In February 2020, Moneybarn was in the headlines after being fined £33 million as a result of the Financial Conduct Authority's findings that 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 representative APR is 31.9%. This makes it one of the most expensive PCP finance available. 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.
In their latest numbers, The Financial Ombudsman upheld 41% of complaints against Moneybarn No.1 Limited.
Due to their high-interest rates, Moneybarn has collected hundreds of millions in interest payments. However, many of these loans may have been unaffordable. In these cases the customer will be due a refund.
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!
You need to act quickly as there are statutory deadlines, known as limitation periods, that apply to mis-selling claims. Start your claim today for professionals to guide you through the process.
For Hassle-Free Refunds
A claims specialist
can do all the hard work so you don't need to!
Making a claim is simple. With just a few details you can start your application.
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.
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
The salesperson skipped through the car finance agreement Terms & Conditions
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
The payments were unaffordable or no finance credit checks were carried out
The salesperson did not make it clear who was financially responsible for the repairs to the vehicle?
The salesperson did not offer the best interest rate available to you?
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.
Maximise Your Compensation
We will go through your previous borrowing and can help you claim from an extensive list of lenders.
Your complaint is handled by professionals
Your claim will be handled by an experienced team, who will complain to your lender on your behalf.
Reclaimed funds to be Transferred
After a claim is successful, the redress money is transferred straight to you.
Our claims handler Sanderson Drake have a 4.4* Trustpilot score
"They have done it again. After fees paid to them £3200 in the bank, money that was long gone 10 years ago. Thank you very much . Laura was extremely helpful this morning Very much appreciated." - RY, Trustpilot
"You helped me a lot, saved me from bankruptcy. Very professional. I want to thank you all for your effort. You save me and my kids." - SH, Trustpilot
"Very good service . I received great results with little effort" - LC, Trustpilot
"Excellent support and service. I received back approx £3,500. Highly recommended and easy to deal with." - KW, Trustpilot
Why Use The Claims Guide For My Claim?
Help Maximising Claims - We will go through your previous borrowing and help you claim from an extensive list of lenders. Other claims companies will more likely turn you away if you are not claiming against one of their few approved lenders.
Low Fees - Our rates are also competitive and lower than many other claims management companies. You pay nothing upfront and we work on a no win no fee basis. A breakdown of our fee structure can be seen here.
We Make It Easy - Claiming a refund can be a daunting task. We make it easy and ensure everything you need is included so you don't have to spend much time on it.
Professional - Each claim is different and specific circumstances that are relevant to the claim should be explained by a professional. The Financial Ombudsman has previously been unable to progress some complaints that involved a “template” or “standard letter”.
How Much Will I Receive If My Claim Is Successful?
If you successfully claim a refund from a lender, you can claim back the interest and charges on your loans, plus, typically, 8% statutory interest. For more information on how this is calculated click here.
What Information Do I Need to Provide?
You just need to provide the name of your lender and your personal details including the address that you lived at when registering with them. Once you have given these we can obtain details of any loans where a refund may be due.
How much will I be charged?
Claiming through us always works on a no win no fee basis, meaning you won't pay a thing unless you win compensation. You will have the right to cancel the agreement within 14 days with no penalty. If you cancel after 14 days you may be charged for work done up until the time of cancellation. We use multiple partners to ensure we are able to offer claims against all lenders, from whom we receive payments. The exact fee structure will depend on which lender you are claiming against, as this decides which of our partners is most suitable for your claim. A breakdown of our fee structure can be seen here. The fees for Diesel Emissions Claims are calculated differently due to it being a group action lawsuit.
How Do I Submit My Claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your complaint to the payday lender where you could receive compensation. For more information on the process please click here.