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HAVE YOU TAKEN OUT FINANCE ON A MOTOR VEHICLE YOU PURCHASED IN THE LAST 14 YEARS?

HAVE YOU HAD A PCP AGREEMENT (PERSONAL CONTRACT PURCHASE) WITH THE CAR DEALERSHIP/FINANCE COMPANY?

DID YOU HAVE TO MAKE A “BALOON” (LARGE) PAYMENT AT THE END OF OR DURING THE AGREEMENT/LOAN?

If you have bought a vehicle on finance since 2005 the probability is that you were not notified about the commission payable to the dealership, and, due to recent legislation, you could now be entitled to a substantial amount of compensation.

In April 2017, the FCA announced that they were planning to review the motor finance sector. They wanted to understand the use of motor finance products, and to look at the sales processes employed by firms and whether the products could cause the consumer any harm when purchasing a car.

The FCA identified that the biggest issues surrounding the industry appeared to be the following:

  • are lenders adequately managing the risks around commission arrangements, and have commission structures led to higher finance costs for customers because of the incentives they create for car dealerships;
  • are customers being given the right kind of information, at the right times, to enable them to make informed decisions, and are firms complying with relevant regulatory requirements;
  • are firms properly assessing whether customers can afford to repay the credit, particularly when lending to higher-risk consumers.

All of the above can be tied into the commission rates that the dealer will receive from the Lender for arranging the motor finance.

We work on a strictly 'no win/no fee' basis, so there are no up-front costs or hidden extras for you to pay - we will only deduct a flat fee of 25% of any amount we win for you.

Please respond by completing our short form with the best phone number to call you on for no more than 2 minutes. Our specialised customer team at Riteway will then call you as an introduction and explain the simple next steps of the no obligation process. Riteway is a trading style of Butterworths Solicitors who are authorised and regulated by the UK Solicitors Regulation Authority No. 618328.

We will then be able to send you our Solicitors retainer pack, which has to be signed before we can approach the motor dealerships on your behalf.

Once the pack is returned we will claim back your money for you to spend at your leisure. Remember this is money you are entitled to.