PCP Mis-selling scandal

[northernladuk]

Off topic, but I think with pension miss selling this time around when it happens the fall out won't be so widespread. In the 1990's it was absolutely massive. I think that the potential for claims going forward has been recognised fairly early by the industry as a whole and the soaring cost of PII for advisors doing that business has driven a lot of lower quality "advisors" (sales people) away. I suppose there's still plenty of stuff out there for agressive ambulance chasers though. But it's really not so easy these days to do a pension transfer at less than eye watering fee rates. I think that can only be a good thing because some folk really cannot be trusted to act in their own very long term best interests.

The interesting thing (as I believe it to be anyway) is that the PPI miss-selling was technically only situations where someone was sold cover that would not pay out due to that persons situation. My other half and her ex husband took it out but if you looked at the small print, should the worst have occurred, her ex couldn't claim on it due to his job and financial situation or something. So it was sold to someone illegible to claim because they didn't check. That's miss selling, but then everyone jumped on it saying it wasn't explained etc but the key is they were eligible and could have claimed it. Time, lies and pressure turned it in to the debacle it was with many people getting paid out just because they fell for the hard sell, not that the product was useless.

So in the future their might be, and just guessing for an example here, Gap Insurance miss selling. So if the terms says the gap insurance would cover the difference in price but only for people under 5 foot 4 inches. So if anyone over 5'4" took it then it's been miss sold. If people under 5'4" took it they will try claim just because they took it and were given the hard sell and ticked the box have not been miss sold but they'll be pressured in to claiming by no fee ambulance chasers.

There is a hard line over what has been miss sold and what people have bought without thinking but that won't make a difference to the claims company when the big slow train sets off. Being over charged by unscrupulous sales people isn't miss selling so I think future ones will have a slightly different angle. Not true miss selling but will probably be called that.

[Fred Bloggs]

In this day of never pay for anything there will be plenty to look at I am sure. They are just waiting for someone like Klarna to not have the right information in the right place and not flashing red for people to read and they will be all over them next etc etc. To be fair unscrupulous sales is to blame for the emergence so while people will always try to sell more than they should then these guys will have something to keep them in business.

Off topic, but I think with pension miss selling this time around when it happens the fall out won't be so widespread. In the 1990's it was absolutely massive. I think that the potential for claims going forward has been recognised fairly early by the industry as a whole and the soaring cost of PII for advisors doing that business has driven a lot of lower quality "advisors" (sales people) away. I suppose there's still plenty of stuff out there for agressive ambulance chasers though. But it's really not so easy these days to do a pension transfer at less than eye watering fee rates. I think that can only be a good thing because some folk really cannot be trusted to act in their own very long term best interests.

[northernladuk]

I had a mate who had the same deal for credit card PPI (or whatever it was).

He reckoned that 50% of something for doing nothing was better than 50% of nothing because he didn’t realised he was owed it.

He was happy with his 50%.

Thing is with that, over time when the banks put the process in it became very easy to do it yourself. We did it and a simple call to Black Horse and a few months wait and my other half bagged 13k from them so these 50% companies bag a lot of money for doing absolutely nothing.

I'd be tempted to wait on PCP claims until it becomes big news, PCP companies put their processes in place to deal with it internally and then do it myself.

[northernladuk]

I guess PCP is the next opportunity for the ambulance chasers after they drained the swamp of PPI claims. Pension transfers next in line? If so, it's the second time. I had a pension transfer misselling claim for Mrs Bloggs back in the 1990's when the big manufacturing firms were all closing thus creating a rich pool of naive pension transfer fodder.

In this day of never pay for anything there will be plenty to look at I am sure. They are just waiting for someone like Klarna to not have the right information in the right place and not flashing red for people to read and they will be all over them next etc etc. To be fair unscrupulous sales is to blame for the emergence so while people will always try to sell more than they should then these guys will have something to keep them in business.

[Fred Bloggs]

I had a mate who had the same deal for credit card PPI (or whatever it was).

He reckoned that 50% of something for doing nothing was better than 50% of nothing because he didn’t realised he was owed it.

He was happy with his 50%.

I guess PCP is the next opportunity for the ambulance chasers after they drained the swamp of PPI claims. Pension transfers next in line? If so, it's the second time. I had a pension transfer misselling claim for Mrs Bloggs back in the 1990's when the big manufacturing firms were all closing thus creating a rich pool of naive pension transfer fodder.

[cojak]

I had a mate who had the same deal for credit card PPI (or whatever it was).

He reckoned that 50% of something for doing nothing was better than 50% of nothing because he didn’t realised he was owed it.

He was happy with his 50%.

[northernladuk]

Gotcha, understood. The scum of the legal profession chasing ambulances they themselves called. One of the next ones undoubtedly will be defined benefit to defind contribution pension transfers. Once people get to maybe 75 and run out of money, the usual "it wasn't fully explained to me what the risks were....." get trotted out. Amazing how people park there common sense when they get offered a couple of hundred grand to sell their own future down the river.

It doesn't actually mean it's been missold either. The cost of fighting it is rarely worth it so they fold so it's tant amount being bullied for the money.

[Lance]

Gotcha, understood. The scum of the legal profession chasing ambulances they themselves called. One of the next ones undoubtedly will be defined benefit to defind contribution pension transfers. Once people get to maybe 75 and run out of money, the usual "it wasn't fully explained to me what the risks were....." get trotted out. Amazing how people park there common sense when they get offered a couple of hundred grand to sell their own future down the river.

whilst what you say is true, it is a shame that it will take said ambulance chasers to make the industry more honest. It's supposed to be done by regulation. The entire purpose of privatisation and de-regulation requires a strong regulator to keep the market honest. When laywers get involved the regulator has failed.

Although I do wonder if chasing the mis-selling via the FOS would work better. It would certainly not incur any lawyer costs.

[Fred Bloggs]

Basically, it's a bunch of lawyers who have worked out the US principle of finding ways to sue anyone for anything.
If you purchased a car using PCP and didn't feel you had it explained to you properly, or be told options, then you can sue.
Costs the PCP businesses money in legal fees and "refunds", the lawyer for those claiming mis-selling just send through template responses, and then next year we all end up paying more for financial loans to cover paying for lawyers.
Part of the general race to the bottom.

Gotcha, understood. The scum of the legal profession chasing ambulances they themselves called. One of the next ones undoubtedly will be defined benefit to defind contribution pension transfers. Once people get to maybe 75 and run out of money, the usual "it wasn't fully explained to me what the risks were....." get trotted out. Amazing how people park there common sense when they get offered a couple of hundred grand to sell their own future down the river.

[NorthWestPerm2Contr]

https://www.bottonline.co.uk/consume...finance-claims

[WTFH]

Yes I am aware of that, cheating and telling lies about emissions. Curious that the OP specifically mentions PCP which has become a huge industry in itself.

Basically, it's a bunch of lawyers who have worked out the US principle of finding ways to sue anyone for anything.
If you purchased a car using PCP and didn't feel you had it explained to you properly, or be told options, then you can sue.
Costs the PCP businesses money in legal fees and "refunds", the lawyer for those claiming mis-selling just send through template responses, and then next year we all end up paying more for financial loans to cover paying for lawyers.
Part of the general race to the bottom.

[Fred Bloggs]

I am part of a class action against Mercedes for mis-selling based on false emissions. **** knows if I'll get anything but it's no win no fee.
I wouldn't be pursuing this on my own as it's a load of bulltulip.
But that is the only mis-selling I'm aware of.

Yes I am aware of that, cheating and telling lies about emissions. Curious that the OP specifically mentions PCP which has become a huge industry in itself.

[Lance]

If you don't mind, is there a short explanation of why there's cause for mis-selling? Thanks.

I am part of a class action against Mercedes for mis-selling based on false emissions. **** knows if I'll get anything but it's no win no fee.
I wouldn't be pursuing this on my own as it's a load of bulltulip.
But that is the only mis-selling I'm aware of.

[Fred Bloggs]

One of my freinds recently recovered a sizeable sum (£8,000 after fee is taken) because of being mis-sold PCP/HP for his car. Apparently all the big car dealerships have been doing this and I have 4 PCP deals that appear to be claimable.

The solicitor's have come back with a no win no fee offer (via a friend's recommendation) but their fee is effectively 50% when including VAT. Just wondering if anybody else has gone down this route and has any recommendations? Sorry if I'm a bit late to the party!

If you don't mind, is there a short explanation of why there's cause for mis-selling? Thanks.

[NorthWestPerm2Contr]

One of my freinds recently recovered a sizeable sum (£8,000 after fee is taken) because of being mis-sold PCP/HP for his car. Apparently all the big car dealerships have been doing this and I have 4 PCP deals that appear to be claimable.

The solicitor's have come back with a no win no fee offer (via a friend's recommendation) but their fee is effectively 50% when including VAT. Just wondering if anybody else has gone down this route and has any recommendations? Sorry if I'm a bit late to the party!