Barclays Claim?

We explore the details involved in a Barclays claim.

Who are Barclay’s? 

Barclays are one of the UK’s leading specialist providers of car finance. Barclay claims began to rise after cases of potentially inflated interest rates were discovered after the practice was banned.    

History of Barclays? 

The history of Barclays can be traced back to John Freame and Thomas Gould. Their business transformed into Barclays bank after they began their business in 1690.  

How do we know Barclays Mis-Sold DCA’s? 

Barclays was named by the Financial Ombudsman Service, as a financial lender who misused DCA’s for car finance agreements.  

Examples of Mis-Selling?  

Two test cases were flagged by the FCA probe, after which the Financial Ombudsman Service issued an order for Barclays to pay compensation for using discretionary commission agreements without their customers’ knowledge.  

Have Barclays Prepared for Payouts?  

Barclays has set no provisions aside for Barclays claims as of yet. They spoke on the matter, saying that the conclusion was ‘unknown, including any potential impact’.  

Why Should you Check your Payments?  

Customers would be aware of their monthly payments,however they were not made aware that the interest charged could include commission. Customers should be aware of the options available in claiming for potentially making a Barclays claim.  

Mis-sold car loans or finance agreements can be overlooked. Therefore, you should always check if you qualify to make a claim.  

Who are My Car Finance Claim? 

My Car Finance Claim is a trading style with Barings Law, a law firm which proudly makes legal representation hassle-free and accessible for everyone. We take on clients on a no-win, no-fee basis. We will fight for your rights.  

How to Claim?  

Making a Barclays claim with My Car Finance is a simple 3 step process. With just a few details, you can begin an application today. Our team are here to do the rest. We will contact your lenders and obtain the relevant information to assess the validity of your claim.  

Start your claim with us today and let our experienced team guide you the rest of the way.  

Click the button below to begin!  

MoneyBarn Claim?

Moneybarn is a leading lender specialist in the UK for vehicle finance. Moneybarn was involved in the mis-sold car finance scandal after they failed to communicate the consequences triggered by missing payments before the customer signed the agreement. As a result, Moneybarn claims began to rise. 

Is there evidence of Moneybarn irresponsibly lending? 

Yes, Moneybarn was given a fine of £2.77 million by the Financial Conduct Authority. Moneybarn failed to treat customers with transparency during times of financial difficulty with loan repayments. This happened between 1 April 2014 and 4 October 2017. They failed to communicate the risk involved if customers did not keep up with their payments. 

As a result more than 1,400 customers defaulted on their loans after they were placed into unsustainable short-term repayment plans. 

Did Moneybarn provide compensation? 

Yes, MoneyBarn paid more than £30 million in compensation to nearly 6,000 customers affected by the mis-selling. Moneybarn did not require any of these customers to prove their financial loss. 

Mark Steward, Executive Director of Enforcement and Market Oversight (FCA): ‘It also did not communicate clearly to customers, in financial difficulty, their options for exiting their loans and the associated financial implications, resulting in many incurring higher termination costs. These are serious breaches. ‘After discussions with the FCA, Moneybarn voluntarily paid more than £30 million in redress to customers potentially affected by its failings. 

Was my Moneybarn loan mis-sold? 

There are several ways listed below which may indicate Moneybarn mis- sold the loan due to your financial situation: 

Your disposable income was taken up largely by the loan repayment
One of your debts funded another. After repaying a loan, did you often borrow again or consolidate multiple loans? Loans you may have obtained from a single lender were consistently growing. You can still make a claim, even if you only became aware of the chance to claim, within the last three years. 

You can still start the process of making a claim even if you have forgotten the dealership who sold you finance, or if you can’t find the agreement. All you need is the company name you made the payments to. Your old bank statements should hold this information. 

How can I make a Moneybarn claim? 

Making a Moneybarn claim with My Car Finance is a simple 3-step process. With just a few details, you can begin an application today. Enter your registration into our automatic number recognition system to get started. Click the button below to begin and we will do the rest and make it hassle-free. 

Close Brothers

Here, we offer you insight into one of the largest finance lenders within the car finance sector.

Various customers of Close Brothers have encountered defaulted payments and problems with loan replacements, The cause of these issues are insufficient briefings of finance options. The rising amount of cases could be categorised as ‘lending irresponsibly’. If you were advised or convinced to take a loan while having inadequate savings or a low credit rating; there may have been negligence on their behalf.

Numerous Close Brothers customers may be eligible to seek compensation for mis-sold loans, and you could be, too. If you believe you fall into this category, our team at My Car Finance can help.

What is a Close Brothers car finance loan claim? 

Understanding the options available to you & your rights is vital. Especially if you have a loan you believe was mis-sold to you. There are set guidelines by the FCA which apply to lenders. These include a credit check, to ensure customers can afford to take out a loan. If you believe these checks were not taken, you could meet the criteria to claim.

Have you been mis-sold by Close Brothers? 
  • The finance deal was not properly explained to you by the salesperson. It may have been a case of this salesperson pushing you into making a hasty decision, without giving you chance to think.
  • A recommendation for a certain finance deal was offered to you with little or no attention to other options. You should have been given an array of package deals to choose from.
  • It was never made clear to you, if you or the dealer was accountable for any potential wear and tear.
  • The owner of the car was also never made clear. It can sometime be a third party firm in hire purchase.
  • You did not understand the contract you signed, if the salesperson did not explain the interest charges properly, As a result, you took a loan set on a very high rate interest.
  • There was no adequate clarity on the commission of the sale.
  • Affordability needs to be assessed, therefore if your expenditure and income was not checked properly, you had inadequate checks.
  • The consequences for breaking terms of your agreement may be strangely expensive.
Why are Close Brothers being claimed against? 

You may be aware of the banned discretionary arrangement established by The FCA in 2021. The banned practise involved dealers talking customers into a raised interest loan, encouraged by their finance broker.

Following this ban, a high number of customers sent complaints regarding requests for compensation and costs to the motor finance firms. The FCA made a statement that it would conduct a review of the motor finance sector dating back for one decade, issuing a warning that ‘an appropriate settlement’ would be made for those firms responsible for any misconduct found.

Close Brothers are are significant provider of car loans, but Lloyds Banking Group is named as the largest player. Estimated numbers set the possible finance provider liability as big as £15b. Instead of setting aside a sum for possible claims, Close Brothers believe they are ‘not required to recognise a provision in the group’s half year 2024 results in relation to this matter.’

How can I claim? 

Making a claim with My Car Finance is a simple 3 step process. With just a few details, you can begin an application today. Enter your registration into our automatic number recognition system to get started. Click the button below to begin!

Latest Financial Mis-Selling News From Martin Lewis

Martin Lewis; financial, English journalist and founder of MoneySavingExpert.com spoke on the probability of vehicle owners being owed compensation.

Martin Lewis, financial expert, English journalist and founder of MoneySavingExpert.com; recently shed light on a significant issue affecting vehicle owners. During a segment on the Martin Lewis Money Show, aired on ITV, he revealed concerning practices within the car finance industry. Lewis pointed out that certain finance firms allowed brokers and car dealers to control interest rates, resulting in inflated charges and undisclosed commissions. This revelation has far-reaching implications for individuals who purchased vehicles before January 28, 2021, potentially entitling them to substantial compensation.

In response to these findings, the Financial Conduct Authority (FCA) has initiated a comprehensive investigation into unjust car finance commission practices. Lewis emphasised that this investigation could lead to billions of pounds being refunded to millions of overcharged consumers.

Do You Fit This Criteria?

If you purchased a vehicle using finance before January 28, 2021, you may be eligible for compensation if your finance agreement involved discretionary commission arrangements.

Despite the lack of clarity surrounding these arrangements, affected individuals may have grounds for reclaiming overcharged interest once the FCA completes its investigation.

To determine eligibility for compensation, individuals must meet specific criteria:

  • Your vehicle was only used for personal use
  • Before January 28, 2021, you obtained your finance
  • You bought a vehicle using a finance agreement

Further Eligibility

Additional eligibility criteria may apply, such as reclaiming on behalf of deceased individuals or eligibility for specific finance types, like Hire Purchase or Personal Contract Purchases (PCP). Even if a vehicle has been repossessed or fully paid off, impacted individuals can still pursue compensation.

How to Claim

To begin the claims process, simply start by completing our quick online application.

The exact amount of compensation individuals may receive remains uncertain, with potential reimbursements ranging from full interest repayment to a percentage above a fair amount.

What Do My Car Finance Offer?

For those considering making a compensation claim, Barings Law offers legal expertise and assistance while, additionally exploring other lender practices that may warrant further claims, providing comprehensive support to affected individuals.