Moneybarn Finance Claims - Claim For Mis-Sold Car Finance Refunds From Moneybarn

What Is A Moneybarn Finance Claim?

You may have a legal right to claim compensation from Moneybarn Finance if you think you were mis-sold a car finance agreement by Moneybarn when purchasing your vehicle.

You may be able to claim against Moneybarn if the salesperson failed to provide to you all of the information about your car finance agreement, misled you, gave poor advice, or did not inform you of any commissions or interest being charged as part of the agreement.

The burden of proof is on Moneybarn and/or the car dealership to show that they acted legally in all aspects of the process. If this cannot be proven, you may be entitled to reclaim money from Moneybarn for your mis-sold car finance agreement.

How To Check If I Was Mis-sold Car Finance By Moneybarn?

You may be able to claim for mis-sold car finance if you bought a car or motor vehicle through PCP or HP finance set up by Moneybarn between April 2007 and 28th January 2021, and the finance agreement was mis-sold.

Your Moneybarn finance agreement may have been mis-sold if:

• The car salesperson did not inform you they would receive a commission from Moneybarn for setting up the financial agreement, known as a discretionary commission arrangement.
• The car salesperson did not inform you of all the finance options available, including explaining the differences and responsibilities of each type of product
• The car salesperson did not inform you, with complete transparency, of the interest rates charged for all finance options and how they may differ
• The car salesperson did not offer the best interest rate available to you
• The car salesperson did not adequately explain the details of the financial agreement, including the Terms and Conditions they sold you
• The car salesperson did not conduct adequate affordability checks or talked you into an unaffordable finance agreement
• The car salesperson used high-pressure sales tactics or did not give you adequate time to consider the agreement.

Moneybarn or the car dealership representing them, are responsible for proving that they did all of these adequately. If they can’t prove they did all of them, you’ll be entitled to claim from them.

When Can I Claim Against Moneybarn For Mis-Sold Car Finance?

Mis-sold car finance claims against Moneybarn can be made for all of the following types of car finance agreements:

• You can claim against Moneybarn if your car was purchased using a personal contract purchase (PCP)
• You can claim against Moneybarn if your car was purchased using a hire purchase agreement (HP)
• You can claim against Moneybarn for all types of vehicles, including cars, vans, trucks, and motorcycles
• You can claim for both new or second-hand vehicles purchased through finance
• Claims can be made for agreements that are still active, and payments are being made
• Claims can be made for agreements that have ended, and the vehicle has been paid off
• You can claim for multiple vehicles at the same time
• You can claim even if the vehicle was repossessed.

How Much Can I Claim From Moneybarne For Mis-sold Car Finance Agreements?

The exact amount of compensation you could claim for a mis-sold car finance agreement from Moneybarn will depend on several factors, including:

• The size of the loan you took out with Moneybarn – generally, the larger the loan, the more you’ll be owed and able to claim back
• The length of the agreement – you’ll be owed more if you’ve been paying the loan for longer
• The interest rate you paid and the difference between the rate quoted and the rate you could have been offered
• In addition, the Financial Ombudsman Service awards a further 8% interest on the value of the overpayment.

However, in most cases, it is difficult to calculate accurately, as you will not know the interest rate you should have been charged.

From the thousands of client cases we are currently representing, we estimate the average compensation amount from Moneybarn may be around £1,600.

Moneybarn Finance Claim Calculator

Add your Moneybarn finance agreement details to our calculator to estimate the amount of compensation you may be able to reclaim.

Add your vehicle’s value, the agreement’s length, and the interest rate you paid. Then, compare this against a rate that you may have been offered if you weren’t mis-sold.

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Please note that this calculator only provides a rudimentary calculation of how much extra interest has been paid on a Hire Purchase agreement. The calculation will be different for PCP agreements and does not factor in the actual length of the agreement or any compensatory interest which may be awarded.

The calculation is illustrative, and under no circumstances should it be used or relied upon in the pursuit of a claim. If in doubt please take legal advice from a firm with suitable expertise, such as Bott and Co.

What Types Of Mis-selling Can I Claim Against Moneybarn For?

The most common types of mis-selling include:

• Hidden Discretionary Commission Arrangements
• Inflating Interest Rates To Get More Commission
• Not Explaining All Financing Options To The Customer
• Not Disclosing Who Owns The Car At The End Of The Agreement
• Not Carrying Out Affordability Checks

Simple Claim Process

• Add your details to our claim checker
• We will confirm if you were mis-sold
• We will negotiate a settlement with the lender
• You receive the compensation you are due.

How Far Back Can I Make Against Moneybarn?

You have up to six years from the date of the agreement or three years from when you became aware that you had cause to raise a complaint.

How Do I Start A Car Finance Claim Against Moneybarn?

There are a number of options available to you to make a mis-sold car finance claim against Moneybarn. You can approach the lender directly and request a refund or go to the Financial Ombudsman Service (FOS).

Alternatively, you can use Bott and Co. Our mis-sold car finance claims are offered on a no win no fee basis, meaning you are at no financial risk to making a claim.

Reclaim Car Finance From Moneybarn With Bott and Co Solicitors

As the UK’s leading solicitors in mis-sold car finance claims, we have won several significant cases, including the pivotal test case of Mrs Young vs Black Horse, which has opened the doors to thousands of people reclaiming compensation for mis-sold car finance agreements.

We have spent millions in litigation, representing the rights of car finance consumers, and have won numerous test cases that have set a precedent for everyone who may have been mis-sold to have the right to claim, whether Bott and Co. represent them or not.