MotoNovo Finance, part of FirstRand Bank, has been offering car finance to residents in Bedfordshire since 2007. The population of Bedfordshire is approximately 682,000 (ONS Census 2021), and it's estimated that around 64,449 individuals living there may have been affected by the issues surrounding car finance agreements from MotoNovo Finance during the period from 6 April 2007 to 1 November 2024.
MotoNovo Finance Car Finance Agreements in Bedfordshire
MotoNovo Finance has issued a significant number of car finance agreements in Bedfordshire, contributing to the total of 12.1 million eligible agreements across the UK (FCA estimate). The types of vehicles financed include cars, vans, and light commercial vehicles, with many individuals having taken out loans for personal use or small businesses. These agreements often included
discretionary commission arrangements (DCAs) that could have led to excessive commissions being paid by lenders like MotoNovo Finance.
The financial impact on Bedfordshire residents is substantial, with the total amount involved estimated at £7.5 billion (FCA, March 2026) across all affected individuals and businesses in the UK (FCA estimate). On average, each person affected could be owed around £829 (FCA estimate), which can make a significant difference to local finances.
How to Complain to MotoNovo Finance from Bedfordshire
Bedfordshire residents who believe they have been impacted by unfair car finance practices should start the complaint process directly with MotoNovo Finance. The official complaints URL is https://www.motonovo.co.uk/complaints, where you can submit your concerns online or request further information on how to proceed.
It's important to remember that complaining directly to the lender is free and does not require a claims management company (FCA estimate). You do not need to engage with any third-party service providers to file a complaint. This direct approach ensures transparency and efficiency in resolving issues related to car finance agreements.
What Bedfordshire Residents Should Do Next
If you are considering making a complaint about your car finance agreement, there are several steps you can take next:
- Gather Documentation: Collect all relevant documents such as loan agreements, payment records, and any correspondence with MotoNovo Finance.
- Check Dates: Ensure that the timeframe of your concern falls within the period from 6 April 2007 to 1 November 2024 when issues were prevalent.
- Complain Directly: Submit your complaint through MotoNovo Finance's official complaints process at https://www.motonovo.co.uk/complaints.
By following these steps, you can effectively address any concerns regarding unfair car finance practices and seek appropriate redress directly from the lender.
Sources and References
- ONS Census 2021
- FCA estimates for affected agreements (FCA estimate)
- FCA estimates for total amount involved (FCA estimate)
- FCA estimates for average repayment (FCA estimate)
How Many People in Bedfordshire Are Affected?
Based on Bedfordshire's population of approximately 670,000, an estimated 140,000 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.0% of the UK total of 12.1 million eligible agreements.
MotoNovo Finance is registered at Companies House (company number 11556144) with a status of active. The company was incorporated on 2018-09-06. Its registered office is at Two, Central Square, Cardiff, CF10 1FS, Wales. The company currently has 9 directors.
MotoNovo Finance Complaint Statistics
According to the Financial Ombudsman Service, MotoNovo Finance received 4 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
MotoNovo Finance's FCA reference number is 827851 (status: Authorised).