What To Do If You Are Mis-sold Car Finance

PCP Mis-Sold exist to help those who have been mis-sold car finance, in particular situations where customers have been swindled out of vast amounts of money. The majority of car dealers will act accordingly and fairly, but there may be times when you find that your dealer has behaved unscrupulously, and at that point you may be wondering what exactly you can do upon realising that you have been mis-sold car finance.

The first thing is to get all of the facts together, so that you can prove in writing that the terms of the agreement have been violated in some way, or that the dealer has sold you car finance at an ridiculously large price. This could take a few minutes to check, or the process may take several days. Whatever the case may be, it is vital that you collect as much accurate information about the situation as possible, thus giving you the best possible opportunity to prove that they have acted wrongly, and for you to be able to take steps towards resolving the matter. You could ask citizens advice for more directions on what to do.

At this point, it is wise to contact the dealer themselves with a written complaint, either via letter or email. You could always give them a call, but as with the evidence of bad practice, you want a paper trail; you want as much information in writing as possible, clearly showing what you are asking and when you have contacted them. A good dealer who has simply made an error will reply to apologise and to handle things from there. A poor dealer will either ignore your attempts to get in touch, or they will deny that they have done anything wrong. At this stage, you may be concerned, but this is why having a paper trail is so important; it allows you to take the next logical step.

That could be a complaint to the Financial Ombudsman Service, who will act as a third party so to speak since the dealer has effectively chosen not to fix the problem themselves. It is best advised to contact them if you hear nothing from the dealer after eight weeks, but also if those who have mis-sold you the finance provide you with a response along the likes of “we’ve done nothing wrong and that’s that”. Alternatively, you can go to Trading Standards and explain what has happened, or you may wish to contact the local press, your local CAB, or even your local MP, with the intention of highlighting the matter publicly. Either way, it is recommended to push ahead if you feel that you have been wronged; if you can prove that the dealer has indeed acted with malpractice, they should not get away with it. The final option is to take them to court, though given the potential legal costs, this would be a last resort.

Of course, PCP Mis-Sold can advise on all of these steps, as well as giving further guidance along the way on what you are best to do and how best to react. You can find out much more by contacting us today.

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