Minimising Financial Strain During a Car Finance Mis-selling Claim
If you believe you've been a victim of car finance mis-selling, reclaiming compensation can be a great way to ease financial pressure. However, the claims process can take time. Here are some steps you can take to minimise financial strain while your claim is being handled:
1. Budget and Prioritise:
- Create a realistic budget that outlines your essential expenses (rent/mortgage, utilities, groceries).
- Prioritise these essential payments to ensure you can maintain your standard of living.
2. Communicate with Your Lender:
- Inform your car finance lender that you've submitted a mis-selling claim.
- Explain your situation and inquire about any potential adjustments to your repayment plan during the claim process.
- Some lenders may offer temporary payment holidays or reduced instalments while they assess your claim.
3. Explore Debt Management Options:
- Consider contacting a reputable debt management charity for free, confidential advice.
- They can help you manage your existing debts and explore options like debt consolidation to potentially lower your monthly repayments.
4. Seek Government Support:
- Depending on your circumstances, you might be eligible for government benefits that can provide breathing room during financial hardship.
- Explore resources like Universal Credit or Council Tax Reduction for potential assistance.
5. Consider Alternative Transport:
- If possible, explore alternative transportation options like public transport, cycling, or carpooling to reduce your reliance on the financed car.
- This can help you save on fuel costs and potentially free up some budget for other essential expenses.
6. Keep Records and Receipts:
- Maintain a record of all communication with your car finance company, claims management company (if applicable), and any debt management charities you contact.
- Keep receipts for any car-related expenses to potentially claim them back if your mis-selling claim is successful.
Remember:
- Mis-selling claims can take several months to resolve.
- By taking proactive steps to manage your finances and explore support options, you can minimise the financial strain during the process.
Additional Resources:
- Citizens Advice: https://www.citizensadvice.org.uk/ (Free debt management advice)
- National Debtline: https://nationaldebtline.org/ (Free debt advice)
- Money Saving Expert: https://www.moneysavingexpert.com/ (General financial guidance)
Disclaimer: Reclaimingcarfinance.co.uk cannot guarantee the success of any mis-selling claim. This information is intended as a general guide and does not constitute legal advice.
