Was I mis-sold taxi finance due to hidden commissions?
By Jamie Scott
If you’re a taxi driver who purchased your car on PCP finance, you may be able to make a claim for mis-sold taxi finance. It’s been recently revealed that millions of UK drivers were potentially mis-sold their car finance due to hidden and incentivized commissions.
This could mean that you were misled into taking out a PCP agreement, or that the terms of your agreement weren’t made clear to you.
If this is the case, don’t hesitate to get in touch with our team of experts today. We can help you get the money you deserve!
How has car finance been mis-sold
Car finance mis-selling can take many forms, but there are two main ways in which taxi drivers may have been misled:
– By being sold a PCP agreement when it wasn’t the best option for them. In some cases, taxi drivers may have been pushed into taking out a PCP finance deal because of the high commissions that were being offered to the salesman.
– By not being made aware of the full terms and conditions of their PCP finance agreement. In some cases, taxi drivers may have been given misleading information about their repayments, or they may not have been told about important details like early repayment charges.
–Hidden and incentivized commissions, it was found that before February 2020 that car salespeople we able to dictate the rate of interest that was put on the loan. This often resulted in people being mis-sold PCP or HP finance and taking out agreements that were not in their best interests, or that they would not have otherwise agreed to.
For example, a salesperson could raise the interest rate before signing the car finance agreement to receive a higher commission.
This commission model has now been Banned by the FCA as it does not put car buyers first.
Can I claim back Taxi car finance if my agreement was not regulated by the FCA?
On your finance agreement at the top, if it states “PCP (or) HP REGULATED BY THE CONSUMER CREDIT ACT 1974” that would mean your finance agreement is regulated by the FCA and you would be able to make a no win no fee claim with a solicitor or claim back on your own.
Consumers in the UK who have bought finance will be regulated, however, if your finance is not regulated then you may find it harder to claim back car finance as being regulated means you have more security.
How much can i claim back for mis-sold taxi finance?
The amount of money you could get back will depend on your individual circumstances, but it’s not uncommon for people to receive thousands of pounds in compensation. If you think you may have been mis-sold taxi finance.
This also depends on how many cars or taxis you have had in the last 10 years, as these types of financial products tend to keep consumers in a loop of monthly payments.
If you think you may have been mis-sold taxi finance, don’t hesitate to get in touch with us today.
We can help you figure out if you have a case, and we can also provide expert assistance with making a claim.
Don’t let the mis-selling of car finance ruin your finances – get in touch today!
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Mis Sold Car Finance
Mis Sold Car Finance – Over 5 Million people in the UK have been Mis Sold Car Finance deals, you may be one of them!!
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Mis Sold Car Finance Explained
Mr Amos
- The sales person did not make it clear who would own the vehicle whether
- that be the third party finance company or the dealership.
- PCP interest overcharged by £1,250.
- Customer wasn’t given any other options by the dealership
BMW – 3 Series – Manual
Mis Sold Car Finance PCP Agreement