Have you financed a Skoda in the UK? If so, there may be grounds for claiming compensation due to hidden commissions within your agreement. Mis-selling practices such as undisclosed fees can leave consumers paying more than necessary, but knowing your rights is the first step to resolving these issues.

Don’t delay—check your eligibility today and see if you are owed a refund. 

What Are Skoda Car Finance Claims?

Skoda car finance claims address situations where consumers were misled or left unaware of key details in their agreements. These claims often stem from undisclosed commissions paid to brokers or incorrect information about affordability or other critical terms.

If your finance provider or broker failed to act transparently, a claim can help you recover what you’re owed and ensure fair treatment.

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

Mis-selling can occur in various ways, often leaving consumers in difficult financial situations. Here are some common practices associated with Skoda car finance mis-selling:

• Hidden Commissions:
  The Financial Conduct Authority (FCA) revealed that commission payments were included in 95% of car finance agreements. Shockingly, 40% of these deals involved "discretionary commission arrangements," allowing brokers and dealerships to raise interest rates and increase their commissions.

  These undisclosed practices have led to thousands of consumers overpaying on their loans. In response, the FCA banned discretionary commissions in 2021.

• Inadequate Affordability Checks:
  Finance providers must ensure customers can afford the terms of their agreement. If your financial situation wasn’t thoroughly assessed, you might have been sold a loan that didn’t align with your capacity to repay.

• Misrepresentation of Terms:
  Incomplete or misleading details about repayment schedules, interest rates, or additional charges could indicate mis-selling. Were all the terms of your agreement clearly outlined?

• Pressure Selling:
  Feeling rushed or pressured into signing a finance agreement without enough time to evaluate your options is a potential red flag. Consumers must have the opportunity to make informed decisions.

• Unsuitable Product Recommendations:
  If you were advised to take on a high-interest loan despite qualifying for a better deal, this could constitute mis-selling.

• Failure to Explain Risks:
  Understanding the potential risks of a loan, such as its impact on your credit score or the possibility of vehicle repossession, is essential. If these risks were not fully explained, it could signal that your agreement was not presented appropriately.

If you suspect any of these practices were involved in your Skoda finance agreement, you may have grounds to make a claim.

Who Can Make a Skoda Mis-sold PCP Claim?

If you financed a Skoda vehicle between 2014 and 2021, you might qualify for compensation via our legal panel. 

ClaimExperts.co.uk offers a free eligibility tool to help you determine whether your agreement meets the criteria for a claim. By entering a few details, you can quickly identify if you’ve been affected by hidden commissions or other forms of mis-selling.

Can I Claim Directly Against Skoda?

No, Skoda itself does not process claims for mis-sold car finance. Instead, you will need to address your claim to the lender or financial institution that financed your vehicle.

If the lender or broker failed to disclose commissions, explain the contract terms clearly, or evaluate your financial circumstances, you may have a valid case for compensation.

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

Compensation amounts vary depending on the specifics of each case, such as the loan size and the impact of hidden commissions on your repayments.

For instance, the FCA’s data suggests that hidden commissions could add as much as £1,100 to a £10,000 car loan over four years. In cases involving larger loans, the potential reimbursement could be even higher.

Past rulings by the Financial Ombudsman have resulted in customers being refunded the difference between their charged interest rate and the lower rate that was available at the time, plus any additional interest incurred.

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

At ClaimExperts.co.uk, we’re dedicated to helping consumers navigate the claims process and recover compensation for mis-sold car finance agreements.

Here’s how we can assist:

• Free Eligibility Checker: Quickly determine whether your Skoda finance agreement qualifies for a claim.
• Expert Guidance: Our team provides step-by-step support throughout the claims process.
• Legal Representation: We match you with skilled legal professionals who are best suited to handle your case.

Take advantage of our free guides and tools to better understand your potential claim. Start today and let us help you take the first step toward securing the compensation you deserve.

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.