MotoNovo Finance Refunds: Compensation for Overcharging & Discretionary Commission

MotoNovo Finance is under review for its business practices. This issue arose from allegations of misselling, leading to consumers claiming refunds and compensation due to misselling. This came after unexpected fees left consumers feeling deceived.

Here, you will learn about recovering car finance compensation and filing PCP claims if you suspect unfair selling, including eligibility criteria, calculating compensation amounts, and the payment process. 

If you feel MotoNovo has overcharged you, read on to know more about MotoNovo finance refund. Find out essential information, including the steps and protections that might help you secure what you deserve. 

What Happened?

Did MotoNovo use discretionary commission? The Court of Appeal said yes. Last year, the court ruled against MotoNovo Finance in two cases regarding misselling. 

The issue stemmed from complaints that the firm has been charging consumers extra for undisclosed commissions paid toward dealers. Those who acquired their vehicle using MotoNovo FInance should revisit their contracts. 

So, is MotoNovo Finance refunding? The answer is yes. Remember, when a company makes an error or acts unjustly, it creates an opportunity for you to file a claim and recover your funds. 

There are several types of compensation available. For example, you might receive a direct payment to cover any financial loss you have incurred. 

In other cases, the solution is not just about cash but also non-monetary remedies. Such cases may include fixing inaccuracies on your credit report or reinstating a lost no-claims discount. 

In addition, the broader effects of the mistake or malpractice are also considered, meaning you might be compensated for the inconvenience or stress it has caused. 

Financial mistakes can have a long-lasting effect on people. Take note that the process for making a claim is clearly defined so that you know which errors qualify and what documents you need to provide. 

The procedure relies on solid evidence that an error occurred and hurt you, with every detail playing a role in proving your eligibility. 

How Compensation for Missold MotoNovo Finance Agreement Is Calculated

Calculating your compensation for your MotoNovo car finance claim depends on several factors. The amount you receive is set by issues such as excess interest, concealed commission fees, and contract conditions that many see as unfair.

So, the Financial Ombudsman Service (FOS) asks questions like “Did MotoNovo overcharge?” and how much did you overpay because of these extra fees.

Sometimes, a specific formula is used to determine the proper amount when the ombudsman does not have all the details that the business folds.

For example, if you have been given unsuitable investment advice, the business may need to compare the actual value of your investment with a better option that was available at that time. 

The ombudsman lays out these calculation methods clearly so that you can follow every step.

The ombudsman sets out these calculation methods for you to follow.

In this process, interest is crucial. Some of your refunded money may earn interest at 8% on the amount refunded, based on the days your money was not available and subject to tax deductions.

This may be included in your refund, added to compensation for lost funds, or even provided after the financial award if it takes a long time to resolve your complaint.

If you are deciding on compensation, we also consider the overall impact because it has affected everyday life. This requires a degree of distress or inconvenience greater than the everyday frustrations of daily living - the impact must be greater than most people would normally experience.

MotoNovo Finance Refund Timelines

Consumers are given a fixed period to submit their complaints. Typically, you have six years from the date of the incident to file a claim. If you discover the issue later on, a three-year period from that point applies. 

In some special situations, such as when prolonged illness occurs, claims may be considered even after these deadlines if the evidence supports your case. 

On the business side, companies must meet strict response deadlines. In matters involving payment services and electronic money, they are required to reply within 15 days. Most complaints typically receive responses within eight weeks, although temporary rules may apply for some finance cases.

The issuance of the final response is a crucial milestone. It must inform you of your right to escalate the matter to the ombudsman within six months. In certain car finance situations, this period may extend up to 15 months after you receive the finance response.

The six-month timeframe starts from the day the final response is given, based on calendar months.

Companies have the option to settle a complaint proactively. They can offer a settlement within fourteen calendar days after the investigation begins. This helps ensure a prompt resolution.

What Customers Can Expect from MotoNovo Refund Payouts

To give you an example, you may notice that refund amounts vary greatly. In the landmark case involving Marcus Johnson versus MotoNovo Finance, the complainant received a payout of £3,200. 

Meanwhile, experts like Martin Lewis speculate that drivers may receive at least £1,140. These numbers offer you a glimpse into what might be possible. 

Next Steps for Affected Customers

If you believe you were mis-sold car finance by MotoNovo, gather your paperwork together first.

You must collect contracts, statements and correspondence to support your claim. Afterwards, contact MotoNovo or your financial professional.

You might be wondering: How can professional help assist you? Some lawyers and claims management companies can assist you and refer you to legal experts if needed.This way, you gain access to the specialised knowledge needed as you move forward with your case.

What you need to remember is that accepting an ombudsman’s award might limit your opportunity to seek further compensation through the courts. Court actions come with strict time limits that continue even while your case is under review.

The Takeaway

Every step of filing a car finance claim is important. The process protects your rights while providing clear guidelines for filing a complaint.

Getting started and getting advice when needed increases your chances of resolving your issue quickly.