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Claim MotoNovo Finance compensation

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

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MotoNovo has been operating as a specialist within the motor finance sector for more than 40 years. According to the brand’s website, MotoNovo is acknowledged as one of the best car finance providers across the industry. Part of the Aldermore Group, which also includes Aldermore Bank plc, MotoNovo has over 700 members of staff and has lent over £3.9 billion to customers. The brand has won many prestigious awards and the head office is based in Cardiff.

What Are MotoNovo Compensation Claims?

Regulations set out by the FCA are to be followed by financial service providers across the UK. Such regulations help to ensure that when borrowing money, customers are protected from different forms of mis selling. In some circumstances, irresponsible lending compensation can be awarded to customers who have been mistreated as a result of their lending agreement(s). Unaffordable lending takes place when a business fails to adequately check the affordability of a client’s loan based often due to an insufficient financial background check. Unaffordable and irresponsible lending can cause unnecessary financial difficulty for affected clients, some of who become unable to cover basic, essential purchases as a result of their finance commitments.

In May 2022, MotoNovo was advised by the Financial Ombudsman Service to follow the below points in order to settle a customer hire purchase loan complaint external link icon light blue:

Refund any payments Miss C has made in excess of £9,370, 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 Miss C’s credit file regarding the agreement.

How Do I Know If I Have A Claim Against MotoNovo?

MotoNovo helps clients from across the UK to fund their motor purchases through finance agreements.

Customers may be owed compensation from MotoNovo if their loan is deemed unaffordable by the FOS following a formal complaint.

To review whether you may have a potential compensation claim against MotoNovo, ensure you consider if any of the following circumstances apply:

  • Did MotoNovo conduct reasonable and proportional checks to ensure you can sustainably repay the loan?
  • Did MotoNovo 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 MotoNovo 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 MotoNovo?

If you are a MotoNovo car finance client and believe that your agreement and borrowing may have been issued unfairly, you can contact the firm and complain by post, telephone, or email.

Should you not be satisfied with the outcome of MotoNovo’s response and resolution to your complaint you may wish to escalate the matter to the Financial Ombudsman Service.

Upon receiving your complaint the Financial Ombudsman Service will open an investigation on your behalf and come to a decision as to whether or not they believe the lending was unaffordable and will also outline what action is due. For example, if the FOS believes you have been mistreated you should be adequately compensated.

How Long Do I Have To Claim Against MotoNovo?

To pursue a loan compensation claim against MotoNovo you will need to begin the process within three years of your date of knowledge. In simple terms, once you realise you may have a claim, you have three years to initiate the proceedings.

How Much Is A MotoNovo Compensation Claim Worth?

If your loan was legitimately unaffordable and therefore missold, you could be entitled to financial compensation. Your final sum will vary between £100s – £1000s.

Here at Claims Bible, we can 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. It is worth noting that each client and case are different and the final sum will be calculated depending on the finance amount and individual terms of your policy.

Starting Your Claim Against MotoNovo Finance

Claiming compensation against MotoNovo 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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Don’t Delay. Check Now.

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