Latest news with #PCP
Scotsman
4 days ago
- Automotive
- Scotsman
‘Simple PCP claims' launches to help UK drivers seek refunds over mis-sold car finance
A new consumer-focused claims management website, Simple PCP Claims, has officially launched to support UK drivers who may have been affected by the growing PCP (Personal Contract Purchase) finance mis-selling scandal. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The platform is designed to help users check if they're eligible for compensation, gather supporting documents, and submit claims – all in a clear, guided format. The business, Simple PCP Claims, is an independent claims management organisation founded in 2025 and led by Edinburgh-based entrepreneur Thomas Riley, a graduate of Heriot-Watt University. Simple PCP Claims was developed in direct response to ongoing investigations by the Financial Conduct Authority (FCA) into widespread concerns that major car finance providers may have failed to disclose commission structures that incentivised higher interest rates. The platform aims to improve access to justice for drivers who unknowingly overpaid as a result. Advertisement Hide Ad Advertisement Hide Ad 'Many people simply don't realise they've been affected,' said Thomas Riley, founder of Simple PCP Claims. 'Our mission is to demystify the claims process and provide a simple, secure way for users to explore their rights and claim back what they may be owed.' Thomas Riley business owner. The website ( includes: A fast and easy claims checker Step-by-step guidance on gathering evidence Educational content to explain what PCP mis-selling is Secure online submission of claim information
Business Recorder
7 days ago
- Health
- Business Recorder
PCP, WHO join hands against polio, childhood paralysis
PESHAWAR: Paraplegic Centre Peshawar (PCP) and World Health Organization (WHO) have joined hands against Polio and Childhood Paralysis in Khyber Pakhtunkhwa. In this connection, an orientation session on Acute Flaccid Paralysis (AFP), a sudden and alarming condition that causes weakness or paralysis in children, was held at Paraplegic Centre Peshawar (PCP) in collaboration with the World Health Organization (WHO) and the Polio Eradication Initiative (PEI-EPI). Dr. Amna Ahmad Khan, Disease Surveillance Officer World Health Organization (WHO) Peshawar Chapter, delivered a compelling presentation explaining how AFP often signals deeper threats like polio. She stressed the need for timely referrals, community-level surveillance and stronger coordination among healthcare institutions. 'We can only win this fight if everyone, right from hospital staff to local volunteers, plays their part,' she emphasized. Dr. Muhammad Ilyas Syed, Chief Executive Officer (CEO) PCP, while addressing the participants, reflected on the long and painful history of polio in Pakistan. 'For decades, this disease has haunted our children, our families, and our future. We've come a long way, but the danger still lingers,' he said. Dr. Ilyas stressed the urgent need to counter the myths and fears surrounding polio vaccination. 'At PCP, we see the human cost of paralysis every day. We owe it to every child to spread awareness and protect them before it's too late', he added. He further announced that PCP staff would actively promote polio awareness among patients, families and community-based focal persons. Copyright Business Recorder, 2025
Daily Mirror
22-05-2025
- Automotive
- Daily Mirror
Brits urged to check car finance details as they could be owed £4,000
Millions of UK drivers could be owed thousands of pounds - and you could be one of them. A new car finance scandal has come to light, which saw lenders paying undisclosed "secret" commissions to car dealerships. This meant that car dealers could determine the interest rates on finance deals; the higher the interest, the larger commission they earned. That left Brits signing up for finance agreements with higher interest rates than necessary - and now, those affected could be due payouts of up to £4,000**. Luckily, My Claim Group (MCG) is one of the groups on hand to help those impacted or who think they may have been affected get their money back - you can check if you're owed money here. The full scale of the issue has only recently emerged, with a major UK Supreme Court judgement due later this year. According to My Claim Group, 40% of HP and PCP finance deals between 2007 and 2021 may have included secret commissions, leading consumers to unknowingly enter into finance agreements with inflated interest rates. Across 1.2million claims so far, MCG has helped vehicle owners to submit claims that could be worth £4,000 on average. If you bought a car, van or motorbike via Personal Contract Purchase (PCP) or Hire Purchase (HP) before 28 January 2021, you could be due thousands of pounds. The car finance scandal kicked off in January 2021, when the Financial Conduct Authority (FCA) stepped in and prohibited discretionary commission models to protect consumers. However, further investigations found that the problem has been going on as early as 2007, so there's been a further examination of past lending activities. By October 2024, the Court of Appeal declared that the non-disclosure of commissions on car loans was illegal. The financial fallout for lenders has been colossal, prompting the government to step in, with UK Chancellor Rachel Reeves voicing concerns about the wider economic implications and the possible effect on consumers' access to car loans. However, claims management firms like My Claim Group are urging consumers to lodge complaints. The Supreme Court is currently examining a crucial appeal by car loan providers, following earlier judgements that sided with consumers. The FCA has temporarily halted the complaints process until the court's verdict, expected later this year. The result of this appeal will play a significant role in establishing the liability of lenders. If you suspect you may have been affected, head over to the My Claim Group website for more information and start the straightforward process to find out if you're due a refund. My Claim Group is a trading name of the Claims Protection Agency Ltd, regulated and authorised by the Financial Conduct Authority (FCA No. 836470). Our Free* check assesses your claim. *If you proceed, our panel solicitors work on a no win, no fee basis (subject to exclusions, for full details click on: Solicitors fees are up to 36% inc VAT. We receive a fee after a successful payout or a referral fee from your solicitor and this does not affect the compensation you will receive. You do not need to use a claims management company, you can claim for free directly with your lender or the Financial Ombudsman Service. **See link for the FCA reference, solicitor fee tables & average valuations:
Time of India
21-05-2025
- Business
- Time of India
Defence Forces bank on Fibroheal-IISc's Hemostatic Sponge to tackle critical injuries
New Delhi: Medical professionals in the Indian armed forces are placing their trust in a homegrown, patented hemostatic sponge to control bleeding caused by accidental, surgical, and field injuries among soldiers. The product, FIBROPLUG , was jointly developed by Fibroheal Woundcare and the Indian Institute of Science (IISc), Bengaluru, with support from he Biotechnology Industry Research Assistance Council ( BIRAC ), a public sector undertaking under the Department of Biotechnology (DBT). Under its SBIRI scheme, BIRAC contributed 80 per cent of the funding required for the development of the device. The company has reported a significant increase in product orders from the defence establishment, with more than 3,000 units dispatched in the last five days, and additional orders currently pending. 'The innovation demonstrates the catalytic effect of targeted support and collaboration on India's innovation ecosystem. Through our SBIRI and PCP schemes, BIRAC is proud to have enabled the translation of cutting-edge research into an affordable, world-class healthcare solution addressing the critical need for rapid haemorrhage control ,' said Jitendra Kumar, Managing Director, BIRAC. FIBROPLUG is a patented hemostatic sponge made from a novel bio-composite of silk, chitosan, and silica, designed to create a protective barrier over wounds and enable rapid bleeding control. According to the company, the product is priced at nearly one-fourth the cost of imported alternatives, making it a cost-effective and efficient tool for accidental, surgical, and field injuries—ideal for frontline use during large-scale humanitarian and defence operations. Fibroheal launched the sponge in 2023 and is currently manufacturing it at a capacity of 5,000 units per month.
Edinburgh Reporter
21-05-2025
- Automotive
- Edinburgh Reporter
Why Are PCP Deals So Popular Today?
Personal Contract Purchase (PCP) financing has revolutionized the car buying experience over the past decade. The rising interest in low rate PCP deals reflects a fundamental shift in how consumers approach vehicle ownership in today's market. According to recent industry data, PCP agreements now account for nearly 80% of all new car finance arrangements, marking a dramatic transformation from traditional vehicle purchasing methods. The typical PCP agreement follows a straightforward structure: a 36-month term with approximately 15% initial deposit, followed by fixed monthly payments. This financing model has gained remarkable traction across various buyer segments, from first-time car purchasers to established vehicle owners with extensive credit histories. But what exactly has driven this sweeping change in car financing preferences? What Exactly Is PCP Financing? PCP financing differs fundamentally from conventional car loans in several important ways. Rather than financing the entire vehicle cost, PCP payments cover only the depreciation the car experiences during your contract period, plus interest. This structure creates the foundation for PCP's popularity. Here's how a typical PCP agreement works: You pay an initial deposit (usually around 10-15% of the vehicle price) The finance company calculates the projected future value of the vehicle at the end of your agreement (the Guaranteed Minimum Future Value or GMFV) Your monthly payments cover the difference between the purchase price (minus deposit) and the GMFV, plus interest At the end of your agreement, you have three distinct options: Return the vehicle with no further obligation (provided you've maintained the car and stayed within agreed mileage limits) Pay the final 'balloon payment' (the GMFV) to own the car outright Use any equity (if the car is worth more than the GMFV) toward a new PCP agreement This flexibility represents a central reason why PCP has become the preferred financing method for so many car buyers today. Unlike traditional loans that lock you into eventual ownership, PCP offers a range of choices that can adapt to your changing circumstances. The Financial Appeal of PCP The most immediately apparent advantage of PCP is its financial accessibility. By structuring payments around depreciation rather than full ownership, monthly costs remain significantly lower than traditional financing methods. This creates two distinct benefits for consumers: either reduced transportation expenses or access to higher-specification vehicles that would otherwise exceed their budget. Consider this practical example: A £25,000 car financed through PCP might cost approximately £275 monthly (after a 15% deposit) over a three-year term. The same vehicle purchased through traditional financing would require around £425 monthly—a substantial £150 difference that adds up to £5,400 over the contract period. PCP also offers unprecedented budget control benefits. The fixed monthly payments eliminate the uncertainty associated with traditional car ownership, while the GMFV protects against unexpected depreciation that often plagues outright owners. Many PCP agreements further enhance this predictability by offering: Optional maintenance packages that bundle servicing costs Gap insurance to protect against unforeseen events Fixed-price insurance options This comprehensive approach to cost management provides buyers with exceptional financial clarity. You know exactly what your vehicle will cost each month, with no surprising repair bills or depreciation concerns—a particularly valuable feature for those with fixed monthly budgets or uncertain financial futures. Lifestyle Compatibility Modern consumers increasingly view vehicles as extensions of their lifestyle rather than mere transportation assets. PCP financing aligns perfectly with this perspective by democratizing access to premium vehicles. Models from luxury brands that were previously accessible only to high-income individuals are now within reach of average earners through manageable monthly payments. For example, a young professional earning a modest salary can now drive a premium BMW or Mercedes-Benz with PCP payments comparable to what they might spend on a mid-range vehicle through traditional financing. This accessibility has transformed the automotive market landscape, with premium brands capturing increasingly larger market segments. The flexibility of PCP agreements also perfectly complements today's dynamic lifestyles. As life circumstances change—whether through career progression, family growth, or shifting priorities—PCP allows consumers to adapt their vehicle choice accordingly without financial penalty. A single professional might start with a compact car, transition to an SUV after starting a family, and later choose a hybrid or electric vehicle as environmental concerns become priority. This adaptability particularly appeals to technology-focused consumers who value having the latest safety features and innovations without committing to long-term ownership of rapidly-evolving technology. Manufacturer and Dealer Incentives Vehicle manufacturers and dealers have recognized PCP's popularity and actively support it through attractive incentives that further enhance its appeal. Current market data reveals manufacturers offering interest rates as low as 2.9% APR on PCP deals, compared to standard loan rates hovering between 6-7%. This significant difference substantially reduces the total cost of financing. Many PCP agreements include valuable additional benefits such as: Comprehensive service packages covering maintenance for the agreement duration Extended warranty coverage beyond the standard manufacturer warranty Complimentary roadside assistance throughout the contract period These manufacturer-backed incentives have transformed PCP from a simple financing method into a comprehensive ownership experience with substantial added value. The result is a virtuous cycle where satisfied customers continually return to PCP for subsequent vehicles, further cementing its position as the preferred financing choice. Appeal Across Different Buyer Groups PCP's remarkable versatility has enabled it to address the specific needs of diverse consumer segments, contributing significantly to its widespread adoption. For first-time car buyers, particularly those with limited or no credit history, PCP offers a structured path to vehicle ownership with several advantages: Lower entry barriers compared to traditional loans Opportunity to build credit history through consistent payments Access to new vehicles with comprehensive warranties, avoiding the potential maintenance pitfalls of used cars Predictable costs that help with financial planning during career-building years For established buyers with solid credit histories, PCP presents sophisticated advantages aligned with mature financial planning. Business owners and professionals can leverage PCP to optimize their vehicle investments, potentially benefiting from tax advantages when vehicles are used for business purposes. The option to regularly update vehicles maintains a professional image without the capital commitment of full ownership. Even buyers with less-than-perfect credit histories find PCP more accessible than traditional financing, as the guaranteed return option reduces lender risk. This inclusivity across different financial situations has contributed significantly to PCP's dominant market position. Is PCP Right for You? While PCP offers numerous advantages, determining whether it's the optimal choice depends on your individual circumstances. Consider these key factors before deciding: Financial situation: Do you prefer lower monthly payments or eventual ownership without a large balloon payment? Driving habits: Will you exceed typical mileage limits (usually 10,000-12,000 miles annually)? Vehicle preferences: Do you enjoy changing cars frequently, or do you prefer long-term ownership? Future plans: How might your transportation needs change over the next 3-4 years? PCP is particularly well-suited for those who value flexibility, prefer predictable monthly costs, and appreciate having the latest vehicles. However, if you typically drive high mileage, plan to keep your vehicle indefinitely, or prefer the simplicity of eventual outright ownership, traditional financing might better serve your needs. Consider consulting with independent financial advisors or car finance specialists who can evaluate your specific situation and recommend the most appropriate financing method for your circumstances. Like this: Like Related
