Millions of UK motorists who took out PCP car finance agreements between 2007 and 2021 may now be entitled to compensation for mis-selling. Consumers should start their claims now.

My Car Loan Claims

My Car Loan Claims, a trading style of the UK regulated law firm Alawco Limited (Alawco), helping motorists reclaim compensation for mis-sold car finance agreements. A claim enables consumers to seek compensation if their agreement included Discretionary Commission Arrangements ('DCAs') - where the broker could adjust the interest rate offered to a customer. The Financial Conduct Authority (FCA) banned the use of DCAs in 2021.

'Millions of UK motorists may have been mis-sold and overpaid for their car finance agreements without even realizing it. We are dedicated to holding finance companies accountable and helping consumers reclaim what might rightfully be theirs. By launching MyCarLoanClaims.co.uk, we are providing a straightforward, easy to use platform for consumers to check their eligibility and start their claim in a few easy steps' said a spokesperson for My Car Loan Claims.

The FCA estimates that the total costs of a compensation scheme for mis-sold car finance deals could range between Pound 9 billion and Pound 18 billion. This significant amount, billions of pounds, reflects the widespread use of unfair and/or not properly disclosed commission arrangements and the need to restore consumer trust in motor finance.

The FCA may in the future introduce a consumer redress scheme which would allow consumers to pursue a claim directly, without instructing a law firm. However, at this time the details of the scheme are unknown.

Major lenders have already set aside nearly billions to cover anticipated claims, underscoring the scale and seriousness of this industry-wide issue. This means that major finance providers are now under scrutiny, including Black Horse Ltd, Volkswagen Financial Services, Mercedes-Benz Financial Services UK Ltd, and Santander Consumer (UK) PLC.

Anyone who financed a car through a PCP agreement during this period may be eligible for a claim. The claim process has been structured by My Car Loan Claims into three steps:

• a mis-sold car finance agreement retrieval tool (a soft credit check is undertaken which does not impact your credit rating),

• igning the onboarding documents to proceed with the claim, and

• the claim process itself where representation is managed by My Car Loan Claims, a trading style of Alawco.

Alawco's service is 100% no-win, no-fee, meaning there are no upfront costs and no hidden fees. You only pay if your claim succeeds - unless you end the agreement early or don't meet your obligations. For more information, please see https://mycarloanclaims.co.uk/en/fees.

You always have the option to make a complaint directly to your finance provider or any public redress scheme that may be implemented, and if you do not agree with their decision, take your case to the Financial Ombudsman Service.

To learn more or to check eligibility, visit https://mycarloanclaims.co.uk/.

About My Car Loan Claims

My Car Loan Claims is a trading name of Alawco Limited which is Authorised & Regulated by the Solicitors Regulation Authority ID 818725. The firm provides legal expertise and a clear process for consumers impacted by financial mis-selling, including PCP car finance claims. Its mission is to protect consumers' rights, simplify claims, and ensure fairness across the car finance sector.

Media Contact

MyCarLoanClaims.co.uk

Website: https://mycarloanclaims.co.uk/

This content has been developed in collaboration with My Car Loan Claims trading as Alawco Limited, SRA authorised and regulated, who have taken all efforts to ensure factual accuracy.

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