An estimated 250142 residents in the North East of England may be affected by issues with car finance agreements provided by Bank of Ireland Finance. Given that the North East has a population of approximately 2,647,000 (ONS Census 2021), this issue potentially impacts a significant portion of the local community.
Bank of Ireland Finance Car Finance Agreements in North East
Between 6 April 2007 and 1 November 2024, an estimated 12.1 million eligible agreements were affected by poor practices such as excessive commissions (FCA estimate). In the North East specifically, many residents may have taken out car finance to purchase vehicles ranging from small hatchbacks to larger family cars. Bank of Ireland Finance is part of the Bank of Ireland Group and has been implicated in these issues along with other major lenders.
The Financial Conduct Authority (FCA) estimates that the total amount involved in affected agreements is £7.5 billion (FCA, March 2026), with an average agreement being £829 overpaid (FCA estimate). This means that many North East residents who financed their vehicles during this period may have been charged more than they should have, potentially impacting their financial stability.
How to Complain to Bank of Ireland Finance from North East
North East residents affected by these poor practices can complain directly to Bank of Ireland Finance for free. The lender has a dedicated complaints process available on its website at https://personalbanking.bankofireland.com/help-centre/complaints/. It is important to note that you do not need a claims management company; the financial institution itself offers support and guidance throughout the complaint process.
When initiating a complaint, it’s essential to gather relevant documents such as loan agreements, payment records, and any correspondence with the lender. Ensure that your complaint includes all necessary details about the issue, including dates and amounts involved. Bank of Ireland Finance is committed to addressing these complaints fairly and transparently without the need for third-party involvement.
What North East Residents Should Do Next
After gathering the required documents, North East residents should review their car finance agreements carefully to identify any discrepancies or overcharges that occurred between 6 April 2007 and 1 November 2024. This period saw a significant number of agreements affected by excessive commissions and other poor practices.
Residents are advised to check the dates of their car finance arrangements and ensure they fall within the specified timeframe before initiating a complaint. By doing so, they can better understand whether they are eligible for redress from Bank of Ireland Finance.
Bank of Ireland Finance has set aside £350 million in provisions specifically for motor finance redress (FCA estimate). This fund is designed to address concerns raised by affected customers and provide fair compensation where necessary. Taking direct action through the lender’s complaint process ensures that residents receive a prompt and transparent resolution without unnecessary costs or delays.
Sources and References
- Financial Conduct Authority (FCA), 2024
- ONS Census, 2021
How Many People in North East Are Affected?
Based on North East's population of approximately 2,700,000, an estimated 564,179 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 4.03% of the UK total of 12.1 million eligible agreements.
Bank of Ireland Finance is registered at Companies House (company number 07022885) with a status of active. The company was incorporated on 2009-09-17. Its registered office is at 45 Gresham Street, London, EC2V 7EH, England. The company currently has 9 directors.
Bank of Ireland Finance Complaint Statistics
According to the Financial Ombudsman Service, Bank of Ireland Finance received 8 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
Bank of Ireland Finance's FCA reference number is 222848 (status: FSR-API-02-01-11).