Who can I contact if I suspect I was mis-sold car finance?

Understanding Mis-Sold Car Finance

Car finance has become a popular option for people looking to purchase a vehicle without the large upfront cost. However, there have been instances of mis-selling where customers are either not provided with all the necessary information or misled about the terms of their finance agreements. If you suspect that you have been mis-sold car finance in the UK, there are several steps and contacts available to aid in seeking resolution.

Identifying Mis-Sold Car Finance

Mis-sold car finance can occur in several ways. You might not have been informed of the different types of car finance options available, such as personal contract purchase (PCP) and hire purchase (HP). Additionally, the salesperson might have failed to disclose the full costs involved, including interest rates and fees, or provided misleading information about the mileage limits and penalties.

Contact Your Finance Provider

The first step if you suspect mis-selling is to contact your car finance provider. Raise your concerns with their customer service department and give them a chance to address the issue. Clearly explain why you believe the finance was mis-sold and provide any evidence supporting your claim. This could include documentation of the agreement and any correspondence with the dealership or finance broker.

Complaints to the Financial Ombudsman Service

If you don’t receive a satisfactory response from your finance provider, you can escalate the matter to the Financial Ombudsman Service (FOS). The FOS is an independent entity that resolves disputes between consumers and financial businesses. You can file a complaint online, via telephone, or by writing to them, and they will investigate your case thoroughly and impartially. It’s important to note that you must allow your finance provider up to eight weeks to respond before contacting the FOS.

Seek Legal Advice

For more complicated cases, or if you are unsure about the strength of your claim, you might consider seeking legal advice. Solicitors experienced in consumer credit law can provide guidance on your situation and help you understand your rights. While hiring a solicitor involves costs, it can be beneficial if your claim involves significant financial implications.

Contact Trading Standards

Another option is to contact your local Trading Standards office. They provide advice and can take action against businesses that fail to comply with consumer protection legislation. Trading Standards can also offer further guidance and support regarding your specific situation.

Using Online Resources

There are numerous online resources available where you can find guidance and support if you feel you have been mis-sold car finance. Websites like Which? and the Money Advice Service offer comprehensive advice on finance-related issues, including mis-selling.

Conclusion

Being informed about your rights and the resources available to you is crucial if you believe you have been mis-sold car finance. By approaching the right entities and being prepared with the necessary information, you can effectively address and potentially resolve the issue.