{"id":50312,"date":"2023-10-03T18:19:36","date_gmt":"2023-10-03T18:19:36","guid":{"rendered":"https:\/\/myroadnews.com\/?p=50312"},"modified":"2023-10-03T18:19:36","modified_gmt":"2023-10-03T18:19:36","slug":"will-mis-sold-car-finance-become-a-multi-billion-pound-scandal-larger-than-ppi","status":"publish","type":"post","link":"https:\/\/myroadnews.com\/car-reviews\/will-mis-sold-car-finance-become-a-multi-billion-pound-scandal-larger-than-ppi\/","title":{"rendered":"Will mis-sold car finance become a \u201cmulti-billion pound scandal larger than PPI\u201d?"},"content":{"rendered":"

A UK legal firm predicts PCPs will top the list of Financial Ombudsman complaints by 2024, and eyes huge compensation bills<\/h2>\n


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The number of complaints to the Financial Ombudsman Service about Personal Contract Purchase (PCP) deals used to buy cars is soaring, with one UK law firm predicting they\u2019ll be the most numerous type of complaint by 2024.<\/p>\n

Figures released recently by the Ombudsman show the number of complaints about motor finance deals rose from 6,128 to 11,446 in the last financial year. 90 per cent of car finance deals are PCPs, where a customer makes monthly payments and can either hand \u2018their\u2019 car back or buy it outright at the end of an agreed term. According to Legal UK Services, which describes itself as \u201ca firm of financial mis-selling specialists dedicated to helping clients with a wide range of compensation claims\u201d, the current trend will see PCP complaints outnumber the currently most numerous category of complaints about bank current accounts, by the first quarter of next year.<\/p>\n