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PREVIOUSLY HAD AN UNAFFORDABLE LOAN?

Claim Moneybarn loan compensation

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

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Moneybarn external link icon light blue is one of the UK’s leading specialist vehicle, motorbike, or van finance lending companies. They provide you with the money you need for your desired vehicle and pay directly to the dealership of your choice.

However, this is contingent on meeting Moneybarn’s loan criteria.

While they offer you a chance to get your dream vehicle, getting a loan from them might not always be in your best interest. Many borrowers have complained that the loan was unaffordable and mis-sold. Additionally,

Moneybarn failed to communicate the consequences of customers defaulting on payments before signing an agreement.

A company is said to have engaged in irresponsible lending when they fail to consider your financial situation when granting the loan. For example if a company granted a loan despite a poor credit external link icon light blue rating or the company did not consider its customers’ credit history, income, savings, or other assets to determine whether they could meet the loan obligation.

As a result, many Moneybarn customers are trying to get a refund or compensation. If you believe you were mis-sold a loan or mistreated by Moneybarn, you are entitled to claim compensation against them. The experienced claim partners at Claims Bible can help you claim the full compensation you are owed.

Understanding Moneybarn Loan Claims

The Financial Conduct Authority (FCA) external link icon light blue​ requires a proportionate affordability assessment to determine if prospective borrowers can sustainably repay their loans. Being able to repay a borrowed loan sustainably means you can pay without difficulty. Also, you can meet other financial commitments without having to borrow more.

In February 2020 external link icon light blue, it was revealed that the FCA ordered Moneybarn to pay out nearly £33 million for a serious breach over how it treated its customers who fell behind on repayments of their loans. The agency found that the company did not give its customers a realistic time frame to clear their debts.

Your vehicle finance is mis-sold if the loan is unaffordable or the lender fails to perform due diligence financial credit checks. It is also mis-sold if they don’t explain the commission to be received on the sale of the car.

Mis-sold lending can greatly impact your finances and well-being. You may be entitled to compensation if you have a mis-sold car finance claim against Moneybarn. But first, you must assess whether the company has lent you money irresponsibly.

How Do I Know if I Have a Claim Against Moneybarn?

Moneybarn grants customers access to finance that they may be unable to get from banks or other mainstream lenders.

Several factors are considered to determine whether you have a valid claim against Moneybarn. During the investigation, we will gather information to decide if the company employed correct sales practices. This will help determine if your claim reflects what is reasonable and fair in the circumstance.

If you were unfairly treated, you could file a complaint. But first, consider the following:

  • Did Moneybarn complete reasonable and proportional checks to ensure you can sustainably repay any loan?
  • Did they ask you 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 Moneybarn use a debt collection agency without first talking to you or creating a repayment plan?
  • Were you warned in their advertising or personal advertisement on the consequences of defaulting repayments?
  • Bearing your financial circumstances in mind, was there any point where Moneybarn should have realized it was increasing your indebtedness in any way?
  • Did Moneybarn act unfairly or unreasonably in any way?
  • Did you take out a further loan to repay the initial one because of unaffordability?

How to Make a Claim Against Moneybarn

The process of making your claim against Moneybarn is simple. According to Moneybarn, you can make a formal complaint through phone calls, emails, or social media. However, if you receive a poor offer, or your complaint is rejected or not acted upon, you can escalate your case to the Financial Ombudsman Service (FOS) external link icon light blue.

They will investigate your case, and if found that you were treated unfairly, you will be adequately compensated. In resolving your claim, the FOS will consider the nature of your complaint and what you lost.

How Long Do I Have to Make My Claim Against Moneybarn?

You have up to 3 years from ‘date of knowledge’. This means the date in which you first became aware that you potentially had a claim.

What Can I Get as Compensation for Irresponsible Lending?

You will be entitled to compensation if it is agreed that the loan was mis-sold. We can help you get a refund of the charges and interest on your loans and 8% compensatory interest on any agreed refund sum. Note that reimbursements and compensation are treated on a case-by-case basis.

Typically, you may be able to recover £100’s to £1,000’s in compensation if you were mis-sold car finance. However, the exact amount depends on certain factors, such as the size of your loan, the length of the term, and the nature of your complaints.

Furthermore, claims against Moneybarn loans are resolved by considering what you would have received if you were given all the correct information at the point of the loan agreement.

You can ask for the following as compensation:

  • The difference between the interest rate you were quoted and the rate you should have been quoted.
  • Compensation for the specific mis-selling.
  • The money you would have saved if you had taken a different and cheaper credit agreement.
  • Compensation for the difference between the insurance policy you bought and comparable ones in the market at the time.
  • A refund of what you may have been overcharged, etc.

Why Choose Claims Bible for Your Moneybarn Loan Claim?

Claiming compensation against Moneybarn 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.

Read more About Us >

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?

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