Moneybarn Car Finance Refund
If you have found yourself in the Wrong Lane and
been affected by your car finance loan from
Moneybarn, we can help you claim the
compensation you deserve.
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Moneybarn is a car credit company, owned by doorstep lender Provident Financial, that offers customers finance for Car, Motorbike and Vans; car finance enables individuals to purchase a car, van or motorbike. Moneybarn state that they are “experts in approving customers for finance” for people who may have otherwise struggled to get approved for a car loan or have a poor credit score. Car Finance enables you to spread the cost of buying a car or vehicle over a chosen time period. Car Finance is similar to a loan, in that you borrow the money to purchase the car and repay it back over time. Car Finance is usually spread over a 24 (2 years)- 60-month (5 years) period; the longer amount of time to repay the finance, means lower monthly repayments but it also means you’ll be paying more APR. APR or Annual Percentage Rate is the cost or fee, you will pay to borrow the money for the year. Moneybarn’s APR is 31.9%. As an example of this APR in action: If you borrowed £12,000 over 55 months, with monthly payments of £393.20, you would repay a total of: £21,232.80.
In February 2020, Moneybarn was in the headlines after being fined £33 million as a result of the Financial Conduct Authority found Money had not treated customers fairly when they fell behind on repayments. Over 6,000 customers were given car finance refunds after the FCA found that the “lender didn’t sufficiently communicate what would happen if they defaulted on payments before taking out an agreement”. The exact figure that each customer received is unknown, but an equal share of the pay-out is around £5,000 for each individual. If you have been affected by your car finance loan from Moneybarn, we can help you claim the compensation you deserve.
What type of Car Finance do Moneybarn offer? – Conditional Sale – Hire Purchase – Personal Contract Purcase – Personal Loan – Lease Loan Example Loan: Borrowed £12,000 over 55 months. Representative 31.9%. Monthly payments of £393.20. Total to repay: £21,232.80. Eligibility Requirements: Minimum income of £1,000 after tax. For UK residents aged 18 and over. Moneybarn is registered at the following address: Moneybarn is the trading style of Moneybarn No. 1 Limited. Registered Office: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
It sometimes can be hard to understand whether you have been a victim of irresponsible lending. Here are some examples of circumstances where you might have been mis-sold a car finance package:
If any of the above statements apply to your experience with Moneybarn, you could be eligible to claim compensation. Start your claim or get in touch with the experienced Retail Experts team who will guide you through the process. Perhaps you have had a payday loan too? You may be able to claim a refund from Morses Club? We are here to help. Start your claim for irresponsible lending for your Car Finance from Moneybarn Today!
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