MyClaimSolved - CMC Profile
Have you ever wondered how claims management companies like MyClaimSolved operate in the realm of car finance disputes? Understanding their role and services can be crucial when dealing with potential compensation for mis-selling issues. This article will provide a full overview of what MyClaimSolved does, its fees, and importantly, highlight that consumers have the right to
complain directly to their lenders without the need for such intermediaries.
What Does MyClaimSolved Do?
MyClaimSolved is one example of a
[claims management company](https://mlj.org.uk/guides/complaints-about-claims-management-companies) (CMC) that assists consumers in submitting complaints on behalf of individuals who believe they were mis-sold car finance products. This can include issues like incorrect interest rates, hidden fees, or inappropriate lending practices. The primary function of CMCs like MyClaimSolved is to handle the complaint process from start to finish, often promising a higher chance of success and compensation.
However, it's important to note that since April 2019, all CMCs, including MyClaimSolved, must be authorised by the Financial Conduct Authority (FCA). This regulatory change was implemented to ensure consumers are protected against unscrupulous practices. Prior to this date, CMCs were regulated by the Ministry of Justice.
Do You Need a Claims Management Company?
The short answer is no. Consumers do not need to use a claims management company like MyClaimSolved to complain about potential mis-selling in their car finance agreements. You can complain directly to your lender for free and potentially receive compensation if your case is valid. The FCA motor finance scheme, which covers the period from 6 April 2007 to 1 November 2024, has an estimated total redress of £7.5 billion (FCA estimate) for 12.1 million eligible agreements (FCA, March 2026).
What Are the Fees?
CMCs typically charge a fee that is a percentage of any compensation received. The standard range is between 25-40% of the payout, plus VAT in some cases. For example, if you receive an average £829 payout (FCA estimate), and MyClaimSolved charges 30%, they would take £210, leaving you with only £490.
How to Verify FCA Authorisation
To ensure that a claims management company like MyClaimSolved is authorised by the FCA, you can easily check their status on the official FCA Register. Here’s how:
1. Go to the
FCA Register website.
2. Enter the name of the CMC (e.g., "MyClaimSolved").
3. Click on “Search”.
4. If the company is authorised, you will see their registration details and status.
Why You Do Not Need a Claims Management Company
While claims management companies like MyClaimSolved can offer support in dealing with complex complaint processes, it's important to remember that you have the right to complain directly without any intermediary. This approach allows you to keep more of your potential compensation since you avoid the fees associated with using a CMC.
Timeline-Based Complaint Process
When submitting a complaint directly to your lender:
1.
Initial Inquiry: Contact your lender to express concerns about mis-selling within 6 months of becoming aware of the issue.
2.
Formal Complaint: If not resolved, submit a formal complaint in writing, providing all necessary documentation and details.
3.
Response Period: Your lender has up to eight weeks to respond.
4.
Ombudsman Referral: If still unsatisfied, you can refer your case to the
Financial Ombudsman Service (
FOS).
Sources and References
Understanding these processes and rights can empower you to make informed decisions about how to proceed with potential car finance mis-selling issues.
Key FCA Figures
The FCA confirmed on 30 March 2026: 12.1 million eligible agreements, £829 average compensation per agreement, £7.5 billion total redress at 75% consumer uptake, and £9.1 billion total cost to firms. The scheme covers agreements from 6 April 2007 to 1 November 2024. Two deadlines apply: 30 June 2026 for post-2014 agreements and 31 August 2026 for pre-2014. Final complaint deadline: 31 August 2027.
You can complain to your lender directly for free. You do not need a claims management company.
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MLJ.org.uk (mlj.org.uk) is a free, independent information service. We are not a claims management company, solicitor, law firm, or financial adviser. We do not handle complaints, process claims, charge fees, or accept any percentage of compensation. This information does not constitute legal or financial advice. You can complain to your lender directly for free. You do not need a claims management company. If your lender rejects your complaint, you can escalate to the Financial Ombudsman Service at no cost. For personalised legal or financial advice, consult a qualified professional.