Claim Close Brothers car finance compensation

Close Brothers is a car financing company that provides customers with an opportunity to secure funds for a new car. It’s advertised as a useful way for individuals to get enough funds for a new vehicle, as it outlines terms that allow the money to be paid back in instalments.

Similar to other car financing companies, some Close Brothers customers have experienced issues with loan repayments and defaulted payments due to inadequate explanations or financing options. In a growing number of cases, this can be classified as irresponsible lending if Close Brothers failed to assess your financial situation when setting up the loan. So if you received a loan with a poor credit rating or insufficient savings, Close Brothers may be held accountable for neglecting due diligence on their part.

Numerous Close Brothers customers are eligible to seek compensation for mis-sold loans – and you could be too. If you believe you fall into this category, our team at Claims Bible can provide the necessary assistance to help you pursue appropriate compensation.

Understanding Close Brothers Car Finance Loan Claims

It’s important to know your rights and available options when dealing with Close Brothers Car Financing, as they may have mis-sold you a loan. The Financial Conduct Authority (FCA)  establishes guidelines for lenders, including the requirement for an affordability assessment to ensure borrowers can comfortably repay their loans without facing financial hardship. If you believe your Close Brothers car finance loan was mis-sold or that the lender failed to conduct adequate credit checks, you may be eligible to claim compensation for the loan.

How Do I Determine if I Have a Claim Against Close Brothers Car Finance?

To determine the validity of your claim against Close Brothers Car Finance, you should evaluate several factors that relate to your loan. At Claims Bible, we can support, guide and assist you in understanding your situation and gathering the necessary information to determine if you have a valid claim. To find out if you have a valid claim against Close Brothers Car Finance, consider the following:

• Did the lender perform reasonable and proportional financial checks to ensure your sustainable ability to repay the loan?
• Were you required to provide evidence of your financial situation during the loan application process?
• Were you adequately informed about the continuous payment authority and the deductions that would be made from your account?
• Did you encounter difficulties in repaying the loan, resulting in extensions or the need to borrow from other sources?
• Did the lender engage a debt collection agency without discussing repayment plans with you?
• Were you provided with clear warnings about the consequences of non-payment in the lender’s advertising?
• Were there instances where the lender should have realised that the loan was placing an excessive financial burden on you?
• Do you believe the lender acted unreasonably or unfairly?
• Did you take out another loan to repay the original loan due to financial difficulties?

How to Make a Claim Against Close Brothers Car Financing

If you believe you have a valid claim against Close Brothers Car Financing, speaking to them directly is the most effective way to kickstart a claim. However, if you aren’t happy with their response or feel that the offered resolution isn’t fair, we can move to escalate the matter to the Financial Ombudsman Service (FOS)  The FOS will independently review your claim, ensuring that valid claims are appropriately addressed and compensated.

Time Limit for Making a Claim Against Close Brothers Car Financing

You have a period of up to three years from the date of knowledge to make a claim against Close Brothers Car Financing. The date of knowledge is when you first became aware that you may have a claim against the lender.

Compensation for Mis-Sold Close Brothers Car Finance Loans

If you make a successful claim against Close Brothers, then you’ll be able to receive compensation for your mis-sold loan. Our team at Claims Bible works with you to ensure that you receive the right level of compensation, as well as having all charges and interest on the loan returned to you. Although compensation levels are different depending on things like the size of the loan, you can expect to receive hundreds or even thousands of pounds back. You’re likely eligible for significant compensation in the following areas:

• Difference between the quoted interest rate and the rate that should have been applied.
• Compensation for mis-selling.
• Reimbursement of any excessive charges.
• Refund for any potential savings that could have been achieved with a more affordable credit agreement elsewhere.

Choose Claims Bible for Your Close Brothers Car Finance Loan Claim

Obtaining adequate compensation from Close Brothers might seem like a big challenge, but with the right help, it can be streamlined and stress-free. Our experts at Claims Bible are well-versed in dealing with mis-sold loan claims like this, so you can rest assured that we’ll be able to help you. To find out more, fill out our online form and we’ll get back to you.