We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Motonovo Finance - Overcharged Interest During Covid Payment Break

hancoxrg Posts: 24 Forumite

10 April at 10:10AM in Coronavirus support and help

All, I had a letter a few weeks ago form Motonovo informing me that they had overcharged me interest during a covid payment break. I queried the amount as it was the refund plus 1% (bank of england base rate at the time) I informed them it should be the amount + 8% statutory interest.

Today I have received an outcome and they have informed me it was a mistake and it should be the refund plus 8%.

If you have had a letter like this, dont accept the original amount, they owe you more.

★ ★ ★ Meet your Ambassadors

MSE News

Martin Lewis: Do you have a legal right to return goods bought instore? Most get this WRONG!
You DON'T have a legal right to return goods bought in store if you change your mind, warns Martin Lewis in the lead-up to Christmas. The MoneySavingExpert.com founder explains your consumer rights in the latest episode of ITV's The Martin Lewis Money Show Live.
Scottish Budget 2024: Income Tax and benefits changes confirmed – here's what they mean for you
Scottish Finance Secretary Shona Robison has announced changes to Income Tax thresholds, benefits and Stamp Duty in the Scottish Budget. We've rounded up the key changes and what they mean for you.
How to bag a cheap, sustainable Christmas jumper... from only £3
Jumpers are for life, not just for Christmas, but most of us only wear our most garish festive get-up for one or two days a year, then feel pressure to buy a new one the following year. That's neither MoneySaving nor good for the planet, so what can we do about it? I have a few ideas...
Co-op member? You've got less than a month left to use your rewards balance – or lose it
If you're a Co-op loyalty scheme member, check now if you have any cash left on your rewards balance, as any unused amounts will expire on Tuesday 31 December.
TV licence fee to rise by £5 a year to £174.50 from April 2025 – here's what you need to know
The annual cost of a standard colour TV licence will rise to £174.50 from 1 April 2025 – an increase of £5 on the current price of £169.50 a year – the Government has announced.
Tuition fees and maintenance loans to rise in Wales – here's what it means for you
Universities in Wales will be able to charge full-time undergraduate students up to £9,535 a year from 2025/26, the Welsh Government has announced today (Wednesday 4 December). Student living support – also known as maintenance loans and grants – will also rise by 1.6%. Here's what you need to know.
Nationwide hikes FlexPlus packaged account fee by £60 a year – should you ditch and switch?
Nationwide has raised the fee on its popular FlexPlus packaged bank account from £13 to £18 a month – a £60 a year increase. So now's a good time to check if you're still getting value from the perks or whether you should ditch and switch.
'I got a £430 refund for my son's faulty PlayStation after following Martin Lewis' tips' – here's how to enforce your consumer rights
A MoneySaver who'd initially been fobbed off by Argos after her son's PlayStation 5 broke has now secured a partial refund worth £430 after following tips in a social media post from Martin Lewis. The MoneySavingExpert.com (MSE) founder had highlighted that your legal rights when goods are faulty are with the shop you purchased from, NOT the manufacturer.
TV licence fee to rise by £5 a year to £174.50 from April 2025 – how to delay the hike
The annual cost of a standard colour TV licence will rise to £174.50 from 1 April 2025 – an increase of £5 on the current price of £169.50 a year – the Government has announced.

View All

Motonovo Finance - Overcharged Interest During Covid Payment Break

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free