PCP Mis-selling Scandal a Growing Problem, claims Goodwin Barrett
Mis-sold investment specialists Goodwin Barrett have released an infographic, detailing the escalating PCP Car Finance mis-selling scandal. PCPs (Personal Contract Purchase) are currently used in 90% of car sales, and the FCA has expressed serious concerns about the market.
The infographic highlights some of the key data for the situation. For example, it’s estimated that over 560,000 people have been mis-sold a PCP deal, and that an average customer could be paying £1100 more in interest charges than they should be.
The problem, according to Goodwin Barrett, is that brokers aren’t fully explaining the terms of the PCP deal to their customers. Some buyers aren’t aware that they don’t own the car at the end of the contract, unless the balloon payment has been made. Others weren’t informed about additional fees, or were sold add-on products that they didn’t require. Also, according to statistics, only 28% of car-dealers explained what would happen if the buyer failed to meet their monthly payments.
Goodwin Barrett are keen to emphasise that victims of mis-selling are entitled to seek compensation. If the PCP deal was mis-sold to them, the customer is in a position to make a claim; a process that Goodwin Barrett can assist with. As experts in mis-sold investments and pensions, they operate on behalf of the consumer to process the claim, which can take as little as eight weeks.
Having helped thousands of clients successfully win compensation in the past, Goodwin Barrett are optimistic that they can get good results for victims of PCP mis-selling.
To view the infographic, visit - https://goodwinbarrett.co.uk/pcp-deals-are-you-owed-compensation.html
For further information, please contact the Goodwin Barrett team on 0808 301 8795 or email press@goodwinbarrett.co.uk.