Good to know: We are a Claims Management Company (CMC). You do not need to use a CMC to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Good to know: We are a Claims Management Company (CMC). You do not need to use a CMC to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
If you got a car finance agreement with Blackhorse before January 28, 2021, you might be able to get some money back. This is because of hidden commissions in Personal Contract Purchase (PCP) deals. Let’s look at what this means for you and how it could put money back in your pocket.
PCP deals became really popular in the UK car market. They seemed like a good way to get a new car without spending too much upfront. But there was something many people didn’t know about, which has led to the current situation with Blackhorse PCP claims.
Here’s how PCP agreements usually work:
Sounds simple, right? But here’s the tricky part. The dealerships and finance companies weren’t always clear about how they were making money from these deals. This lack of honesty is why we have Blackhorse PCP claims now. Many customers didn’t know that the interest rates on their agreements could be changed to increase dealer profits.
Now, let’s talk about the big problem: discretionary commission arrangements. This means car dealers could change the interest rate on your loan to earn more money for themselves. The higher the interest rate, the more commission they got. And they didn’t have to tell you about it.
This secret system made many people pay more than they should have for their car finance. It’s not just a Blackhorse problem – lots of finance companies did it. But Blackhorse, being a big company, is facing a lot of claims. These hidden commissions often made customers pay hundreds or even thousands of pounds more over the life of their agreement.
The Financial Conduct Authority (FCA) – the big boss of financial rules in the UK – found out what was going on. They didn’t like it at all. In January 2021, they stopped these sneaky commission deals. This changed things a lot for the car finance industry and allowed people to make claims.
This action by the FCA shall enable people to claim back money they’d overpaid because of these hidden commissions. The FCA’s decision doesn’t automatically mean everyone gets compensation, but it does give a strong reason for claims.
Think you might have been mis-sold a PCP deal by Blackhorse? Here are some signs to look out for:
If any of these sound familiar, you might have a claim. Remember, you don’t need to have had problems paying your finance to make a claim. It’s about how the deal was sold to you and whether all the important information was shared.
Ready to make a claim? Here’s what you need to do:
You can do this yourself, or you can use a claims management company to help you. Companies like Allegiant Finance Services know a lot about these kinds of claims and can help you through the process, which might increase your chances of a successful claim.
Now for the part you’ve been waiting for – how much could you get back? Well, it’s different for everyone, but here are some numbers to give you an idea:
The exact amount depends on things like how much your car cost, how long your agreement was, and how much extra interest you paid because of the hidden commission. Each case is different, and there’s no guarantee of compensation. But many people have successfully gotten back significant amounts of money.
This whole situation is changing the car finance industry. Here’s what we might see in the future:
These changes could make car buying fairer and more open for everyone. We might see more fixed interest rates and clearer information about all fees and commissions. This could lead to better prices and deals for consumers in the long run.
If you’ve had a PCP or Hire Purchase agreement with Blackhorse before January 28, 2021, it’s worth checking if you can claim. You could be owed money, and you don’t want to miss out. The process might seem hard, but with the right information and help, you can do it successfully.
Remember, there’s no guarantee you’ll get compensation, but many people are finding they were overcharged. It doesn’t cost anything to check, so why not look into it? You could get money back, and it helps make sure you’re treated fairly in future financial deals.
If you need help, companies like Allegiant Finance Services are there to guide you through the process. They can help you understand your rights and potentially get back money you didn’t even know you were owed. Their knowledge can be really helpful in complex cases or if you’re not sure about your claim.
Don’t let the complicated world of car finance put you off. You worked hard for your money, so make sure you’re not paying more than you should. Check your Blackhorse PCP agreement today – you might be in for a nice surprise! Remember, knowing about your financial agreements is really important in today’s complex financial world.
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We realise that claiming against your lender can seem daunting. We aim to make the claiming process as simple as possible. We specialise in affordability claims. Our experienced team will communicate with the lender (and where required, the Ombudsman service) on your behalf. We use bespoke technology to ensure efficient claims handling. Throughout the process, we inform you of claim progress using a “stage process”, so you can track your progress easily. Please remember though, that you do not need to use a claims management company to make your complaint to your lender, and if your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Pre complaint investigation and analysis
Formal unaffordable lending complaint made
Lender responds with a Final Response Letter
If appropriate resolution cannot be reached with the lender, referral to Financial Ombudsman Service.
Our success fee is due only if your lender makes a compensation payout, and is calculated on the amount of the compensation payout. We do not charge you for any part of a settlement that results in the lender reducing your outstanding balance – that is on the house!
The success fee amount is calculated using a band charging system. There are five charging bands. Each band has a maximum amount that we will charge.
Success Fee Charging Table
| Band | Compensation Payout | Percentage rate the Success Fee is calculated on (including VAT) | Maximum Success Fee in band (including VAT) |
| 1 | £1 to £1,499 | 36% | £504 |
| 2 | £1,500 to £9,999 | 33.60% | £3,000 |
| 3 | £10,000 to £24,999 | 30% | £6,000 |
| 4 | £25,000 to £49,999 | 24% | £,9000 |
| 5 | £50,000 or more | 18% | £12,000 |
Below are examples of how this would work in practice.
| Lower example | Higher example | |||
| Band | Compensation Payout | Success Fee | Compensation Payout | Success Fee |
| 1 | £100 | £36 | £1,499 | £504 |
| 2 | £1,600 | £537.60 | £9,999 | £3,000 |
| 3 | £12,000 | £3,600 | £24,999 | £6,000 |
| 4 | £30,350 | £7,284 | £49,999 | £9,000 |
| 5 | £55,000 | £9,900 | £100,000 | £12,000 |
If you want to see how much we would charge for a specific amount, please visit our online fee calculator at https://allegiant.co.uk/unaffordable-lending-claim-fees.
Please note that the examples in the tables are for illustration purposes only. They are not an estimate of the likely outcome or success fee.
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: helpdesk@allegiant-finance.co.uk; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
Allegiant Finance Services is widely regarded as a pioneer in the high cost loan claims management market.
Contactable by email, phone, or post, whichever you prefer
We will only correspond with you and keep your details secure. We’ll never sell your data.
Much more than a contact form. With our full online application process you will receive an instant automated decision on whether we can take on your claim
We are proud to have recovered over £67m for unaffordable lending claims since 2013
We’ve been claiming high cost loan refunds since 2013
Good to know: We are a Claims Management Company (CMC). You do not need to use a CMC to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
