Mobile Money Car Finance Claim — PCP & HP Compensation 2026
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.
If you took out a car finance agreement through Mobile Money between April 2007 and November 2024, you may be entitled to compensation under the FCA confirmed motor finance redress scheme (PS26/3, 30 March 2026). Mobile Money is a specialist motor finance provider operating in the non-prime market, where commission-driven mis-selling was particularly prevalent. This guide explains your eligibility, how compensation is calculated, and how to complain.
Who Is Mobile Money?
Mobile Money Ltd is an FCA-authorised specialist motor finance provider that offers HP and PCP agreements to customers who may not qualify for mainstream lending, typically operating in the non-prime and near-prime credit segments. The company arranges finance through independent and used-car dealer networks rather than through franchised manufacturer dealers. Because Mobile Money serves customers with limited borrowing alternatives, its customers were particularly vulnerable to commission-driven arrangements that inflated their costs without disclosure.
Is Mobile Money Covered by the FCA Scheme?
Yes. All FCA-regulated HP and PCP agreements arranged by Mobile Money between 6 April 2007 and 1 November 2024 fall within PS26/3. The complaint deadline is 31 August 2027. Mobile Money, as an FCA-authorised lender, is required to participate in the scheme.
Three Grounds for a Mobile Money Claim
1. Discretionary Commission Arrangements
Mobile Money operated through dealer networks where DCAs were common. Dealers could set interest rates within a lender-defined range, earning more commission the higher the rate. For non-prime customers who had few alternatives, this meant rates were often set at or near the maximum permitted, producing maximum commission income. Where this was not disclosed, you are eligible for compensation.
2. Non-Prime Market Exploitation
The FCA review specifically highlighted the non-prime segment as an area where commission-driven practices were disproportionately harmful. Customers with impaired credit histories had limited bargaining power and were less likely to seek alternative quotes. Mobile Money agreements in this segment are a priority area for claims under the scheme.
3. Unfairly High Fixed Commission
Even where no formal DCA existed, if the fixed commission earned on your Mobile Money agreement met the FCA threshold of 39% of total cost of credit and 10% of the loan amount, this constitutes an unfairly high arrangement under PS26/3.
How Much Could You Receive?
The FCA confirmed national average is £829 per eligible agreement. Non-prime agreements with higher interest rates often produce above-average compensation under the hybrid remedy. Your payout is calculated as the average of your estimated interest overpayment (17% APR reduction for post-April 2014 agreements, 21% for pre-April 2014) and the commission paid, plus compensatory interest at Bank of England base rate plus 1% per year.
Scheme Timetable
Post-April 2014 agreements: Complain before 30 June 2026 → Mobile Money must respond by 30 September 2026 → payment by November 2026
Pre-April 2014 agreements: Complain before 31 August 2026 → decision by 30 November 2026 → payment by January 2027
Final complaint deadline: 31 August 2027
How to Complain to Mobile Money
Submit your complaint to Mobile Money Ltd using the contact details on your original agreement or via their website. Reference the FCA motor finance redress scheme PS26/3. Include your full name, date of birth, address at the time of the agreement, vehicle details and a statement about undisclosed commission arrangements.
Related Lender Pages
Advantage Finance Car Finance Claims
Go Car Credit Car Finance Claims
Frequently Asked Questions
I had poor credit when I took out my Mobile Money agreement. Does that disqualify me?
No. Your credit profile at the time of the agreement is irrelevant to your eligibility under the scheme. The claim concerns the commission structure and disclosure — not your personal creditworthiness.
My Mobile Money interest rate was very high. Could that mean a larger payout?
Yes. The hybrid remedy is partly based on the gap between the rate you paid and a fair APR. Higher original rates can produce larger compensation amounts under the APR adjustment element of the calculation.
The car I financed through Mobile Money was written off. Can I still claim?
Yes. The claim relates to the finance arrangement at inception, not the fate of the vehicle. A write-off or insurance settlement does not affect eligibility.
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.
