Action To Take If You Suspect Your Motor Finance Agreement Was Mis-sold

It’s not uncommon for consumers to find themselves struggling with finance agreements that were sold without their best interests in mind.

Mis-selling financial products is a major issue that still affects thousands of customers in the UK.

Most recently, the motor finance industry has come under scrutiny by the Financial Conduct Authority (FCA) for instances of mis-selling and overcharging. Of particular concern to the FCA is the practice of salespeople earning commission without disclosing it to the customer who, over time, pays that commission as part of their finance deal.

In addition to undisclosed commissions a common (and major) complaint is sellers’ failure to explain the terms involved in what they are signing up to.

So, think back to your motor vehicle finance agreement – do you think are a victim?

If you suspect that you have been mis-sold a Personal Contract Purchase (PCP) or Hire Purchase (HP) deal you need to take action. For instance, were you told that, on a PCP deal, you never own the vehicle unless and until a final ‘balloon payment’ is made? That is mis-selling finance.

Barings Law’s experts can prepare, submit and carry out your claim for compensation to redress the balance.

Identify Signs of Mis-selling

It’s important to familiarise yourself with common signs of mis-selling in motor vehicle finance. Understanding these ‘red flags’ will help you to recognise potential instances of mis-selling in your agreement. These may include:

High-pressure sales tactics employed by the lender or dealership
Failure to conduct thorough affordability assessments
Non-disclosure or inadequate explanation of fees, including interest rates
The terms and conditions of the agreement were not fully explained
Non-disclosure of any commissions involved in the agreement

Collect Documentation

If you believe you have been mis-sold your finance agreement and want to take things further, take the time to gather your agreement documents, as they will be crucial in supporting your claim and providing evidence of mis-selling.

You are likely to need:

The finance agreement and other paperwork from the lender or dealership
Any correspondence with the lender or dealership
Bank statements and payment records
Any promotional material provided to you during the purchase process

Don’t worry if you can’t get them all together. Your finance agreement is the most important thing, everything else is additional evidence.

Submit a Claim to Barings Law

Once you have your documents, you can submit your claim to Barings Law. Our expert team specialises in consumer rights and financial mis-selling, and we’re here to help you navigate the complexities of your case.

Our work is carried out using a contingent fee agreement under which the client’s risks of having to pay anything for losing a claim are significantly reduced.

All you need to do is fill in the form by clicking the button below. Our customer services operatives will obtain the documentation you have gathered, so that our dedicated legal team can get to work investigating your case and analysing the evidence you’ve provided.

They will then begin negotiating with your lender or dealership in an effort to claim compensation for the mis-selling of your motor finance agreement. Throughout the process, we will keep you informed, providing updates on our progress and seeking your input on key decisions such as accepting or rejecting any potential pre-court settlements that we may receive.

Pursue Legal Action with Barings Law

If negotiations with the lender or dealership prove unsuccessful, Barings Law will not hesitate to pursue further legal action on your behalf. Our experienced solicitors are well-versed in handling cases related to mis-selling, and we will work tirelessly to fight for your best interests in court.

With Barings Law by your side, you can trust that your case will be handled with the highest level of expertise and professionalism, giving you the best possible chance of securing a favourable outcome.