An important announcement for all drivers in the UK who have purchased a Citroen using a car finance agreement. There is crucial information that you need to be aware of. It is possible that you may be eligible for compensation due to undisclosed commissions, which is considered as mis-selling. 

It is absolutely essential to understand your rights and thoroughly examine all available options to ensure that you receive the justice you rightfully deserve. Don't miss out on this chance to determine if you meet the required criteria.

What Are Citroen Car Finance Claims?

Should you ever suspect that you have been misled into buying a Citroen car, it is worth exploring the domain of Citroen car finance claims. These claims revolve around individuals resorting to legal measures because they believe they were provided with incorrect information regarding financial products when purchasing a Citroen vehicle. 

This deception can take place when the loan provider neglects to disclose accurate details about the commission paid to the broker. Furthermore, the broker may also deceive customers about the affordability of the loan and other significant aspects of the loan agreement.

How Could My Citroen Car Finance Have Been Mis-Sold?

At ClaimExperts.co.uk, we recognise the significance of being able to recognize and assess deceptive strategies employed in the presentation of Citroen financing. Our team of legal panel experts specialises in aiding individuals who have been impacted by undisclosed commission charges, which is a prevalent form of mis-selling

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• Hidden Commission:  In their groundbreaking report, the Financial Conduct Authority (FCA) found that commission was paid on around 95% of car finance deals. Incredibly, they have found that around 40% of these car finance deals had hidden “discretionary commission arrangements”
  
  This means lenders allowed brokers and car dealerships to increase the interest rate in order to increase their commission. Thousands of consumers could have overpaid their car finance repayments because of this.
  
  The FCA banned this type of “discretionary commission arrangement” in 2021.
  
  
  
• Inadequate Affordability Assessment: If the finance provider did not adequately assess your financial situation before approving the finance agreement, it could lead to unaffordable repayments and potential financial hardship.
  
  
• Misrepresentation of Terms: You may have been provided with incomplete or misleading information regarding the terms and conditions of the finance agreement. This could include aspects such as interest rates, repayment schedules, or additional fees.
  
  
• Pressure Selling Tactics: If you felt pressured into agreeing to the finance agreement without fully understanding its terms or exploring alternative options, it could indicate mis-selling. Sales representatives should provide clear and transparent information, allowing customers to make informed decisions.
  
  
• Unsuitable Product Recommendations: The finance product recommended to you may not have been suitable for your needs or circumstances. For example, if you were sold a high-interest rate loan when you could have qualified for a lower rate, it could constitute mis-selling.
  
  
• Undisclosed Fees or Charges: Hidden fees or charges not disclosed at the time of the agreement could result in unexpected financial burdens for the consumer. It's essential to review the terms and conditions carefully to ensure full transparency.
  
  
• Failure to Explain Risks: If the risks associated with the finance product were not adequately explained to you, including potential implications for your credit rating or repossession of the vehicle, it could indicate mis-selling.

Who Is Eligible For Citroen  Mis-sold PCP Compensation?

In the event that you have financed a Citroen car between 2008 and 2021, you may be eligible. This holds true for financing obtained for motorbikes, vans, and vehicles. As a result, you might qualify for specific benefits if you took out car financing during that time.

Use the technology at ClaimExperts.co.uk to look up credit agreements from 2014 to 2021. You can easily locate any car financing deals that you might be eligible for within that time frame with the help of this tool.

Our free-to-use eligibility tool is designed to scrutinise car finance agreements made from 2014 to 2021. According to the Financial Conduct Authority's (FCA) investigation, commissions were involved in 95% of the contracts they reviewed, with 40% employing the crucial Difference in Charges (DiC) model.

This implies that if you entered into a car finance agreement within the 2014-2021 timeframe, you might be entitled to reclaim thousands in interest payments. Determine your potential eligibility quickly and without cost by using our tool.

Can You Claim Against Citroen For Mis-selling Car Finance? 

Citroen cannot be held legally liable for misrepresenting car financing. It is best to go after the bank or lender that supplied the finance for your car. If you purchased your vehicle after 2007 with confusing terms through PCP or HP finance, you might be able to file a mis-sold car finance claim.

You may be able to file a mis-sold car finance claim if the salesperson did not provide you with all relevant information about their commission, did not make sure you understood the terms of your contract and interest rates, or did not make sure you could afford the car.

How Much Could My Citroen Mis-Sold Car Finance Claim Be Worth?

Currently, the FCA has not provided a key guideline in relation to compensation. However, it is expected that they will provide a framework similar to the PPI payouts. 

Customers have won important instances involving discretionary commissions when the Financial Ombudsman made rulings against Barclays Partner Finance and Black Horse. Customers were reimbursed in these particular cases for the difference between the interest rate they were initially charged and the best available rate at that time.

We can consider this simplified example to understand the potential reimbursements: A customer financed a £7,619 car through Black Horse at a 5.5% interest rate, amounting to £2,096 over five years, despite a lower available rate of 2.49%. The Ombudsman mandated Black Horse to refund the £1,147 discrepancy in commission, plus interest.

Based on an analysis of FCA data, customers who took out a £10,000 car loan over four years ended up paying £1,100 more in interest due to the inclusion of discretionary commission schemes. This observation highlights the possibility of needing to make significant loan repayments in the event that a larger loan is taken out.

How Can ClaimExperts.co.uk Help With My Citroen Car Finance Claim?

Our panel of legal professionals are ready to offer you a thorough solution and support you at every stage.

We have partnered with law firms around the UK to guarantee that your case is handled by a panel of lawyers who can address your particular circumstance. We will do all in our power to support your claim with outstanding expertise and to get you the best possible result.

We provide you with unlimited access to our in-depth guidelines, which are intended to assist you in comprehending your possible claim and allow you to assess your eligibility.

Our online eligibility checker enables you to swiftly evaluate the validity of your mis-sold car finance claim, offering immediate preliminary advice at no charge.

See if you are eligible to claim today.

The Small Print

This claim is regulated by the FCA. You do not need to use a claims management company to make a car finance claim. You have the right to complain directly to the lender and use the Financial Ombudsman Service to seek redress for free.

Many legal claims, including this one, are offered on a No-Win, No-Fee basis to consumers. This means that if your claim is unsuccessful, you will not be responsible for any costs to the solicitor.

It's important to note that there may be a cancellation fee if you cancel your claim with a panel member after the cooling-off period which is 14 days. 

The No Win, No Fee Success Fee charged by the solicitor is based on which expert panel member we refer you to. The maximum the legal panel will charge as a success fee is 36% inc. VAT.