FCA PS26/3 PCP claims direct claim process questions
Discussion
New to the forum but have been following the PCP finance issue closely.
The FCA PS26/3 determination confirmed a formal redress scheme for PCP/HP agreements with discretionary commission arrangements (2007-2021). A few practical questions:
1. Do you need to register with each lender separately, or do they identify you automatically?
2. Has anyone received a proactive contact from Black Horse or Close Brothers yet?
3. Is the direct claims process actually straightforward without a CMC, or are lenders making it difficult?
Background: I had PCP agreements with Black Horse (2016, ~£20k) and Close Brothers (2019, ~£18k). Haven't heard anything from either lender yet.
The FCA stated average is £829/agreement but I've seen reports of much higher for larger loans. Appreciate any practical experience from those further along.
[Not promoting any service — genuinely trying to understand the process]
The FCA PS26/3 determination confirmed a formal redress scheme for PCP/HP agreements with discretionary commission arrangements (2007-2021). A few practical questions:
1. Do you need to register with each lender separately, or do they identify you automatically?
2. Has anyone received a proactive contact from Black Horse or Close Brothers yet?
3. Is the direct claims process actually straightforward without a CMC, or are lenders making it difficult?
Background: I had PCP agreements with Black Horse (2016, ~£20k) and Close Brothers (2019, ~£18k). Haven't heard anything from either lender yet.
The FCA stated average is £829/agreement but I've seen reports of much higher for larger loans. Appreciate any practical experience from those further along.
[Not promoting any service — genuinely trying to understand the process]
MotorRedressUK said:
New to the forum but have been following the PCP finance issue closely.
The FCA PS26/3 determination confirmed a formal redress scheme for PCP/HP agreements with discretionary commission arrangements (2007-2021). A few practical questions:
1. Do you need to register with each lender separately, or do they identify you automatically?
2. Has anyone received a proactive contact from Black Horse or Close Brothers yet?
3. Is the direct claims process actually straightforward without a CMC, or are lenders making it difficult?
Background: I had PCP agreements with Black Horse (2016, ~£20k) and Close Brothers (2019, ~£18k). Haven't heard anything from either lender yet.
The FCA stated average is £829/agreement but I've seen reports of much higher for larger loans. Appreciate any practical experience from those further along.
[Not promoting any service genuinely trying to understand the process]
Thread already exists. The FCA PS26/3 determination confirmed a formal redress scheme for PCP/HP agreements with discretionary commission arrangements (2007-2021). A few practical questions:
1. Do you need to register with each lender separately, or do they identify you automatically?
2. Has anyone received a proactive contact from Black Horse or Close Brothers yet?
3. Is the direct claims process actually straightforward without a CMC, or are lenders making it difficult?
Background: I had PCP agreements with Black Horse (2016, ~£20k) and Close Brothers (2019, ~£18k). Haven't heard anything from either lender yet.
The FCA stated average is £829/agreement but I've seen reports of much higher for larger loans. Appreciate any practical experience from those further along.
[Not promoting any service genuinely trying to understand the process]
Looking at user name makes me suspect not genuine poster.
Apologies if you are but look at thread mentioned.
Happy to give reply if genuine and reposted.
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