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PREVIOUSLY HAD AN UNAFFORDABLE LOAN?

Claim Specialist Motor Finance compensation

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

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Chester based Specialist Motor Finance has operated within the motor finance sector for a number of years and works alongside both customers and business partners. According to the brand’s website, Specialist Motor Finance works with a variety of reputable motor finance brokers, dealer groups, and independent car dealers. Experts in hire purchases agreements, the company has lent over £100m to customers to date. Established in 2014, the business was later named one of the Sunday Times’s Best Companies in 2019 external link icon light blue.

What Are Specialist Motor Finance Compensation Claims?

Unaffordable lending occurs when a lender provides a loan that the borrower could not reasonably afford. To lend money to a customer without sufficiently checking the affordability of the loan is known as irresponsible lending. If a loan causes a person to miss other essential payments and purchases or they need to take out another loan to help pay off the first, there may be grounds for an irresponsible lending compensation claim. Car finance and hire purchase agreements are provided by banks and other financial services firms and facilitate the purchasing of a car for customers.

In November 2022, Specialist Motor Finance ltd was advised by the Financial Ombudsman Service to follow the below guidance in order to settle a customer hire purchase loan complaint external link icon light blue:

  • Refund all the payments Mr. O has made, less £1,600 for fair usage.
  • If Mr. O has paid more than the fair usage figure, SMFL should refund any overpayments, adding 8% simple interest per year* from the date of each overpayment to the date of settlement. Or;
  • If Mr. O has paid less than the fair usage figure, SMFL should arrange an affordable and sustainable repayment plan for the outstanding balance.
  • Once SMFL has received the fair usage amount, it should remove any adverse information recorded on Mr. O’s credit file regarding the agreement.

How Do I Know If I Have A Claim Against Specialist Motor Finance Ltd?

Specialist Motor Finance ltd customers could be owed compensation if their loan is decided to have been unaffordable after escalating a formal complaint to the FOS.

To assess whether you may have a potential compensation claim against Specialist Motor Finance ltd, ensure you consider if any of the following circumstances apply:

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

How To Make A Claim Against Specialist Motor Finance ltd?

If you are a Specialist Motor Finance ltd loan customer and believe that your loan agreement was unaffordable or if you were lent too much for your circumstances, you can reach out to the firm by post or telephone.

If you are dissatisfied with the complaint response from Specialist Motor Finance ltd, you can choose to escalate the matter to the Financial Ombudsman Service to receive an independent review of your complaint.

Should you opt to contact the FCA, they will conduct an investigation on your behalf and come to a decision as to whether or not your lending was in fact unaffordable. If your lending agreement was deemed to be irresponsible, steps will be outlined to resolve the issue. In some circumstances, appropriate compensation can be due.

How Long Do I Have To Claim Against Specialist Motor Finance Ltd?

To make a successful and legitimate unaffordability claim against Specialist Motor Finance, you will need to pursue your claim within three years of realising you may have made a claim. This period is referred to as from the date of knowledge.

How Much Is A Specialist Motor Finance Ltd Compensation Claim Worth?

If you are deemed to be eligible for misselling compensation in the form of unaffordable lending, 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. Please be aware 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 Specialist Motor Finance

Claiming compensation against Specialist Motor 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.

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