My Car Loan Claims Helps UK Motorists Pursue PCP Car Finance Compensation

Billions set aside by Lenders for compensation due to historic Financial Mis-Selling practices

London , Oct. 07, 2025 (GLOBE NEWSWIRE) -- Millions of UK motorists who took out PCP car finance agreements between 2007 and 2021 may now be entitled to compensation for mis-selling. Consumers should start their claims now.

My Car Loan Claims

My Car Loan Claims, a trading style of the UK regulated law firm Alawco Limited (Alawco), helping motorists reclaim compensation for mis-sold car finance agreements. A claim enables consumers to seek compensation if their agreement included Discretionary Commission Arrangements (“DCAs”) – where the broker could adjust the interest rate offered to a customer. The Financial Conduct Authority (FCA) banned the use of DCAs in 2021.

“Millions of UK motorists may have been mis-sold and overpaid for their car finance agreements without even realizing it. We are dedicated to holding finance companies accountable and helping consumers reclaim what might rightfully be theirs. By launching MyCarLoanClaims.co.uk, we are providing a straightforward, easy to use platform for consumers to check their eligibility and start their claim in a few easy steps” said a spokesperson for My Car Loan Claims.

The FCA estimates that the total costs of a compensation scheme for mis-sold car finance deals could range between £9 billion and £18 billion. This significant amount, billions of pounds, reflects the widespread use of unfair and/or not properly disclosed commission arrangements and the need to restore consumer trust in motor finance.

The FCA may in the future introduce a consumer redress scheme which would allow consumers to pursue a claim directly, without instructing a law firm. However, at this time the details of the scheme are unknown.

Major lenders have already set aside nearly billions to cover anticipated claims, underscoring the scale and seriousness of this industry-wide issue. This means that major finance providers are now under scrutiny, including Black Horse Ltd, Volkswagen Financial Services, Mercedes-Benz Financial Services UK Ltd, and Santander Consumer (UK) PLC.

Anyone who financed a car through a PCP agreement during this period may be eligible for a claim. The claim process has been structured by My Car Loan Claims into three steps:

• a mis-sold car finance agreement retrieval tool (a soft credit check is undertaken which does not impact your credit rating),

• igning the onboarding documents to proceed with the claim, and

• the claim process itself where representation is managed by My Car Loan Claims, a trading style of Alawco.

Alawco’s service is 100% no-win, no-fee, meaning there are no upfront costs and no hidden fees. You only pay if your claim succeeds – unless you end the agreement early or don’t meet your obligations. For more information, please see https://mycarloanclaims.co.uk/en/fees.

You always have the option to make a complaint directly to your finance provider or any public redress scheme that may be implemented, and if you do not agree with their decision, take your case to the Financial Ombudsman Service.

To learn more or to check eligibility, visit https://mycarloanclaims.co.uk/.

About My Car Loan Claims

My Car Loan Claims is a trading name of Alawco Limited which is Authorised & Regulated by the Solicitors Regulation Authority ID 818725. The firm provides legal expertise and a clear process for consumers impacted by financial mis-selling, including PCP car finance claims. Its mission is to protect consumers’ rights, simplify claims, and ensure fairness across the car finance sector.

###

Media Contact

MyCarLoanClaims.co.uk

Website: https://mycarloanclaims.co.uk/

This content has been developed in collaboration with My Car Loan Claims trading as Alawco Limited, SRA authorised and regulated, who have taken all efforts to ensure factual accuracy.

Disclaimer:

This is not an endorsement or recommendation. All investments carry significant risk and all investment decisions of an individual remain the specific responsibility of that individual. There is no guarantee that it will result in profits or that it will not result in a full loss or losses All investors are advised to fully understand all risks associated with any kind of investing they choose to do.

There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.

This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

Attachment

• Millions of UK Motorists May Be Eligible for PCP Car Finance Compensation

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.