claim moneybarn refund

Moneybarn Claims & Refunds

If you been mis-sold a car finance loan from Moneybarn, we can help you claim the compensation you deserve

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Was My Moneybarn Loan Mis-sold?

Like all loans, your car finance was mis-sold if the loan was unaffordable or the lender did not perform proper affordable ability checks. In relation to the hidden commission, your car finance deal may have been mis-sold if:

The car salesperson did not fully explain they would receive a commission on the sale of the car

The lender/bank did not fully explain the commission

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The salesperson skipped through the car finance agreement Terms & Conditions

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The customer felt pressured into the finance deal and was not given a range of options including explaining all of the differences in each type of product

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The payments were unaffordable or no finance credit checks were carried out

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The salesperson did not make it clear who was financially responsible for the repairs to the vehicle?

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The salesperson did not offer the best interest rate available to you?

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The salesperson did not present to you, with complete transparency, the interest rates charged for all loan options and how they may differ?

Don’t worry if you can’t find the agreement or remember who the lender or dealership was. You just need the name of the company you made the payments to. You should be able to find this information on your old bank statements.

If you think you have a claim, you need to act quickly as there are statutory deadlines, known as limitation periods, that apply to mis-selling claims. If your car finance product was taken out over six years ago, you can still claim if you only became aware of the potential mis-sale within the last 3 years.

If any of the above statements describe your experience with Moneybarn, you could be eligible to claim compensation. Start your claim below for professionals to guide you through the process.

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Making a claim is simple. With just a few details you can start your application.

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No Win, No Fee

You are only charged after the claim has been won and you have your refund!

You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.

Moneybarn Claims

In February 2020, Moneybarn was in the headlines after being fined £33 million as a result of the Financial Conduct Authority found Money had not treated customers fairly when they fell behind on repayments.

 

Over 6,000 customers were given car finance refunds after the FCA found that the “lender didn’t sufficiently communicate what would happen if they defaulted on payments before taking out an agreement”.

The exact figure that each customer received is unknown, but an equal share of the pay-out is around £5,000 for each individual.

Moneybarn’s APR is 31.9%. As an example of this APR in action: If you borrowed £10,000 over 60 months, with monthly payments of £313.86, you would repay a total of: £18,517.74, of which £8,517.74 would be interest.

If you believe you have had a mis-sold or unaffordable loan from Moneybarn then we can help you get compensation. Start your claim today!