Your agreement may be eligible for compensation under the redress scheme if it meets the following criteria.
- You had a regulated motor finance agreement which was entered into between 6 April 2007 and 1November 2024 (inclusive).
- Your agreement involved at least one relevant arrangement, such as
- a discretionary commission arrangement (DCA)
- a high commission arrangement, or
- a tied arrangement.
- You have not already had a complaint about the subject matter of the redress scheme considered by the Financial Ombudsman Service (FOS). If you have an open complaint with the FOS, the complaint will be dealt with by the FOS and not under the scheme (unless you are told otherwise).
- You have not already had a claim about the subject matter of the redress scheme determined by a court.
- You have not already received compensation:
- under the redress scheme, or
- through a full and final settlement of any claims relating to your motor finance agreement.
- Your agreement was not cancelled under a statutory or contractual right of withdrawal.
- Your agreement was not cancelled within an initial notice or cooling off period.
Unless your agreement meets all the above conditions, it will not be eligible for review under this redress scheme. You can still make a complaint about your motor finance agreement by contacting our Commissions Complaints team at [email protected].
Your agreement may meet all the above conditions and therefore will be assessed under the scheme. However, you may not be eligible for compensation if the relationship caused no financial loss, for example, you paid no interest on your loan.