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Claim Advantage Finance loan compensation

If you have ever had an unaffordable loan from Advantage Finance, you may be able to claim compensation if you could not afford to repay it.

Home E Car, Home & Travel E Car Loans E Advantage Finance

Advantage Finance Ltd is one of the UK’s leading car finance companies and has been in operation for over 23 years. A specialist supplier for finance facilities, Advantage Finance aid the purchase of cars; both new and used, as well as vans, motorbikes, and caravans. Since its formation in 1999, the brand has served over 200,000 customers external link icon light blue and currently employs around 160 members of staff. Based in Grimsby, Advantage Finance offers hire purchase agreements, a popular form of fixed credit that complements large financing purchases. With agreements on offer for up to £15,000, repayment terms vary depending on a customer’s personal repayment budget and are set for a maximum of 60 months. The hire purchase APR is currently 29.35% and eligible customers must be above the age of 22. Arguably a UK car finance giant, the business made a profit of £43m, in the financial year ending January 2022.

What Are Advantage Finance Loan Compensation Claims?

The FOS or Financial Ombudsman Service handles and makes dispute-resolving decisions for customer complaints against banks and other financial companies on a range of matters. With this in mind, consumers who believe they have been provided with irresponsible lending often approach the FOS to seek advice and a solution for their financial agreement issues.

Consumers who believe their loan was never affordable can sometimes be eligible to claim a form of irresponsible lending compensation.

In February 2022, Advantage Finance was advised to follow the below guidance to settle a customer hire purchase loan complaint external link icon light blue:

  • Refund the deposit, adding 8% simple interest per year* from the date of payment to the date of settlement.
  • Refund all the payments Mr. F has made, less £6,210 for fair usage.
  • If Mr. F has paid more than the fair usage figure, Advantage should refund any overpayments, adding 8% simple interest per year* from the date of each overpayment to the date of settlement, or;
  • If Mr. F has paid less than the fair usage figure, Advantage should arrange an affordable and sustainable repayment plan for the outstanding balance.
  • Once Advantage has received the fair usage amount, it should remove any adverse information recorded on Mr. F’s credit file regarding the agreement.

How Do I Know If I Have A Claim Against Advantage Finance?

Advantage Finance provides customers with Hire Purchase agreements in order to facilitate motor purchases.

To have a legitimate irresponsible lending complaint against Advantage Finance, there are a few factors surrounding the nature of your agreement and personal circumstances to consider.

To determine whether you may have been unfairly treated and lent to irresponsibly, consider the following:

  • Did Advantage Finance complete reasonable and proportional checks to ensure you can sustainably repay the loan?
  • Did they 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 Advantage Finance act unfairly or unreasonably in any way?
  • Did you take out a further loan to repay the first one because of unaffordability?

How To Make A Claim Against Advantage Finance?

To initiate the claims process against Advantage Finance you can make a formal complaint to the company via telephone or email. Should you be dissatisfied with your final response, you can escalate the matter to the Financial Ombudsman Service.

The FOS will investigate your case, and if you are deemed to have been treated unfairly, you will be appropriately compensated.

How Long Do I Have To Claim Against Advantage Finance?

A successful claim will need to be pursued up to three years from the date of knowledge. In short terms, you have three years since you realised you may have a claim to make one.

How Much Is An Advantage Finance Compensation Claim Worth?

You will be entitled to compensation if it’s agreed that your loan was unaffordable and therefore was lent irresponsibly. You may be able to receive £100s – £1000s worth of compensation if mis-sold your car finance. We can help you receive a refund of any charges and interest on your loans and 8% compensatory interest on any agreed sum. Each case and final compensation sum will vary depending on the finance amount and finance terms.

Why Choose Claims Bible for Your Advantage Finance Loan Claim?

Claiming compensation against Advantage 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.

Why choose Claims Bible?

100% Confidentiality

Being discreet is part of our business, our legal representatives will never discuss your case without your permission.

Proven Track Record

So far we’ve handled over 10,000 cases and claimed back over £2,000,000 for our clients so you are in safe hands.

Claim Professionals

We partner with specialist firms so your claim is handled by an expert who is familiar with your type of claim.

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