MotoNovo Finance and the residents of Lancashire are interconnected through a significant issue affecting car finance agreements. With an estimated 116,896 people in Lancashire potentially affected by flawed motor finance agreements (FCA estimate), it is crucial for those who financed their vehicles under MotoNovo’s schemes to understand their rights and options.
MotoNovo Finance Car Finance Agreements in Lancashire
Between the period of 6 April 2007 and 1 November 2024, an estimated 12.1 million eligible agreements across the UK were affected by flawed terms (FCA estimate). In Lancashire alone, this translates to a significant number of residents who may have been impacted. The types of vehicles financed under MotoNovo Finance’s schemes range from small cars and motorcycles to larger commercial vehicles. Given that Lancashire has a population of approximately 1,237,000 (ONS Census 2021), the scale of this issue is considerable.
The estimated total value of these flawed agreements in the UK amounts to £7.5 billion (FCA, March 2026) with an average cost per affected agreement being around £829 (FCA estimate). This financial impact can be substantial for individuals and families who financed their vehicles through MotoNovo Finance, especially considering the economic pressures already faced by many residents of Lancashire.
How to Complain to MotoNovo Finance from Lancashire
Residents of Lancashire concerned about their car finance agreements with MotoNovo Finance should take action directly. The process is straightforward and free; there is no need for a claims management company. To initiate the complaint, visit MotoNovo Finance’s dedicated complaints page at https://www.motonovo.co.uk/complaints.
MotoNovo Finance, part of FirstRand Bank, provides a clear pathway for addressing concerns through this online platform. It is important to gather all relevant documentation before submitting your complaint, such as loan agreements, payment records, and any communication with the lender regarding issues or disputes. Ensuring that you have full evidence will strengthen your case.
What Lancashire Residents Should Do Next
Before initiating a complaint, it is advisable for Lancashire residents to review their car finance agreement details meticulously. This includes checking specific dates related to when they entered into the agreement and any potential breaches of contract or mis-selling issues. Gathering all relevant documents-such as bank statements, receipts, and correspondence with MotoNovo Finance-is essential.
The key steps are:
- Gather Evidence: Collect all documentation that pertains to your car finance agreement.
- Review Agreement Details: Check the dates and terms of your agreement for any inconsistencies or issues.
- Submit Complaint: Utilise MotoNovo Finance’s online complaints process, available at https://www.motonovo.co.uk/complaints.
By taking these steps, Lancashire residents can address their concerns directly with MotoNovo Finance without incurring additional costs or seeking third-party assistance. It is important to remember that you do not need a claims management company for this process.
Sources and References
- Financial Conduct Authority (FCA) estimates on flawed agreements: https://www.fca.org.uk/
- ONS Census 2021 population data: https://www.ons.gov.uk/peoplepopulationandcommunity/populationestimates
- MotoNovo Finance Complaints URL: https://www.motonovo.co.uk/complaints
How Many People in Lancashire Are Affected?
Based on Lancashire's population of approximately 1,500,000, an estimated 313,432 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 2.24% 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).