Financial lender Close Brothers, raise their capital by £400m for payout expectation following the FCA’s review into suspected mis-selling.
What does this mean?
By raising their capital, it means that Close Brothers are preparing for the maximum compensation they may be expected to pay. This accentuates the Close Brothers payout expectation in mass.
How many complaints are expected?
47,400 complaints are expected by the Financial Ombudsman Service
What does The Financial Ombudsman Service say?
“In the year ahead it’s likely that our service will see increasing levels of complaints, with many of those disputes expected to focus on the critical issues that impact people’s everyday lives. This includes perceived unaffordable lending, concerns about car loan agreements, and disputes around fraud and scams.” Abby Thomas, FOS Chief Executive
What changes have been made to resolve cases quicker?
A case-resolving reduction time of 4.8 months. The FOS committed to resolve 17% more cases during 2023/24.
Have you been affected?
According to the FCA, you may be affected if these factors apply to you:
- Between your broker and lender; a discretionary commission agreement was involved before 28 January 2021
- You purchased a car using HP or PCP finance.
Which lenders are involved in car finance claims?
The financial lenders My Car Finance deals with are predominantly Moneybarn, Advantage and Oodle.
How much compensation am I entitled to?
If you qualify you can potentially receive a redress between £2k and £15k, for payout expectation.
Who is eligible to claim?
If you financed a car using a finance agreement between 2007 and 2021, you might be eligible for a payout expectation.
- Were you aware of the commission the dealership would receive?
- Did the dealer clearly explain the different finance options available?
- Could you afford the credit agreement at the time of the sale?
Who are we?
We are My Car Finance Claim. A trading style of Barings Law; one of the UK’s leading law firms specialising in financial redress claims. We have a proven track record in bringing successful claims against some of the UK’s biggest car finance providers.
How to claim?
Claiming 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 aim to resolve things swiftly and where appropriate, get the compensation you deserve. Start your claim with us today and let our experienced team guide you the rest of the way.
Click the button below to begin!