Yes. Compensation won’t be paid under the redress scheme if:
- The commission paid to the broker was (a) £120 or less, for agreements entered into before 1 April 2014 or (b) £150 or less, for agreements entered into on or after 1 April 2014
- The agreement had a 0% APR.
- The interest rate was the lowest in the range of interest rates that could have been chosen under the discretionary commission arrangement.
- The amount you borrowed was a very high amount (higher than 99.5% of all other motor finance loans that were financed by your lender that year).
- The agreement was entered into between 6 April 2007 and 5 April 2008 and the amount borrowed exceeded £25,000.
- Your agreement falls under a certain exception within the scheme. This would be if there were clear visible links between the dealer and the lender, for example the dealer’s advertising and branding made it obvious that they had a tied agreement with a lender.
Please also see the question above “Who is eligible for the redress scheme?”, which outlines further situations in which you will not be eligible for compensation under the redress scheme.