Car finance claims as seen on
Up to £30 Billion estimated to be paid out to UK drivers
Have you had a car on finance between 2007 - 2024?
Don’t Miss Out – Claim Up to…
£3,295.02*!
Up to 9 out of 10 car finance agreements were mis-sold. Check if you were charged secret commissions.
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Have you had any of the following vehicles on finance since 2007?
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Frequently Asked Questions
Why might I have a claim?
If you purchased a vehicle on finance during, or after 2007 then it is likely that the car finance was mis-sold to you due to the car dealership failing to disclose commission they were paid by the lender for setting up your car finance.
Unbeknown to consumers, some lenders allowed car dealerships to increase the interest rate paid by consumers for their car finance, to increase the commission they earned.
It is estimated that Lenders made over £8.1billion in commission payments to car dealerships from between 2007 and 2020.*
*See: https://www.fca.org.uk/publication/consultation/cp24-15.pdf Annex 2 S.3 Page 18.
How long will my claim take?
Where it is identified that your Claim is about a Fixed Fee Commission your Lender is currently expected to provide a response within 8 weeks, but it is taking some Lenders longer than this due to the high volume of Claims they are receiving in this area.
Additionally, on 25 October 2024, the Court of Appeal handed down a ruling relating to Fixed Fee Commissions, which may impact how Claims about this type of commission model are progressed. If your Claim is about a Discretionary Commission Arrangement, your Lender does not currently have to respond to this until after 04 December 2025, due to the Financial Conduct Authority’s ongoing review into detriment caused to consumers by this type of commission model.
The Financial Conduct Authority has indicated that they may have completed their review as early as May 2025 and if so, would seek to end the proposed pause early.
How much could my claim be worth?
The amount of compensation you may be entitled to is dependent on several factors, including the amount of finance your lender provided, the date the finance was taken out, the duration of the agreement, the interest rate you paid and the value of the commission payment your Lender made to the car dealership.
The Financial Conduct Authority, confirmed in their publication Our work on motor finance – final finding – March 2019 that on a typical motor finance agreement of £10,000, a Discretionary Commission Arrangement typically resulted in consumers being overcharged £1,100 over a four-year agreement.*
*See: https://www.fca.org.uk/publication/multi-firm-reviews/our-work-on-motor-finance-final-findings.pdf s. 2.15, Pg9.
Do I need to use a law firm, or claims management company to make my claim?
You do not have to use a law firm, or claims management company to make your claim. You can claim directly yourself for free to your lender, and then the Financial Ombudsman.
Although you can make your claim directly, you may find it preferrable to use a professional representative, like us, to help you manage the claims process due to our expertise in this area, or simply because you do not have the time
What are your fees?
If we are successful in obtaining an offer or payment of Compensation, then you pay us a Success Fee which is calculated based on the amount of Compensation your lender offers per credit agreement. The table below details the Success Fee percentage applicable to different bands of Compensation, and the maximum total Success Fee for each compensation band.
| Compensation | Success Fee Percentage | Maximum Fee Charge |
|---|---|---|
| £1 – £1,499 | 30% | £420 |
| £1,500 – £9,999 | 28% | £2,500 |
| £10,000 – £24,999 | 25% | £5,000 |
| £25,000 – £49,999 | 20% | £7,500 |
| £50,000, or more | 15% | £10,000 |
The percentages and amounts in the table above are exclusive of VAT, which is is charged at the prevailing rate.
If you have an outstanding balance with your Lender they may use all, or part of, your compensation to pay this outstanding balance meaning that you may not receive any cash “in hand”. In this event, our Success Fee will still be calculated against the full compensation amount.
Example 1: If your Lender makes an offer of £1,000 compensation and you have no outstanding balance with the Lender, your Lender will pay us £1,000. Of this, £360 will be deducted to pay our Success Fee and VAT, and £640 will be paid to you.
Example 2: If your Lender makes an offer of £1,000 compensation and you have an outstanding balance of £800 with the Lender, your Lender may use the compensation offered to pay the outstanding balance meaning they will only pay us £200. We would use this £200 toward our Success Fee and VAT, which would leave a balance of £160 payable by you.
I was referred to you via a third-party, how are they paid?
If you have been introduced to us via a third-party, we will pay them a fee for this introduction. This fee is usually a percentage of our Success Fee for any successful claim. This fee is paid directly from us to the third-party at no cost to you.
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All rights reserved. My Money Back is a trading style of The Claims Guys Legal.
The Claims Guys Legal Limited is authorised and regulated by the Solicitors Regulation Authority (SRA Number: 642517).
*Estimate based on 3 car finance agreements with lenders between 2007 – 2021. Value of up to £1,100 overcharge per finance agreement is taken from the FCA’s Motor Finance – Final Findings
*Free Online Agreement Check refers only to the live soft-credit check completed online to identify your car finance agreements. If you instruct us to proceed with a claim(s) on your behalf our Success Fee will apply
