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        Labour-backing Gary Neville slams Rachel Reeves over crippling tax hikes on businesses

        Labour-backing Gary Neville slams Rachel Reeves over crippling tax hikes on businesses

        Donald Trump demands UK drills for more oil, blasts high taxes on North Sea energy firms

        Donald Trump demands UK drills for more oil, blasts high taxes on North Sea energy firms

        Justice Secretary Shabana Mahmood heaps pressure on Sir Keir Starmer to recognise state of Palestine

        Justice Secretary Shabana Mahmood heaps pressure on Sir Keir Starmer to recognise state of Palestine

        Ed Miliband sparks fears of ‘boiler ban by backdoor’ as he prepares to shun gas for heating homes

        Ed Miliband sparks fears of ‘boiler ban by backdoor’ as he prepares to shun gas for heating homes

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          AI Overviews cutting publisher clickthrough rates by 50%, new report finds

          Call for commemoration to Welsh journalist Gareth Jones who uncovered Holodomor famine

          Call for commemoration to Welsh journalist Gareth Jones who uncovered Holodomor famine

          News diary 28 July – 3 August: Starmer-Trump meeting, Edinburgh Fringe, Ofcom annual media data

          News diary 28 July – 3 August: Starmer-Trump meeting, Edinburgh Fringe, Ofcom annual media data

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            Nest of radioactive WASPS found at nuclear site by officials

            Nest of radioactive WASPS found at nuclear site by officials

            Mysteries of 2,300-year-old mummy Bashiri ‘The Untouchable’ revealed after researchers refused to unwrap ancient fabric

            Mysteries of 2,300-year-old mummy Bashiri ‘The Untouchable’ revealed after researchers refused to unwrap ancient fabric

            Remarkable glow in the dark creature captured on camera in the wild ‘for first time’ as it lights up in a neon blue

            Remarkable glow in the dark creature captured on camera in the wild ‘for first time’ as it lights up in a neon blue

            ‘Death date’ of universe revealed as scientists predict when ‘shrinking’ will start before ‘Big Crunch’ wipes us all out

            ‘Death date’ of universe revealed as scientists predict when ‘shrinking’ will start before ‘Big Crunch’ wipes us all out

            Is this the breakfast of the future? Bread made of BUGS & fungus created to fight food shortage – so would YOU try it?

            Is this the breakfast of the future? Bread made of BUGS & fungus created to fight food shortage – so would YOU try it?

            Mystery of Captain Cook’s lost ship is SOLVED after 250 years as scientists discover sunken remains of HMS Endeavour

            Mystery of Captain Cook’s lost ship is SOLVED after 250 years as scientists discover sunken remains of HMS Endeavour

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            We’ve probably already been discovered by aliens, but they have some pretty good reasons to hide.

            Almost everyone is said to benefit from a scientifically supported method for improving sleep.

            2,500-year-old rock engravings were found near Mosul, Iraq.

            Is the soul of a person eternal? the findings of scientists

            With its most recent move, is General Electric abandoning wind power?

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            Conor McGregor issues four-word statement after taking biggest step yet to UFC return

            Conor McGregor issues four-word statement after taking biggest step yet to UFC return

            Ellie Scotney reveals promise she made to late friend Georgia O’Connor before emotional world title win

            Ellie Scotney reveals promise she made to late friend Georgia O’Connor before emotional world title win

            The secret underground tunnel where Open golfers hide from thunderstorms but only certain stars can use it at Portrush

            The secret underground tunnel where Open golfers hide from thunderstorms but only certain stars can use it at Portrush

            Jon Jones performs retirement U-turn and announces return to UFC testing pool after Dana White lying claims

            Jon Jones performs retirement U-turn and announces return to UFC testing pool after Dana White lying claims

            Tyson Fury heads off to business meeting still wearing Primark Soccer Aid suit after dropping F-bomb live on ITV

            Tyson Fury heads off to business meeting still wearing Primark Soccer Aid suit after dropping F-bomb live on ITV

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            A Site for Situated Practices: Mezzanine

            Exhibition: Substance & Recoding: The Narrative of Contemporary Objects in the Semantic Turn

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            An adventure on the canals of Amsterdam

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            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain's Latest Collection.

            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain’s Latest Collection.

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            After Builders Cleaning Services in UK with Cliffycox: Reviving Spaces, Redefining Cleanliness

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          Paul Lewis: How you could end up paying a lot more than you bargained for with your PCP car finance deal

          by Anderson
          October 24, 2023
          in Motoring
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          Claims for misselling the finance used to buy a car are increasing. The most common form of finance offered by dealers is the Personal Contract Purchase or PCP. It is a clever wheeze. You want a nice shiny new car but cannot afford to pay for one even on credit.

          With a PCP your monthly payments do not buy the whole car but just cover the depreciation in its value over three or four years. That makes it about half as expensive per month as buying the whole vehicle. At the end of the contract you hand the car back. Or you can keep it in exchange for what is called a “balloon payment” equal to its current value. Or you use that value as a deposit on another shiny brand new car from the same stable.

          #color-context-related-article-2709632 {–inews-color-primary: #F88379;–inews-color-secondary: #FEF2F1;–inews-color-tertiary: #F88379;}

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          There are concerns that the sometimes complex conditions which apply to PCPs are not being clearly explained to customers.

          Motor hire purchase (which PCP is a form of) was the fourth most complained about product to the Financial Ombudsman Service in 2022/23 – a total of 11,446 complaints and nearly four out of 10 were upheld. That was nearly double the number the previous year and the trend continued in the first three months of this financial year with complaints up 74 per cent on a year earlier.

          Elaine Walker, legal director of Legal UK Services, which takes claims for customers in exchange for a chunk of any compensation won, says these complaints could soon top the list and she is expecting 20,000 this year.

          In July, the Ombudsman revealed that most motor finance complaints now come through claims management companies which could be responsible for the growth in numbers. Claims firms can cost clients a third to a half of any compensation recovered. The Ombudsman stressed that no one needs to employ one and has a guide on doing it yourself.

          The most common complaint is about commission. Until 28 January 2021 when the Financial Conduct Authority banned it, car dealers frequently earned extra commission by offering deals at higher interest rates. If a customer believes that affects them, they can claim misselling and recover the interest paid. But commission, which the Financial Conduct Authority found averaged £1,100 per deal, is just one of the problems with PCP.

          Problems with PCP

          • You need a big deposit – perhaps 10 per cent to 20 per cent of the car’s price
          • The interest rate offered in the adverts may not be the one you get – any blemish on your credit record will mean higher interest and sometimes a bigger deposit
          • You do not own the car
          • You pay all the ongoing costs – insurance, services, repairs and of course any fines or penalties
          • You will only be allowed to drive a fixed number of miles. If you exceed the limit you will pay a penalty – anything from 10p to 30p for each excess mile. Just a few miles extra each day can cause a big, unexpected expense at the end of the deal
          • After three years you give the car back and start again
          • If you want to keep the car you have to make another payment equal to its current market value. That could be as much as all your monthly payments so far added together
          • If there is the slightest mark or damage on the vehicle at the end you will have to pay for it to be repaired. It is always better to get even minor dents or scratches repaired before you hand the car back – otherwise you will be bumped into using the dealer’s choice of repair firm which will almost certainly be expensive

          Beware if salespeople tempt you to reduce the monthly payments by lowering your mileage limit. If you agree to drive only 8,000 miles a year rather than 10,000, the monthly payments will be slightly lower but the excess mileage charge is more, so a few extra miles every day can wipe out the saving.

          Sales staff are paid commission to sell you extra insurance to cover all sorts of things from alloy wheels or paintwork to “gap” insurance to cover the loss in value if you are unlucky enough to write the car off in the first few months. The right answer to these extra insurances is “no thanks”.

          The salesperson selling a PCP must assess if the customer can afford the deal. Debt advice charities say that is often done poorly and people who cannot afford the repayments are being inveigled into a sale. If payments lapse, you lose the vehicle. If you can show that affordability was poorly assessed you can make a mis-selling claim.

          For people who can afford the repayments, who drive their car within the mileage limit without incurring any damage, and who understand how the deal works, PCP can be an affordable way to finance a car. But everyone else should take great care.

          For more information, search car finance commission at www.financial-ombudsman.org.uk

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