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Specialist Motor Finance affordability refund
The Financial Ombudsman has ruled in favour of my case that SMF gave me unaffordable finance. They have ordered SMF to repay anything I paid over the cash price of the car (£10,414). Now I handed the car back meaning I only paid £9434, SMF have emailed stating they don't have to pay anything due to me not paying anything over the £10,414. It was my understanding that SMF should repay the interest on the £9434 worth of payments I have made is this correct?
Any help would be appreciated (I have emailed the Ombudsman)
Any help would be appreciated (I have emailed the Ombudsman)
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Comments
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What did you pay in interest?
Add this figure to £9434 - if it is greater than £10414 you would be owed a refund (this is my understanding of it).
If not they have a case.0
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