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YOU MAY HAVE A CLAIM FOR COMPENSATION

Car Loan Claims

if you’ve had a car loan that was mis-sold or unaffordable you may be able to claim compensation. Your case will be reviewed by our panel of legal firms who will be able to tell you how much you could be owed.

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Overview of car loan claims

Car loan claims refer to a legal process that enables borrowers who have been mis-sold car loans to seek compensation from their lenders. In many cases, lenders may provide borrowers with incorrect or misleading information about the car loan product they are taking out. This can result in borrowers being sold a loan that is not appropriate for their needs or one that comes with terms and conditions that are unfavourable to the borrower.

If this is the case for you, then you may be able to receive compensation for the amount that you have overpaid. Read on to find out more about whether you qualify for a loan.

In this section

› Car Loan Claims

› Overview of financial claims

› How to qualify

› The legal argument

› The evidence you need

› How much you could get

› How long it takes

› The claims process

› Common questions

What criteria is needed to qualify for a car loan claim?

To qualify for a car loan claim, the borrower must show that the lender has acted negligently and that the borrower has suffered financial loss as a result. This may include instances where the lender has failed to disclose key information about the car loan product, such as interest rates, fees, and charges, or where the lender has misrepresented the loan in some way.

Did you know?

If your claim is successful, you could receive compensation as well as interest on the money that you overpaid.

What is the legal argument for a car loan claim?

The legal argument for a car loan claim is typically based on the principle of misrepresentation or negligence. In order to make a successful claim, the borrower must demonstrate that the lender has breached its duty of care and that the borrower has suffered loss as a result of this breach. This may involve showing that the lender has made false or misleading statements about the loan, or that the lender has failed to disclose key information that the borrower would have needed to make an informed decision about the loan.

Key Facts

According to the Money Saving Expert external link icon white if you make a car loan claim, you could be entitled to as much as thousands of pounds in compensation.

What evidence is needed to support a car loan claim?

To support a car loan claim, the borrower will typically need to provide evidence that shows that the lender acted negligently or made misrepresentations. This may include documents such as loan agreements, correspondence with the lender, and other relevant documentation. The borrower may also need to provide evidence of the financial loss they have suffered as a result of the lender’s actions.

Did you know?

You can claim for mis-sold car loans up to six years after the agreement is made, so be quick and start your claim today!

How much could you be owed?

The amount of compensation that a borrower may be entitled to receive will depend on a number of factors, including the amount of financial loss they have suffered, the severity of the lender’s misconduct, and any other relevant factors. In some cases, compensation may be awarded for actual financial losses, such as additional interest or fees paid as a result of the mis-sold loan.

In other cases, compensation may be awarded for non-financial losses, such as the distress caused by the lender’s misconduct. To get a better idea of what you are owed, get in touch with a professional such as our team at Claims Bible who can help you to get the compensation that you deserve.

Key Facts

The Financial Conduct Authority (FCA) external link icon white has conducted an investigation and found that 560,000 could have paid £300 million more in interest than they should have. This means that you could be entitled to compensation.

How long do car loan claims typically take?

The length of time it takes to resolve a car loan claim will depend on a number of factors, including the complexity of the claim, the strength of the evidence, and the willingness of the lender to negotiate a settlement. In some cases, claims may be resolved relatively quickly, while in others, it may take months or even years to reach a resolution.

However, if you work with a professional this does not have to be a problem since your representative can deal with everything for you. This way, you don’t have to waste any time, and the experts will simply let you know once the claims process has been completed and you can receive any compensation that has been agreed upon in the settlement. They can also keep you updated on how long it is likely to be before the process is completed so that you are aware of what is going on at every stage.

Overview of the claims process for car loans

The car loan claim process typically involves the following steps:

Find a professional

Making a claim can be a long and complicated process which takes up a lot of time and effort. The best way to make sure that you receive the compensation that you deserve is to find a car loan claims specialist who can help you.

Gather evidence

The borrower will need to gather evidence to support their claim, including documentation of the loan agreement and any correspondence with the lender.

 

Submit a complaint

The borrower will need to submit a complaint to the lender to make them aware of the issue, outlining the grounds for their claim and providing evidence to support it.

Negotiate a settlement

The lender may attempt to negotiate a settlement with the borrower, in which case the two parties will work together to determine an appropriate level of compensation.

Court proceedings

If a settlement cannot be reached, the borrower may need to take their claim to court.

Choose your lender

Close
Brothers

If you’ve had a car loan from Close Brothers that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Moneybarn Finance

If you’ve had a car loan from Moneybarn that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Advantage Finance

If you’ve had a car loan from Advantage Finance that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Blue Motor Finance

If you’ve had a car loan from Blue Motor Finance that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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First Response Finance

If you’ve had a car loan from First Response Finance that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Motonovo Finance

If you’ve had a car loan from Motonovo that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Logbook Money

If you’ve had a car loan from Logbook Money that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Go Car Credit Finance

If you’ve had a car loan from Go Car Credit that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Specialist Motor Finance

If you’ve had a car loan from Specialist Motor Finance that was unaffordable you may be entitled to claim. Visit the lender page to read more or start your claim now.

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Common questions

What kind of evidence do I need to support my claim?

To support your claim, you will typically need to provide documentation of the loan agreement and any correspondence with the lender.

How much compensation am I entitled to receive?

The amount of compensation you may be entitled to receive will depend on a number of factors, including the amount of financial loss you have suffered and the specific details of your case.

For more common questions, please refer to the specific claim pages or read our general FAQs page.

You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service for free. Claims Bible does not charge you for our service, we may be paid a fee by the final supplier for any introductions. This will not impact on any costs incurred by you.

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