Motonovo reclaiming

Iamnotanumber

Hi

I've just seen the information about the car finance 'mis-selling' for want of a better description.

I've had finance for about 5 years together (5 year term originally but then re-financed) and managed to pay it off early (2 years in, 3 remaining) with my redundancy money.

I don't know if I was mis-sold and the monthly repayments weren't too high. I was wondering if Motonovo is one of the companies that were doing this and if I can/should claim.

Can someone advise?

Thanks

Nasqueron

There is no claim

You complain if you have evidence they have you a higher APR purely to get more commission - so what evidence do you have of this? 

dunstonh

Re FCA PS24/1

The FCA have announced a pause, for a 37 week period (approximately 9 months) between 11 January and 25 September 2024, the requirement on firms to provide a final response to a complaint about motor finance agreements with discretionary commission arrangements (DCAs) within 8 weeks of receiving the complaint - This will mean, unless the firm decides to respond to a complaint, consumers will not be able to refer their complaint to the Financial Ombudsman during the pause. Once the pause ends, the 8-week time limit will be reinstated and, unless the FCA take further action, consumers will be able to refer complaints to the Financial Ombudsman again.

The pause to the 8 week rule will apply to complaints received by firms on or after 17 November 2023 (as these complaints would be less than 8 weeks old when the rules took effect) and on or before 25 September 2024. For complaints received during the period the pause is in place the 8 weeks will start to run from 26 September 2024.

 The FCA are also undertaking work in the motor finance sector with a skilled person to determine the best way forward.