Martin Lewis PCP Claims

No Win No Fee Claims

Martin Lewis is a well-known financial journalist famous for his website, Moneysavingexpert.com. Championing consumer causes, Martin provides plenty of insight on the latest brewing storm over Personal Contract Purchase PCP car finance claims.

Let us put you in touch with the UK’s leading PCP claims solicitors to help you apply for compensation. It’s on a strict no win no fee basis, so you won’t pay a penny unless you receive compensation, and it’s free to check!

Understanding Personal Contract Purchase (PCP) Car Finance

Personal Contract Purchase (PCP) is a type of car finance that allows you to pay for a vehicle in monthly instalments. At the end of the agreement, you can return or purchase the car with a final lump sum payment.
PCP car finance was widely used before 2021 but recently has been at the centre of a scandal involving discretionary commission agreements (DCAs) and interest rates.
Martin Lewis, founder of MoneySavingExpert.com, has been a vocal advocate for car owners affected by the PCP scandal. His website has the latest information from the Financial Conduct Authority (FCA), which is investigating what is called ‘widespread misconduct’ and PCP agreements.

Claiming Compensation For Mis-Sold Car Finance

The FCA’s investigation won’t end until May 2025, and there could be a potential redress scheme for affected car owners. The FCA estimates that around 40% of car deals may have been affected by the scandal, involving hidden discretionary commission arrangements between car dealers and consumers. Lenders sweetened the deal by offering higher commission payments if car dealers raised the interest rate on the contract. Compensation could run into millions.

Eligibility And The Claims Process

To be eligible for compensation, you must have purchased a vehicle using PCP or Hire Purchase (HP) car loans before January 28, 2021. The MSE website has a letter for people to write a complaint to their car financing company. Finance providers don’t have to issue a response until December 2025, but it’s essential to register your complaint as soon as possible. Martin Lewis urges customers to verify their eligibility and complete the action to claim compensation as quickly as possible.

Potential Compensation

With the emerging mis-selling scandal likely to affect thousands of cars, the FCA review is expected to include the launch of a fair compensation scheme. Affected consumers may be able to claim an average amount of money of £1,100 although this could be much higher for some people.