Moneybarn is a UK-based finance company that provides car loans to customers with poor credit history. However, in 2020 the company was fined £2.77 million by the Financial Conduct Authority (FCA) for breaching consumer credit rules. As a result, Moneybarn has been ordered to refund customers who were sold unaffordable loans. If you have taken out a loan with Moneybarn, read on to understand your eligibility for a refund and how to claim it.
Moneybarn Refund: Understanding Your Eligibility
If you have taken out a loan with Moneybarn between April 1, 2014, and October 4, 2017, and experienced financial difficulties as a result, you may be eligible for a refund. The FCA found that Moneybarn did not carry out proper affordability checks before lending money to customers, which resulted in customers taking out loans that they couldn’t afford to repay. If you believe you were affected, you can contact Moneybarn to find out if you are eligible for a refund.
It’s worth noting that not all customers who took out a loan with Moneybarn during the specified period will be eligible for a refund. If you were able to repay your loan without experiencing financial difficulties, you may not be eligible. However, if you were unable to make repayments or incurred additional charges as a result of being in financial difficulty, you may be entitled to some compensation.
How to Claim Your Moneybarn Refund: Step-by-Step Guide
If you believe you are eligible for a Moneybarn refund, you can claim it by following these steps:
Contact Moneybarn: You can contact Moneybarn directly to find out if you are eligible for a refund. You can do this by calling their customer service team, sending an email or letter, or completing an online form.
Provide evidence: You will need to provide evidence of your financial difficulties, such as bank statements or proof of income. Moneybarn will use this information to assess your claim.
Wait for a response: Moneybarn will review your claim and contact you with their decision. If your claim is successful, they will provide you with a refund.
It’s important to note that if you are not satisfied with Moneybarn’s decision, you can contact the Financial Ombudsman Service (FOS) to escalate your complaint. The FOS can investigate your case and make a decision on whether Moneybarn should provide further compensation.
If you were sold an unaffordable loan by Moneybarn, you may be entitled to a refund. To find out if you are eligible and how to claim your refund, follow the steps outlined above. If you need further assistance or are not satisfied with Moneybarn’s decision, you can contact the FOS for additional support.