Claim Go Car Credit compensation

Founded in 2017, Go Car Credit has approved over 117,000 loans for clients looking to finance their next car purchase. The brand’s specialism includes offering ‘bad credit’ car finance options to eligible customers. For example, Hire Purchase agreements offered by Go Car Credit can extend to include those who may typically struggle to obtain other loan offerings due to their poor credit.

With this in mind, the Warrington based brand has helped 25,000 customers who may have been refused by other lenders and firms. Loan offerings come between £3k and £15k across two to five years and the APR ranges between 29% and 49%.

What Are Go Car Credit Compensation Claims?

Irresponsible lending relates to a varied spectrum of situations in which a lender may have lent money to clients in a way that breaches FCA regulations. There are certain ways in which a financial lender should ensure a client’s lending is affordable and not irresponsible. With this in mind, if a lender allows a client to borrow money without sufficient background checks, uses forceful tactics or the customer is unable to pay for essential living costs, there could be grounds for an unaffordable lending compensation claim.

In such instances, The Financial Ombudsman Service or FOS is a service that oversees disputes between consumers and financial service businesses in order to resolve lending complaints.

In January 2022, Go Car Credit was advised to follow the below points in order to settle a customer hire purchase loan complaint :

Refund any payments Mr. W has made in excess of £3,254, representing the original cash price of the car. Go Car Credit 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. W’s credit file relating to the agreement.

How Do I Know If I Have A Claim Against Go Car Credit?

Go Car Credit offers Hire Purchase services to help clients finance car purchases.

Some customers may be eligible for compensation from Go Car Credit if their loan was issued in a particular way with particular terms.

To assess whether you may have a potential compensation claim, consider if any of the following circumstances apply:

• Did Go Car Credit conduct reasonable and proportional checks to ensure you can sustainably repay the loan?
• Did Go Car Credit 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 Go Car Credit 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 First Go Car Credit?

If you believe you may have an unfair lending claim against Go Car Credit, customers are able to contact the firm to make a formal complaint via an online form, email, post, or by telephone. If you find you are dissatisfied with the company’s response and the outcome of your complaint, you can choose to escalate the matter to the Financial Ombudsman Service.

Upon receiving your complaint the Financial Ombudsman Service will begin to investigate your case and subsequently decide whether or not you have been unfairly treated with regard to your lending. If the FOS believes you have been mistreated, you will need to be compensated accordingly.

How Long Do I Have To Claim Against Go Car Credit?

Go Car Credit customers have three years in total to file an unfair lending case. You will need to pursue the claim within three years of you being made aware that you could make one.

How Much Is A Go Car Credit Compensation Claim Worth?

If your loan was in fact unaffordable and therefore was lent to you irresponsibly, you could be entitled to financial compensation. The final sum amounts awarded for mis selling finance vary between £100s – £1000s. At Claims Bible, 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 Go Car Credit

Claiming compensation against Go Car Credit 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.

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?