If your agreement had a 0% interest rate, it would not be eligible for compensation under the redress scheme. The Financial Conduct Authority (FCA) considers that customers paying no interest would not have been disadvantaged by undisclosed commission arrangements.
The Scheme only applies where there was an arrangement under which commission was payable to a credit broker in connection with the motor finance agreement. The purpose of the Scheme is to address cases where an unfair relationship may have arisen due to inadequate disclosure of commission arrangements. As no commission was payable in relation […]
If your complaint was already referred to the FOS before the redress scheme began and the investigation has already concluded, it will not be eligible for the redress scheme. This is the case whether you received compensation as a result of your complaint or not. This is because the FOS will have carried out its […]
The initial cancellation, or cooling-off period, is the 14-day period after you sign a regulated car finance agreement, or receive a copy of it, during which you have a legal right under the Consumer Credit Act to cancel the agreement without giving a reason or incurring additional charges. Where an agreement is cancelled or withdrawn […]
My case is not a scheme case because a court or tribunal has already made a decision about my claim?
The Scheme does not apply where a court or tribunal has already considered and decided the merits of such a claim. This is because the complaint has effectively been resolved and the position is consistent with the FCA’s objective of providing certainty and finality to firms and consumers. As a court or tribunal has already […]
This means that your agreement does not meet the scheme criteria for one of the following reasons:
The information provided will depend on the reason why no redress is due to you. If your agreement is not covered by the Scheme, the letter will: If your agreement is determined to have had a 0% APR, the letter will: If you do not respond to our first communication within 31 days, we will […]
If you’ve submitted more than one complaint and we have not yet contacted you about some of them, please be assured that we will be in touch as soon as possible. There are ongoing legal challenges to the FCA’s motor finance redress scheme, which may affect how quickly we can review and resolve certain complaints. […]
If you have raised a complaint and are not owed compensation under the scheme, we will write to you by: If you complain after these dates, and are not owed compensation, we will write to you within five months of receiving your complaint.