Reclaim Compensation on Old Car Finance Agreements
Scheme status (updated 5 August 2026): parts of the FCA motor finance redress scheme are temporarily suspended while the Upper Tribunal considers legal challenges. Lenders do not currently have to calculate or pay compensation under the scheme, the original decision and payment dates no longer apply, and no payment under the scheme is guaranteed. If the scheme proceeds, first payments are expected in 2027 at the earliest. Any dates mentioned below were set before the suspension.
Expert guide on the UK’s six-year limit, common exceptions, and how legal partners can trace your old agreements to secure your claim.
How Far Back Can You Claim Car Finance Compensation?
Many people don’t realise that you may be able to claim car finance compensation for agreements that are several years old. Whether you had a PCP, HP, or another type of finance agreement, there are rules about how far back you can go to reclaim money if your agreement was mis-sold or included unfair fees.
At Claims Bible, we work with legal partners who can help you trace old finance agreements, calculate potential compensation, and guide you through the claim process — even for older agreements.
In this guide, we explain how far back you can claim car finance compensation, what evidence is needed, and the steps to take to make a successful claim.
The Legal Time Limits for Car Finance Claims
In the UK, the standard time limit for financial claims is usually six years from the date the agreement ended or the mis-selling occurred. This applies to PCP, HP, and other finance agreements.
Some important points:
- Six-year limit – Most mis-selling and finance claims fall under this period.
- Exceptions – Certain agreements may have longer timelines depending on circumstances, such as misrepresentation or fraud.
- Start date – The clock typically starts when the agreement was settled, terminated, or the issue first became apparent.
Related guide: Car Finance Claims Without Paperwork for tracing old agreements beyond the six-year mark.
How Legal Partners Can Help
Even if your agreement is several years old, Claims Bible’s legal partners can:
- Locate old finance agreements
- Gather supporting evidence (bank statements, correspondence)
- Advise on eligibility and likely compensation
This support ensures that even older agreements can be submitted for claims effectively.
Related guides:
Steps to Claim Older Car Finance Agreements
1. Review the Agreement Date — Identify when the agreement was signed, settled, or terminated. This will determine if the claim falls within the standard six-year period.
2. Gather Evidence — Even for older agreements, collect whatever documentation you can:
- Old agreements or contracts
- Bank statements showing payments
- Correspondence with the dealer or finance company
Legal partners can help locate old agreements if you no longer have copies.
3. Assess Potential Compensation — Determine what you may be owed, including:
- Refund of unfair fees
- Interest overcharges
- Mis-selling compensation
Related guide: Car Finance Claim After Early Settlement
4. Submit Your Claim — Draft a complaint to your finance company. Include:
- Evidence of mis-selling or unfair fees
- Payment history
- Requested compensation
Legal partners can draft and submit complaints to increase your chances of success.
5. Escalate if Necessary
If the finance company rejects your claim, escalate to the Financial Ombudsman Service (FOS). Legal partners can guide you through this process efficiently.
Related guide: Car Finance Claim Multiple Agreements
Frequently Asked Questions
Can I claim for agreements over six years old?
In most cases, no. But exceptions exist for misrepresentation, fraud, or if the issue only recently came to light. Legal partners can advise if your older agreement may still be eligible.
Can I claim without paperwork?
Yes. Claims Bible legal partners can locate old agreements so your claim can proceed.
Does it matter if the car was sold, stolen, or written off?
No. Claims are about the finance agreement, not the vehicle. See:
- Car Finance Claim Written Off Car
- Car Finance Claim After Selling Your Car
- Car Finance Claim Stolen Car
Tips for Maximising Older Claims
- Start as early as possible – even older agreements have time limits.
- Gather all documentation – bank statements, correspondence, and agreements.
- Work with legal partners – they can locate old agreements and draft your claim.
- Follow the complaint route – finance company first, then FOS if necessary.
- Check for multiple agreements – see Car Finance Claim Multiple Agreements if applicable.
You will be redirected to our partner’s website to complete your claim.
Think You May Have a Motor Finance Claim?
The FCA estimates average compensation of around £830 per eligible agreement, but eligibility and payment amounts vary. Some customers may receive nothing. Complaints about agreements started from 1 April 2014 should be submitted by 30 June 2026 to be considered under the earlier timetable. Different dates apply to older agreements. The scheme is currently subject to legal challenge, so dates and payment timings may change.
