Car Finance Claim

KPE95
KPE95 Posts: 2 Newbie
I have seen a few adverts lately about Car Finance Claims and getting money back to the customer.
Firstly how legit are these?
Secondly how would it affect an IVA if I were to get any money back, would I just simply share the sum via the rules imposed on my IVA such as 50% of the total? 

It's a closed financial account which was settled a few years ago.

Thanks in advance for any advice and help.

Comments

  • DullGreyGuy
    DullGreyGuy Posts: 9,014
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    You'll also see lots of ads about miss-sold IVAs!

    It's like any of these things... you will sign up to a conditional funding agreement that binds you to continue supporting their attempts for as long as they want. If you decide you've had enough and want to cancel the claim you'll be liable to pay for all their work to date which will typically be a few grand if not more. 

    Most of these things are purely speculative with the claims firms making money from the insurance they buy and those that cancel the arrangement. Almost no one will see any compensation from most of these things and in principle in the case of a win the fee could consume all of the compensation. 

    You should read your IVA and see if it has a windfall clause, if it does then that tells you want happens to anything you do receive. You'd need to tell your Insolvency Practitioner either way 
  • sourcrates
    sourcrates Posts: 28,504
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    Answered quite succinctly above.
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