Mis-sold Car Finance

nikon-user

Dear Forum Members

I bought my car on finance in 2019 with the financial arrangement made through MotoNovo.

Back in June this year I made a formal complaint to MotoNovo & it has been upheld, I was mis-sold on a vehicle I paid £20,000 for.

This is acceptable, however I am receiving regulsr updates from MotoNovo & the last update stated that the FCA has extended the process until December 2025. This is not so acceptable as this means I will not be seeing a refund until the middle of 2026.

We all know that if it us owing a business any money it is vigourously chased with threats of legal action if not paid within x amount of time.

So my question is this: As I am owed a refund and that MotoNovo has agreed that I owed a refund, is there any way I can force the refund to be paid to me now?

With thanks

born_again

Mis sold in what way?

Sadly not, if it is in relation to DCA.
As they are working on what FCA said at the time, which has been contested. So come the end of this court saga. It is possible that no one will get a pay out.

dunstonh

Mis-sold Car Finance

How were you missold?   you don't mention it in your post.

This is acceptable, however I am receiving regulsr updates from MotoNovo & the last update stated that the FCA has extended the process until December 2025. This is not so acceptable as this means I will not be seeing a refund until the middle of 2026.

DCA is not a missale issue.  Its a matter of legal opinion that is being appealed and some consider to be unintended consequences.  For the vast majority of people who could get redress, it will be a lucky payout and nothing to do with being missold.

Anyway, with the appeals process, it is expected to be pushed closer or into 2027.    There is also the possibility the Treasury may look changes in the law (the Treasury became involved recently whereas normally they wouldn't). 

We all know that if it us owing a business any money it is vigourously chased with threats of legal action if not paid within x amount of time.

And that legal action takes time.  And that is what is happening.

So my question is this: As I am owed a refund and that MotoNovo has agreed that I owed a refund, is there any way I can force the refund to be paid to me now?

No.  The regulated complaints process is now on hold until the FCA publish their report and any court cases will not be stayed pending the outcome on the appeals.