Introduction
MotoNovo Finance has helped many UK consumers finance their vehicles, but not all agreements were fair. If you suspect that your car finance was mis-sold by MotoNovo, this article will guide you on how to identify mis-selling, file a claim, and seek compensation.
Common Issues with MotoNovo Finance Agreements
Mis-selling practices tied to MotoNovo Finance include:
Hidden Commissions:
Dealers receiving undisclosed commissions, affecting the overall cost of finance.
Lack of Proper Disclosure:
Important details like interest rates and final payment terms were sometimes withheld.
Inappropriate Financial Products:
Agreements were offered without a full assessment of the customer’s financial suitability.
How to Identify Mis-sold Finance with MotoNovo
Signs of mis-selling include:
- Not being informed about dealer commissions.
- Confusing or unexplained terms within your agreement.
- Being encouraged to accept finance that wasn’t suitable for your circumstances.
Review your paperwork and any communication you had with the dealer or MotoNovo.
Steps to File a Claim Against MotoNovo Finance
If you believe you’ve been mis-sold finance, follow these steps:
Gather Documentation:
Collect your finance agreement, payment records, and correspondence.
Contact MotoNovo Finance:
Submit a formal complaint, detailing your concerns and evidence.
Seek Professional Help:
Consider using a claims management company or legal support.
Approach the Financial Ombudsman:
If MotoNovo doesn’t resolve your claim satisfactorily you can contact the Ombudsman here.
What Compensation Can You Receive?
- Refunds of overpaid interest or hidden charges.
- Adjustments to outstanding loan balances.
- Financial compensation for losses due to mis-selling.
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Frequently Asked Questions
MotoNovo Finance is a UK-based car finance company offering hire purchase and PCP agreements.
You might have been mis-sold if key terms were unclear, commissions were hidden, or you were pushed into an unsuitable deal.
You will need your finance agreement, proof of payments, and any correspondence with the dealer or MotoNovo.
Yes, as long as your agreement falls within the eligible timeframe, you can still file a claim for mis-selling.
The process can take a few months, depending on the complexity of your case and the responsiveness of MotoNovo and the Ombudsman.
