Yes, you can still make a PCP claim even if you no longer own the car.

Yes, you can still claim for mis-sold car finance even if you've already paid off your agreement.

You can check the status of your PCP claim by contacting your finance lender directly or checking the online portal provided by the company managing your claim.

The FCA's £7.5 billion motor finance compensation scheme has been partially suspended due to legal challenges. The scheme has not been cancelled.

PCP claims are still being processed by lenders, but they are not currently being paid out under the FCA's redress scheme.

PCP claims are taking longer than people expected because the FCA's redress scheme is currently facing legal challenges from four separate parties.

PCP claims are currently calculated using a method created by the Financial Conduct Authority (FCA), which estimates how much you may have lost because of undisclosed commission arrangements.

You can claim car finance compensation by submitting a complaint directly to your lender or through a claims management company like Claim-Smart.

You can usually find your PCP finance details through old bank statements, your credit report, or by contacting the dealership that you bought the car from.

You may be entitled to a PCP claim if you took out PCP or HP finance on a car, van, motorbike or campervan between 6 April 2007 and 1 November 2024.

No, making a PCP claim does not negatively affect your credit score. Complaints don't appear on your credit report and shouldn't affect borrowing in the future.

Yes, you can still make a PCP car finance claim even if you no longer have the original paperwork.

Under the FCA scheme, PCP car finance claims should be paid out within one month once a claimant accepts an offer from the lender. Though processing the claim will take considerably longer.

The Financial Conduct Authority (FCA) has issued an update on their PCP car finance compensation scheme. Here's what it actually means for claims.

The average payout for a PCP car finance claim will be £829 per agreement as part of the FCA’s official redress scheme. This is slightly more than originally estimated.

There’s no exact figure for what percentage of car finance claims are approved. However, the FCA believes around 12 million agreements are eligible for compensation.

The FCA deadline for submitting a PCP car finance claim is 31 August 2027, although acting sooner could help you receive compensation faster.

To make a complaint about PCP car finance, you can complain directly to your lender, take it to the Financial Ombudsman Service, or use a Claims Management Company like Claim Smart.

If you have submitted a PCP claim, you should hear whether it was approved within 3 months of the relevant FCA scheme start date, especially if you complained early.

People are getting refunds for PCP car finance because, between April 2007 and November 2024, lenders allowed car dealers or brokers to inflate interest rates and earn more than they should have - at the customer's expense.