I voluntarily ended the car finance agreement early. Am I eligible to claim mis-selling?
A: Possibly. Voluntarily ending your car finance agreement early typically won't prevent you from claiming mis-selling on the original agreement. Here's why:
Mis-selling refers to a situation where you were pressured or misled into a car finance agreement that wasn't suitable for your needs.
The suitability of the agreement is assessed at the time it was taken out, not necessarily when it's terminated.
Here are some factors to consider:
Timing of the claim: For a stronger mis-selling claim, it's generally better to act sooner rather than later. If you discover the mis-selling after ending the agreement but within a reasonable timeframe (e.g., a few months), you may still have a valid claim.
Reason for early termination: If you ended the agreement early due to financial difficulty caused by the mis-selling, it can strengthen your claim.
What to do next:
Gather your documents: Collect all paperwork related to the car finance agreement, including the original contract, communications with the lender, and any evidence of mis-selling (e.g., emails, recordings of conversations).
Seek professional advice: Consider contacting a Financial Conduct Authority (FCA) regulated claims management company or solicitor specialising in mis-selling claims. They can assess your situation and advise you on the eligibility of your claim.