What is the Financial Ombudsman Service (FOS) and how can it help with mis-sold car finance claims?
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:
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.