Claim First Response Finance compensation

First Response Finance is an award winning vehicle finance firm operating out of three offices in Leigh, Glasgow, and Nottingham. According to the brand’s website, there are just short of 300 First Response Finance staff and the firm is the UKs number one car loan company. Hire Purchase for used cars, vans and motorbikes are the business’s key product, however existing First Response Finance customers are able to utilise a personal loans service too. Loan offerings are valued between £2k – £15k and available on terms between 18 months and five years. Founded in 1998, the firm has 55k customers currently , and the loan APR offering is 29.90%.

What Are First Response Finance Compensation Claims?

Customers who are given a loan, credit card, or alternative form of credit agreement who cannot afford to repay it or feel like they were given more than was necessary, could have grounds for an unaffordable lending compensation claim. Consumers who find themselves in this position may not have had adequate affordability checks carried out on their agreement and if so, could have been lent to irresponsibly.

The Financial Ombudsman Service or FOS is a service that mediates disputes between customers and financial service providers in order to manage and settle complaints.

In February 2022, First Response Finance was guided to follow the below advice to settle a customer hire purchase loan complaint :

Refund any payments Mr P has made in excess of £4,300, 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 P’s credit file regarding the agreement.

How Do I Know If I Have A Claim Against First Response Finance?

First Response Finance provides customers with Hire Purchase services in order to facilitate the purchasing of motor vehicles.

As a client, you may be eligible for irresponsible lending compensation from First Response Finance if you have encountered certain circumstances surrounding your car finance.

To find out whether you could have a legitimate compensation claim on your lending, consider the following:

• Did First Response Finance conduct reasonable and proportional checks to ensure you can sustainably repay the loan?
• Did First Response Finance ask for evidence of your finances?
• Did the Continous 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 First Response Finance act unfairly or unreasonably in any way?
• Did you take need to take out a further loan to repay the first one because of unaffordability?

How To Make A Claim Against First Response Finance?

To make an irresponsible lending claim against First Response Finance, customers can contact the business by letter, telephone, or email. Should you be dissatisfied with the response and outcome of your complaint, you can opt to escalate the matter to the Financial Ombudsman Service, in fact, that’s what they’re there for.

Once the Financial Ombudsman Service receives your complaint, they will open an investigation to decide whether or not you have been unfairly treated with regard to your lending and if you have been, you will be compensated accordingly.

How Long Do I Have To Claim Against First Response Finance?

First Response Finance customers will have three years to file an unfair lending complaint against the firm and it will begin from the date of knowledge that you may have a claim.

How Much Is A First Response Compensation Claim Worth?

If your loan was unaffordable and lent to you irresponsibly you could be entitled to financial compensation. The amounts awarded for mis selling finance vary between £100s – £1000s. We are able to help you to receive both a refund of any charges and interest on your loans as well as an 8% compensatory interest on any agreed sum. Please do note that each client and case are different and the final sum will be calculated depending on the finance amount and finance terms of your policy.

Starting Your Claim Against First Response Finance

Claiming compensation against First Response 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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