The Financial Ombudsman Service (FOS) is a free, independent body that can settle disputes between you and a financial provider in the UK, including car finance companies.
If you believe your car finance agreement was mis-sold, and you've been unable to reach a satisfactory resolution by complaining directly to the car finance company, the FOS can help. They will review your complaint and make a binding decision on whether you've been treated unfairly.
Here's how the FOS can help with mis-sold car finance claims:
It's important to note:
Resources:
If you believe your car finance agreement was mis-sold, and you've been unable to reach a satisfactory resolution by complaining directly to the car finance company, the FOS can help. They will review your complaint and make a binding decision on whether you've been treated unfairly.
Here's how the FOS can help with mis-sold car finance claims:
- Investigates your complaint: The FOS will gather information from both you and the car finance company to understand the situation. This might involve reviewing your credit agreement, any pre-contractual information, and any communication you had with the lender.
- Assesses if mis-selling occurred: The FOS will consider whether the car finance was unsuitable for your needs or if you were misled during the application process.
- Aims for a fair outcome: The FOS will try to reach a fair resolution for both parties. This could involve the car finance company offering compensation, such as a refund of some of the interest you paid, or even cancelling the agreement altogether.
It's important to note:
- There are time limits for submitting a complaint to the FOS. You usually have six months from the date you received the final response from the car finance company.
- Using the FOS is free, although you may want to seek legal advice before proceeding with your claim.
Resources:
- You can find more information about the FOS and how to make a complaint on their website: https://www.financial-ombudsman.org.uk/
- The Financial Conduct Authority (FCA) also has information on car finance mis-selling on their website: https://www.fca.org.uk/consumers/car-finance-complaints
