Calling all UK drivers who have bought a Kia through a car finance agreement. You could potentially be entitled to compensation because of undisclosed commissions, which is essentially like being misled.

It is incredibly important to be aware of your rights and carefully explore all the possibilities to ensure you receive the justice you deserve. Do not let this opportunity slip away without checking if you meet the necessary criteria.

What Are Kia Car Finance Claims?

If you think you have been misled into purchasing a Kia car, it is a smart choice to look into Kia car finance claims. These claims involve individuals taking legal steps because they believe they were provided with inaccurate information about financial products when buying a Kia vehicle.

Deception can occur when the lender does not disclose the actual commission paid to the broker. Additionally, the broker might deceive customers about the loan's affordability and other important terms in the contract.

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

At ClaimExperts.co.uk, we know the importance of recognising and assessing deceitful strategies used in Kia financing presentations. Our panel of legal experts is committed to assisting individuals impacted by concealed commission fees, a prevalent form of mis-selling.

• Hidden Commission: In their groundbreaking report, the Financial Conduct Authority (FCA) found that commission was paid on around 95% of car finance deals. Astonishingly, 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 to boost 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.

In addition to undisclosed commission, there are multiple situations where a Kia car loan may have been incorrectly advertised as part of a car finance claim on ClaimExperts.co.uk:

• 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 is 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.

Claims can be brought forward for free by yourself under the Financial Ombudsman. If you need assistance with issues related to financial mis-selling, you can reach out to a claims management firm or a lawyer. ClaimExperts.co.uk is a company that has a panel of legal experts specialising in handling claims for Kia vehicle finance.

Who Is Eligible for Kia Mis-sold PCP Compensation?

If you bought a Kia car on a payment plan from 2008 to 2021, you might qualify. This also applies to financing motorcycles, trucks, and other vehicles.

Take advantage of the technology offered on ClaimExperts.co.uk to look for credit agreements spanning from 2014 to 2021. This feature is designed to help you quickly find any car financing options you may meet the requirements for during that specific timeframe.

Our free-to-use eligibility tool is designed to scrutinise car finance agreements made from 2014 to 2021. According to the FCA's 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 Kia for Mis-selling Car Finance?

Any misrepresentation in car financing is not the responsibility of Kia. It is suggested to reach out to the bank or lender that facilitated the financing for your vehicle.

If you acquired your car post-2007 with unclear terms related to PCP or HP finance, there is a possibility of being eligible to claim for mis-sold car finance. If the salesperson omitted important information about their commission, neglected to ensure your comprehension of the contract terms and interest rates, or failed to verify your ability to afford the car, you could potentially have grounds to file a claim for mis-sold car finance.

How Much Could My Kia Mis-sold Car Finance Claim Be Worth?

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

Customers have successfully resolved disputes over discretionary commissions in significant cases, with the Financial Ombudsman ruling against Barclays Partner Finance and Black Horse. In these instances, customers were refunded for the difference between the interest rate they were originally charged and the best rate on offer at that time.

For example, 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.

The FCA's data reveals that individuals who took out a £10,000 loan for a car and repaid it over four years faced an additional £1,100 in interest as a result of extra fees.

How Can ClaimExperts.co.uk Help with My Kia Car Finance Claim?

Our expert panel of solicitors are there for you from start to finish to ensure you receive the support you need.

By collaborating with law firms nationwide, we guarantee that a panel of lawyers who comprehend your individual circumstances will manage your case. Our goal is to assist your claim with exceptional knowledge and secure the best possible outcome for you.

We also give you unlimited access to our claims guide, made to help you determine if you qualify for a potential claim.

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 is 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.