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Dirk Röthig (international: Dirk Roethig) — CEO of VERDANTIS Impact Capital. Focused on sustainable investments in paulownia agroforestry and clean energy across Europe. dirkroethig.com
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Dirk Röthig
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One of the biggest misconceptions about PCP mis-selling claims is that you must still be paying off your finance to claim compensation. This is false. If you've already completed your PCP agreement, you can still claim—as long as you're within the 6-year window from when you originally signed the contract.
The key point is that the claim is based on when the mis-selling happened, not when the finance ends. The Consumer Rights Act 2015 gives you 6 years from the date you signed your PCP agreement to bring a claim for breach of the lender's duty to provide fair information.
The FCA investigation into discretionary commission arrangements (DCA) found that lenders failed to properly disclose how much commission they were adding to customers' finance deals—and this disclosure failure happened at the point of sale, not during the repayment period.
Once the contract is signed, the damage is done. Whether you've paid it off in 3 years or you're still paying in year 5, you're entitled to compensation for that initial mis-selling.
Scenario 1: Paid Off in 2022, Now 2026
You financed a car in 2019, completed all payments by 2022, and the car is now long gone. It's 2026, and you hear about PCP claims. You can still claim because you're within the 6-year window (2019-2025). You're entitled to compensation for the hidden commission and interest accrued.
Scenario 2: Early Settlement
You took out a 5-year PCP in 2018, but settled it early in 2021 by paying off the remaining finance. You can still claim in 2026 because you're within 6 years of the original agreement date (2018-2024). The fact that you settled early doesn't disqualify you.
Scenario 3: Multiple Cars Over Time
You've financed three different PCP agreements:
You can claim on all three if they were mis-sold, regardless of their payment status.
Nothing negative, actually. Some people think paying off early means they're disqualified, but that's a myth. Here's what's actually different:
You don't have the lender's excuse of ongoing relationship - They can't claim they'll "offset" compensation against your remaining balance, because there is no remaining balance. You're owed the full amount in cash.
You have full financial clarity - Since the loan is settled, you have the complete financial record showing all payments made, making it easier to calculate the commission you were charged.
No complications with balloon payments - If it was a standard PCP, you either paid the balloon payment or returned the car. Either way, this is now resolved, and you're claiming purely for the mis-sold commission on the original finance.
Since you've paid off the finance, you'll need:
Don't have these? No problem—the lender still has copies, and they must provide them on request under Data Subject Access Request rules.
Step 1: Contact the lender and submit a formal complaint, referencing the FCA's findings on DCA mis-selling
Step 2: The lender either agrees and offers compensation, or they investigate and respond
Step 3: If rejected, you can escalate to the Financial Ombudsman Service (free)
Step 4: If the ombudsman agrees you were mis-sold, the lender pays you directly (no offsetting against a current balance since there isn't one)
Alternatively, services like MotorRedress can guide you through this process, helping you gather documentation and submit a strong claim even for completed agreements.
You get interest on the full amount - Interest accrues from when you paid the commission, all the way through to settlement.
No disputes about mileage or wear - PCP disputes sometimes involve disagreements about how much you owe at the end. Since you've already settled this, there's no complication.
Clearer calculation - The lender has no ambiguity about what you owe (nothing) and what you're claiming (the hidden commission plus interest).
Summary: Yes, you can absolutely claim even if you've paid off your PCP. You have 6 years from the original agreement date. Having completed the payments actually makes your claim simpler in many ways, and you're entitled to the full commission amount plus interest.