Seeking Advice on Motor Finance Compensation Claims

GBadi

I’d appreciate some advice regarding multiple motor finance compensation claims I signed up for through different solicitors under No-Win-No-Fee agreements.

After reviewing the terms, I’ve realised that solicitor fees could take up to 40% + VAT of any compensation I receive. I’m now considering handling the process myself to avoid these deductions.

Has anyone here successfully managed their own claim without a solicitor? If so, what’s the best approach, and are there any pitfalls I should watch out for?

Any guidance or shared experiences would be really helpful.

Thanks in advance!

TadleyBaggie

I think your biggest problem is getting the agreements with (presumeably multiple) solicitors voided. 

Hoenir

Having signed contracts. Simply walking away may not be an option. Not just a question of doing what you want when you want. Probably best to see how matters unfold. As there's not going to be any movement for a while yet in any event. 

dunstonh

I’d appreciate some advice regarding multiple motor finance compensation claims I signed up for through different solicitors under No-Win-No-Fee agreements.

oh dear.  That was a mistake.

Has anyone here successfully managed their own claim without a solicitor? If so, what’s the best approach, and are there any pitfalls I should watch out for?

Nobody has (apart from the very early court cases that triggered this).  However, no claims company has either.
Lets take a step back.

• You can raise a complaint yourself without cost using the regulated complaints process.   Its very easy to do and usually takes a couple of minutes.
• Or you can use a claims company to put the complaint in on your behalf but that too uses the same regulated complaints process that you would use (which is free of charge but you have agreed to pay a CMC x% for doing so).
• Or you wait until the FCA has completed its review and published its report and follow the instructions from there (and current indications are that the FCA will tell finance companies to be proactive and not require complaints).

Until the FCA report is published, all complaints, irrespective of how they are made, are suspended.

You went with the CMC option and did it multiple times.  its a bit like asking five window cleaners to clean your windows.  You pay five times.

You need to look at the cancellation terms of each of the contracts you have signed.    There is possibly going to be cancellation charges.    

If you are lucky, and with the FCA looking likely to be going for a section 404 consumer redress scheme, the FCA may well void any FCA-regulated claims companies from taking any cut of the redress as they would have done no work in exchange for the redress (not that they do anything much anyway).    It would be hard for an FCA regulated claims company to comply with the FCA's Consumer Duty if a section 404 scheme is set up.   However, for law society-regulated claims companies, the FCA has no remit over them.  

DullGreyGuy

GBadi said:

I’d appreciate some advice regarding multiple motor finance compensation claims I signed up for through different solicitors under No-Win-No-Fee agreements.

After reviewing the terms, I’ve realised that solicitor fees could take up to 40% + VAT of any compensation I receive. I’m now considering handling the process myself to avoid these deductions.

Has anyone here successfully managed their own claim without a solicitor? If so, what’s the best approach, and are there any pitfalls I should watch out for?

Any guidance or shared experiences would be really helpful.

Thanks in advance!

Remember to stop now you have to pay them for the work they have already done. 

The current belief, assuming parliament dont intervene, is the FCA will require a redress programme from every lender meaning the lender will contact you and automatically pay any redress due, you won't need to chase them. 

GBadi

TadleyBaggie said:

I think your biggest problem is getting the agreements with (presumeably multiple) solicitors voided. 

Yes, i already did, thanks 

GBadi

Hoenir said:

Having signed contracts. Simply walking away may not be an option. Not just a question of doing what you want when you want. Probably best to see how matters unfold. As there's not going to be any movement for a while yet in any event. 

I canceled the contracts as I had 14 days option to cancel.

GBadi

dunstonh said:

I’d appreciate some advice regarding multiple motor finance compensation claims I signed up for through different solicitors under No-Win-No-Fee agreements.

oh dear.  That was a mistake.

Has anyone here successfully managed their own claim without a solicitor? If so, what’s the best approach, and are there any pitfalls I should watch out for?

Nobody has (apart from the very early court cases that triggered this).  However, no claims company has either.
Lets take a step back.

• You can raise a complaint yourself without cost using the regulated complaints process.   Its very easy to do and usually takes a couple of minutes.
• Or you can use a claims company to put the complaint in on your behalf but that too uses the same regulated complaints process that you would use (which is free of charge but you have agreed to pay a CMC x% for doing so).
• Or you wait until the FCA has completed its review and published its report and follow the instructions from there (and current indications are that the FCA will tell finance companies to be proactive and not require complaints).

Until the FCA report is published, all complaints, irrespective of how they are made, are suspended.

You went with the CMC option and did it multiple times.  its a bit like asking five window cleaners to clean your windows.  You pay five times.

You need to look at the cancellation terms of each of the contracts you have signed.    There is possibly going to be cancellation charges.    

If you are lucky, and with the FCA looking likely to be going for a section 404 consumer redress scheme, the FCA may well void any FCA-regulated claims companies from taking any cut of the redress as they would have done no work in exchange for the redress (not that they do anything much anyway).    It would be hard for an FCA regulated claims company to comply with the FCA's Consumer Duty if a section 404 scheme is set up.   However, for law society-regulated claims companies, the FCA has no remit over them.  

Thank you for your time and comments. I know it was a mistake to sign with two solicitors but glad I managed to I cancel them as I had 14 days option to cancel. Thanks 

GBadi

DullGreyGuy said:

GBadi said:

I’d appreciate some advice regarding multiple motor finance compensation claims I signed up for through different solicitors under No-Win-No-Fee agreements.

After reviewing the terms, I’ve realised that solicitor fees could take up to 40% + VAT of any compensation I receive. I’m now considering handling the process myself to avoid these deductions.

Has anyone here successfully managed their own claim without a solicitor? If so, what’s the best approach, and are there any pitfalls I should watch out for?

Any guidance or shared experiences would be really helpful.

Thanks in advance!

Remember to stop now you have to pay them for the work they have already done. 

The current belief, assuming parliament dont intervene, is the FCA will require a redress programme from every lender meaning the lender will contact you and automatically pay any redress due, you won't need to chase them. 

Thanks, yes already canceled