Many drivers are at risk of being mis-sold car finance agreements when previously purchasing a vehicle, an issue My Claim Group and world-beating boxer Tyson Fury are fighting to address.
Tyson is renowned for his achievements in the boxing ring but he also fights for justice outside it on behalf of consumers by being a My Claim Group ambassador.
This business and boxer are coming together to ensure consumers are able to claim for compensation** on car finance if their car dealer increased their interest rate to earn higher commissions, a practice known as a Discretionary Commission Arrangement (DCA).
Check if you can claim at myclaimgroup.co.uk
What is a Vehicle Finance (PCP) claim
This is a type of financial mis-selling claim related to the sale of vehicle finance on either a hire purchase (HP) agreement or a personal contract purchase, or PCP.
PCP is a popular method of financing a car purchase. It involves the buyer using a deposit, monthly payments, then a final “balloon” payment so they can own the vehicle when the agreement ends.
Mis-selling typically occurs when a finance provider or broker fails to disclose all the necessary information about a PCP agreement or presents the terms in a misleading way. In many cases, this involves the use of a Discretionary Commission Arrangement (DCA), where the broker is incentivised to increase the interest rate without the consumer’s knowledge. As a result, the consumer may be unaware of the full financial implications of the agreement.
Why use My Claim Group
My Claim Group is one of the largest HP/PCP claims companys in the UK authorised and regulated by the Financial Conduct Authority. The business is working together with the world-class sportsman and personality Tyson Fury to fight on the behalf of drivers to claim money they may have paid out via a DCA.
If you purchased a vehicle using finance between 2007 and 2021, you might have a claim due to an undisclosed DCA.
Check to see if you are owed any money on your car purchase
Some benefits of working with My Claim Group include:
No win, no fee***
My Claim Group’s panel of solicitors operate on a No Win No fee basis***, meaning if they do not win a case on behalf of their claimant, then they do not charge anything.
However, if a claim is successful, then it will be subject to a success fee, charged as per your terms of business. This can be as much as 36% of the final claim depending on the level of redress received.
Simple claim process
MyClaimGroup’s claim process is relatively simple and user-friendly*. If claimants do not have the necessary information for a claim, then the My Claim Group’s team will also gather these details together on their behalf, including requesting and processing documentation from car dealers.
A range of factors influence the amount of compensation, including the date of a finance agreement, duration and interest rate.
However, Financial Conduct Authority research revealed that a typical motor finance agreement of £10,000 could result in consumers being overcharged by £1,100 over a four-year term**.
Claims can be made without professional representation
There is no need for a claim to be referred to a CMC or legal representation. You can do this yourself for free to your lender and then onto the financial ombudsmen service. However, working with a company like My Claim Group will allow you access to expert support and experience of their team. Also if you don’t know your vehicle finance information they can find it for you.
Boxer Tyson Fury is known for his accolades within the ring but is now looking to make an impact by fighting on behalf of drivers across the UK through this partnership with My Claim Group.
If you think you might have a claim in relation to your car finance, then don’t miss out on compensation you could be entitled to.
My Claim Group is a trading name of the Claims Protection Agency Ltd, authorised and regulated by the Financial Conduct Authority (FCA No. 836470). *My Claim Group will undertake a free check at no cost to you on your behalf to assess if you may have a vehicle finance claim. *** If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: https://myclaimgroup.co.uk/no-win-no-fee). Solicitor fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company to make a claim; you can do this yourself for free by contacting the car dealership or finance provider and if that is not successful you can complain to the Financial Ombudsman Service. **See link for the FCA reference, solicitor fee tables & average valuations: https://myclaimgroup.co.uk/dca
** If you have any questions about the FCA requirements, or want to ensure your advertisements are compliant, please contact your MCG representative before going live. Non-compliant advertisements that go live will result in suspended payments and contractual termination. **
**Please note this document is subject to change per FCA Ruling – If in any event it does change, you will be notified immediately**
