I'm in negative equity on my car finance. Can I still reclaim for mis-selling

A: Yes, even if you're in negative equity on your car finance agreement, you may still be able to reclaim compensation for mis-selling.

Here's why:

Mis-selling focuses on whether you were given the right information to make an informed decision about the car finance agreement.
If the car finance company misrepresented the terms of the agreement or failed to assess your affordability properly, you could have grounds for a mis-selling claim regardless of the car's current value.

Here are some things to consider:

Evidence of mis-selling: The strength of your claim will depend on being able to prove mis-selling occurred. This might involve documentation like emails, recordings of conversations (if permitted by law), or written quotes demonstrating a significant difference from what was agreed upon.
Impact of mis-selling: It's important to show how the mis-selling directly affected you. For example, if you were pressured into a longer loan term than affordable or a higher interest rate than you qualified for, this could be grounds for compensation.

What to do next:

Gather evidence: Collect any documents or communication that might support your mis-selling claim.
Contact a claims management company: Regulated claims management companies specialise in helping people pursue mis-selling claims and can advise you on the validity of your case.
Seek legal advice: A solicitor can provide specific guidance based on your situation and help navigate the claims process.

Important to remember:

Making a claim doesn't guarantee success: Each case is assessed individually.
The claims process can take time: Be prepared for the possibility of waiting several months for a resolution.

Further Resources: