Claim Blue Motor Finance compensation

What Are Blue Motor Finance Loan Compensation Claims?

Blue Motor Finance provides loans to customers for used cars through a network of dealers and broker partners. The brand has been ranked on the Financial Times’ 1000 fastest growing companies in Europe, three years in a row and was top of the list in 2019. Since its formation in 2014, the Sevenoaks based brand, has lent money to 210,000 customers and celebrated a £2bn lending milestone as of March 2022. According to the Blue Motor Finance website, the firm offers a flexible and advanced direct lending service and credits their quick decisions and reduced administration time.

What Are Blue Motor Finance Compensation Claims?

If a creditor fails to carry out adequate affordability checks, they may end up issuing a loan that’s more than the customer needs or that the consumer cannot afford to repay. In such instances, this decision could mean a customer is forced to cut back on essential purchases just to keep up with their scheduled loan payments. The Financial Ombudsman Service, often abbreviated to the FOS, is a service that handles disputes between consumers and financial services businesses in order to settle complaints.

Clients who believe their loan was unaffordable may be eligible to claim a form of irresponsible lending compensation from their finance provider.

In November 2022, Blue Motor Finance was advised to follow the below guidance to settle a customer hire purchase loan complaint :

Refund any payments Mr. H has made in excess of £9,974 representing the original cash price of the car. It should add 8% simple interest per year* from the date of each overpayment to the date of settlement
Remove any adverse information recorded on Mr. H’s credit file regarding the agreement.

How Do I Know If I Have A Claim Against Blue Motor Finance?

Blue Motor Finance, provides customers with loans for car finance.

If you are unsure as to whether you may have an irresponsible lending complaint against Blue Motor Finance, you will need to consider the terms of your agreement and how it was sold.

To find out whether you may have an irresponsible lending compensation claim on your car finance, consider the following:

• Did Blue Motor Finance conduct reasonable and proportional checks to ensure you can sustainably repay the loan?
• Did Blue Motor Finance ask for evidence of your finances?
• Did the Continuous Payment Authority give you a prior warning that money would be deducted from your account?
• Were you forced into borrowing, or pressured to extend your loan?
• Did Blue Motor Finance act unfairly or unreasonably in any way?
• Did you need to take out a further loan to repay the first one because of unaffordability?

How To Make A Claim Against Blue Motor Finance?

To make an irresponsible lending claim against Blue Motor Finance, customers can contact the firm by phone, email, or post. If you are not happy with the final response from the company, you can choose to escalate the matter to the Financial Ombudsman Service.

Upon receipt, the FOS will begin to investigate your complaint and if it is decided you have been unfairly treated, you will be adequately compensated.

How Long Do I Have To Claim Against Blue Motor Finance?

Within three years of the date of knowledge, you will need to make your Blue Motor Finance Claim. Date of knowledge deadlines refers to the date you first became aware that you could make a complaint.

How Much Is A Blue Motor Finance Claim Worth?

You could be entitled to owed compensation if your loan was unaffordable and lent to you irresponsibly. Compensation amounts for mis-selling finance vary between £100s – £1000s. Here at Claims Bible, we can help you to receive a refund of any charges and interest on your loans and 8% compensatory interest on any agreed sum. It is important to note that each case and final sum will vary depending on the finance amount and finance terms of the customer.

Why Choose Claims Bible for Your Blue Motor Finance Loan Claim?

Claiming compensation against Blue Motor Finance can be a daunting task. At Claims Bible, we have a team of legal partners who are specialised in handling mis-selling claims. Simply complete our online application form to get started.

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