The Eriba Touring motorhome was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period, which spans from 6 April 2007 to 1 November 2024. These finance arrangements were often made with lenders such as Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance. The FCA has been investigating motor finance agreements due to concerns over discretionary commission arrangements that may have led to mis-selling.
How the Eriba Touring was Typically Financed
The Eriba Touring motorhome was often financed through Personal Contract Purchase (PCP) or Hire Purchase (HP) agreements, with typical loan amounts ranging from £40,000 to £80,000. These finance plans typically had terms of 48 to 120 months and were offered by major lenders like Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance. Many PCP agreements included a balloon payment at the end of the term, which could be significant if not planned for properly.
The FCA Motor Finance Investigation
The FCA's investigation uncovered that discretionary commission arrangements between motor finance brokers and lenders may have led to inappropriate sales practices during the period from 6 April 2007 to 1 November 2024. As a result, an estimated 12.1 million eligible agreements (FCA, March 2026) were potentially affected by these issues. The total amount involved in mis-selling is estimated at £7.5 billion (FCA, March 2026), with the average claim being around £829 (FCA estimate).
How to Check Your Agreement Look for terms that indicate a discretionary commission arrangement between your lender and any broker involved in arranging your finance deal. check if your agreement was signed during the critical period from 6 April 2007 to 1 November 2024.
One important term to look out for is "Discretionary Commission Arrangement" (DCA). If you see this phrase or something similar in your documentation, it may indicate that your agreement falls under the FCA's investigation. It’s crucial to understand that only self-propelled motorhomes with their own engine and drivetrain are covered by the FCA scheme; towed caravans are not included.
If you suspect that your Eriba Touring finance agreement was mis-sold, you can complain directly to your lender without needing a claims management company. Common lenders associated with Eriba Touring motorhome financing include Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance.
When making a complaint, provide clear evidence supporting your claim, such as copies of your finance agreement, payment history, and any relevant correspondence with the broker or lender. Your lender is required to handle complaints in accordance with established procedures and you do not need to pay upfront fees for this process. It’s important to remember that seeking assistance from a claims management company is unnecessary.
Sources and References
- Financial Conduct Authority (FCA) Estimates
- FOS Guidance on Motor Finance Complaints
- ONS Census Data (2021)
Towed caravans are NOT covered by the FCA motor finance scheme. Only self-propelled motorhomes with their own engine and drivetrain are in scope for the FCA investigation.