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!
