Moneybarn Car Finance Refund
Are you currently experiencing financial difficulty because of a car finance loan you took from Moneybarn? Don’t hesitate to call us, as you may be entitled to a compensation claim.
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Moneybarn Car Finance Refund Claims
Moneybarn is a doorstep lender Provident Financial-owned car credit company that provides customers with vehicle finance, whether a car, motorcycle, or van; which enables individuals to buy a car, motorcycle, or van. Those with bad credit or no credit history may find it challenging to get approved for a car loan. Luckily, Moneybarn claims to be an expert in supporting customers for finance for those with less than perfect credit.
Car finance makes it possible to fund a vehicle or a car over a specific period and spread the cost. Buying a vehicle with car financing is like taking out a loan, in that you borrow the money and pay it back over time.
Car Finance is usually spread over a 24 (2 years)- 60-month (5 years) period; the more extended amount of time to repay the finance means lower monthly repayments, but it also means you’ll be paying more APR. You will pay an annual percentage rate as a fee or cost to borrow money over a year.
Almost every credit provider allows a 24-60 month repayment period for car finance. The longer time you choose to pay, the lower the monthly repayment will be, but a higher annual percentage rate fee. APR means that you have to pay
And in Moneybarn, the APR is only 31.9%. This means if you borrow an amount of £12,000 exceeding 55 months, with £393.20 as your monthly payment, this will result in a total repayment of £21,232.80.
In the Wrong Lane
Moneybarn gained attention in February 2020 when the Financial Conduct Authority found that the finance company had not treated customers fairly when they fell behind on repayments and fined the company £33 million as a result.
FCA handed out car finance refunds to over 6,000 customers after finding the lender had not adequately explained the risks of defaulting before signing up for a finance agreement.
Moreover, the exact amount each customer received is unknown, but it is estimated that each individual received around £5,000 in compensation. We can help you claim compensation if your Moneybarn mis sold loans have adversely affected your life.
Moneybarn offers the following car finance types :
Conditional Sale
Hire Purchase
Personal Contract Purchase
Personal Loan
Lease Loan
To qualify, you must earn at least £1000 after taxes. Must be a UK resident over the age of 18.
Moneybarn Location: Moneybarn is the trading style of Moneybarn No. 1 Limited. Registered Office: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Why could I receive compensation from Moneybarn for my Car Finance?
Sometimes, a consumer struggles to realise whether he has become a victim of irresponsible lending. Thus, here are some situations you can consider to know whether you are in one. And if any of these scenarios below apply to you, it can be possible to claim your compensation from Money Barn :
You were misled about the finance deal. You were told it was the best deal. Excessive charges. You were offered an unnecessary add-on. You couldn’t the monthly payments. The dealer or finance company did not specify who owns the vehicle. The interest charges were unclear. You weren’t given a choice. It’s unclear who is financially responsible for vehicle repairs.
Contact Reclaimsonline, a Claims Management Company, for assistance in claiming or contact us to begin your claim.
A payday loan may be something you’ve had to deal with in the past. There’s a chance you’ll get a refund from Morses Club. We’re ready to assist you if you are a victim of irresponsible lending. Let Moneybarn know you’re concerned about their handling of your Car Financing