According to the Financial Conduct Authority (FCA), 12.1 million eligible agreements may have been affected by potential mis-selling practices between 6 April 2007 and 1 November 2024. This issue could impact a significant number of residents in Lincolnshire, where MotoNovo Finance is one of the major players in car financing. With an estimated 72,670 residents potentially affected by these agreements (FCA estimate), it's crucial for individuals to understand their rights and options.
MotoNovo Finance Car Finance Agreements in Lincolnshire
Lincolnshire has a population of approximately 769,000 according to the ONS Census 2021. Given this large demographic, the impact of car finance mis-selling can be substantial. MotoNovo Finance, part of FirstRand Bank, is one of several lenders that may have issued these agreements. The FCA estimates that £7.5 billion (FCA, March 2026) in total was involved in such agreements (FCA estimate), with an average cost to consumers of approximately £829 per agreement (FCA estimate). These figures highlight the widespread nature of this issue across various communities, including those in Lincolnshire.
In terms of vehicle types, it is likely that a variety of cars were financed under these agreements. This includes everything from small city cars to larger family vehicles and even commercial vehicles used for business purposes. The range of affected consumers underscores the importance of understanding one's rights when dealing with car finance providers such as MotoNovo Finance.
How to Complain to MotoNovo Finance from Lincolnshire
If you are a resident of Lincolnshire and suspect that your car finance agreement might have been mis-sold, it is important to know how to proceed without involving third-party companies. The first step is to visit the official complaint page on MotoNovo's website at https://www.motonovo.co.uk/complaints. This process is entirely free of charge and does not require the involvement of a claims management company.
MotoNovo Finance, as part of FirstRand Bank, encourages direct communication from its customers regarding any concerns they may have about their car finance agreements. By contacting MotoNovo directly through their complaint URL, you can initiate the resolution process without incurring additional costs or delays often associated with intermediary services.
What Lincolnshire Residents Should Do Next
Before initiating a complaint to MotoNovo Finance, it is advisable for residents of Lincolnshire to gather all relevant documents and check the dates of their car finance agreement. This includes any correspondence from the lender, details of payments made, and records of any communications regarding the agreement. Having this information ready will make the complaint process smoother and more effective.
Once you have gathered your documentation, it is important to review the period covered by the FCA's investigation (6 April 2007 to 1 November 2024) to ensure that your agreement falls within this timeframe. This step is crucial for a successful resolution of any issues related to mis-selling practices.
After ensuring you have all necessary documents and information, proceed directly to MotoNovo Finance’s complaint page to initiate the process. Remember, you can complain directly to MotoNovo Finance for free without needing to involve claims management companies or solicitors.
Sources and References
- Financial Conduct Authority (FCA) estimates: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total, £829 average per eligible agreement cost per agreement (FCA estimate).
- ONS Census 2021: Lincolnshire population.
- MotoNovo Finance complaint URL: https://www.motonovo.co.uk/complaints
- FirstRand Bank details regarding MotoNovo Finance affiliation.
How Many People in Lincolnshire Are Affected?
Based on Lincolnshire's population of approximately 770,000, an estimated 160,895 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.15% 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).