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Common Hidden Commissions Debt Solutions
Hidden commissions on financial products can lead to unexpected costs and misinformed decisions, leaving many customers paying more than they should. If you’ve been impacted by undisclosed commissions or hidden fees on loans, insurance, or other financial products, this page is here to help you understand your rights and options. We provide guidance on how to identify hidden charges, the potential consequences of mis-selling, and the steps you can take to seek compensation. Our goal is to ensure you have the support and information needed to address any issues and protect your financial interests moving forward.
Review Your Financial Agreements
The first step for anyone who believes they have been impacted by hidden commissions is to carefully review the terms of any relevant financial agreements, such as loans, insurance, or investment products. Look for any clauses that mention commissions, fees, or charges that were not clearly explained at the time of sale. Pay particular attention to the breakdown of charges and any details about third-party commissions or fees, as these could indicate hidden costs. Identifying these terms will help you understand if you were misled and provide a basis for addressing the issue.
Contact the Provider or Broker
Once you’ve reviewed the financial documents, the next step is to contact the provider or broker who sold you the product. Raise your concerns about hidden commissions and request a clear explanation of the charges applied to your product. If you were not fully informed about these commissions at the time of sale, ask the provider for a detailed breakdown of how the commissions were calculated and applied. In many cases, they may offer to adjust the fees or provide compensation if mis-selling is identified.
Request a Refund of Overpaid Commissions
If it is determined that hidden commissions were charged unfairly or not disclosed to you, you may be entitled to a refund. Contact the provider and request a refund of any overpaid commissions, including interest or additional charges that may have resulted from the mis-selling. In some cases, you may also be entitled to compensation for any financial impact caused by the undisclosed commissions. Be sure to provide documentation that supports your claim when requesting a refund.
Victim of Irresponsible Loans
You may be a victim of "Irresponsible lending" or "unaffordable lending." This refers to situations where a lender fails to properly assess whether a borrower can afford a loan without undue financial hardship, as required by regulations set by the Financial Conduct Authority (FCA).
Your Rights
Lenders must assess whether the borrower can make repayments without compromising their ability to meet other financial commitments, such as household bills or living expenses. Consumer Credit Act 1974: This law regulates consumer credit agreements, including car finance, and provides protections for borrowers including being clear on the extra burden of hidden commissions.
Recourse
Breach of FCA Rules: The FCA requires lenders to ensure loans are affordable, and failure to comply can lead to a complaint through the Financial Ombudsman Service (FOS) or legal action. If a loan is deemed mis-sold, borrowers may be entitled to redress, such as a refund of interest or fees, or adjustments to the terms of the loan.
You could be owed £Thousands
Financial Claims Experts
Where you forced to take out additional loans due to irresponsible lending?
How much interest are you paying?
Please remember there may also have been fees added to the finance too.
There are three less common debt solutions to consider. Full & Final Settlements are ideal if you’ve been on a Debt Management Plan (DMP) or unable to make payments for some time and now have access to a lump sum to negotiate settlements. Write-off debts are usually only an option in exceptional circumstances, as creditors rarely agree to this. Administration Orders, once more common, are now extremely rare, with only 16 issued in England and Wales in September 2016.
Find the potential cost of your PCP finance
**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
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Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, claim approval, agreement or advice by Claims 4 PCP. It does not take into account your personal or financial circumstances.
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If you’ve experienced financial hardship due to unaffordable repayments, we’re here to support you in achieving financial fairness.
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Got a Claim?
When lenders do not inform customers about commissions they receive from lenders for recommending certain products or when commissions lead to the advisor recommending a product that is not in the customer’s best interest, but rather benefits the advisor financially you might have a claim.
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Irresponsible lending?
Were you misled or poorly informed about the terms of your finance agreements? Where the cost of commissions is indirectly passed on to you, increasing the overall cost of the loan or credit product without clear disclosure? You may have a claim.
Financial Claims Experts
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Experienced
Let our website help you, we understand the emotional and financial toll that unaffordable store and credit cards can have. Our goal is to provide you with the information and solutions you need to regain control of your finances and reclaim what’s rightfully yours.
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Making a claim for unfair discretionary commission charges or unaffordable car finance could result in significant benefits, including a refund of overpaid interest and additional compensation, such as statutory interest (typically 8% per annum). Beyond financial reimbursement, a successful claim can alleviate financial strain, helping you regain stability and control over your finances.