scandal-larger-than-ppi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will mis-sold car finance become a \u201cmulti-billion pound scandal larger than PPI\u201d? 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