MotoNovo Finance, a subsidiary of FirstRand Bank, has been involved in significant car finance agreements throughout Tyne and Wear. According to estimates by the Financial Conduct Authority (FCA), 12.1 million eligible agreements may have been affected during the period from 6 April 2007 to 1 November 2024, impacting an estimated 106,502 residents in Tyne and Wear (ONS/FCA estimate). This issue affects a significant portion of the region's population, with approximately 1.127 million people living in Tyne and Wear as per the ONS Census 2021.
MotoNovo Finance Car Finance Agreements in Tyne and Wear
The car finance agreements issued by MotoNovo Finance have had varying impacts on residents of Tyne and Wear, ranging from cars to light commercial vehicles. The total value of these agreements is estimated at £7.5 billion (FCA, March 2026), with an average agreement amounting to £829 (FCA estimate). This situation highlights the widespread use of car finance in the region, making it crucial for individuals who have been affected to understand their rights and options.
Tyne and Wear residents should be aware that MotoNovo Finance's practices might have led to issues such as overcharging or mis-selling. These problems are particularly prevalent due to the discretionary commission arrangement (DCA) used by lenders like MotoNovo Finance, which can lead to excessive charges for customers. It is essential for affected individuals in Tyne and Wear to review their car finance agreements thoroughly.
How to Complain to MotoNovo Finance from Tyne and Wear
Residents of Tyne and Wear who believe they have been impacted by the issues surrounding MotoNovo Finance's car finance agreements can
complain directly to the lender. The process is straightforward, and it does not require engaging a
claims management company. To lodge a complaint, individuals should visit MotoNovo Finance’s dedicated complaints page at https://www.motonovo.co.uk/complaints.
Complaining directly to MotoNovo Finance is free of charge and can be initiated without any assistance from external parties. It is important for residents in Tyne and Wear to understand that they have the right to approach their lender first before considering other options such as legal action or seeking help from claims management companies.
What Tyne and Wear Residents Should Do Next
If you are a resident of Tyne and Wear and suspect that your car finance agreement with MotoNovo Finance may be affected, there are several steps you can take to address the situation effectively. Firstly, gather all relevant documents related to your car finance agreement, such as contracts, invoices, and correspondence with the lender.
Next, review these documents carefully to identify any discrepancies or issues that might indicate overcharging or mis-selling. Pay special attention to dates, as agreements falling within the period from 6 April 2007 to 1 November 2024 are particularly relevant. Once you have identified potential problems, prepare a detailed complaint to MotoNovo Finance through their official complaints process.
By following these steps and complaining directly to MotoNovo Finance, residents of Tyne and Wear can seek resolution without incurring additional costs or relying on third-party services.
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 agreement value.
- ONS Census 2021 population data for Tyne and Wear.
- MotoNovo Finance complaints page: https://www.motonovo.co.uk/complaints
How Many People in Tyne and Wear Are Affected?
Based on Tyne and Wear's population of approximately 1,130,000, an estimated 236,119 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 1.69% 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).