The Laika Kosmo Van was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority’s (FCA) investigation period, which ran from 6 April 2007 to 1 November 2024. This motorhome, known for its spacious interior and versatility, was a popular choice among enthusiasts looking for an adventurous lifestyle, but many buyers may have been unaware of the potential mis-selling issues associated with their finance agreements.
How the Laika Kosmo Van Was Typically Financed
The Laika Kosmo Van was typically financed through PCP or HP agreements, with loan amounts ranging from £40,000 to £80,000. Common lenders who provided financing for this model included Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance. These finance arrangements often featured balloon payments at the end of the term, which could be a significant sum that borrowers needed to settle if they wished to retain ownership of their motorhome.
The FCA Motor Finance Investigation
The FCA's investigation into discretionary commission arrangements revealed widespread mis-selling in the automotive finance sector. This practice involved dealerships receiving additional compensation for steering customers towards more expensive financing options, such as PCP plans with higher interest rates and larger balloon payments at the end of the term. According to the FCA’s estimates, 12.1 million eligible agreements (FCA, March 2026) by this issue (FCA estimate), impacting a total of £7.5 billion (FCA, March 2026) in consumer spending (FCA estimate). On average, consumers who entered into these agreements may have overpaid by approximately £829 (FCA estimate).
How to Check Your Agreement Look for any mention of discretionary commission arrangements or inflated interest rates that may have influenced your financing decision. The relevant dates to consider are from 6 April 2007 to 1 November 2024. be aware that agreements marked as "DCA" (Discretionary Commission Agreement) could indicate the presence of an issue.
If you suspect your Laika Kosmo Van finance agreement may have been mis-sold under a discretionary [commission arrangement](https://mlj.org.uk/glossary/discretionary-commission-arrangement), it is important to take action promptly. Common lenders such as Black Horse, Close Brothers Motor Finance, Lombard, and Billing Finance provide avenues for customers to submit complaints directly without the need for a claims management company. You can complain directly to your lender for free by contacting their customer service department or visiting their website to find specific complaint procedures.
You do not need a claims management company to handle your case. Filing a direct complaint with your lender is often simpler and faster, as these companies already have established processes in place to address such issues.
Sources and References
- Financial Conduct Authority (FCA) estimates: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total (FCA estimate), £829 average per eligible agreement overpayment (FCA estimate)
- Motorhome eligibility criteria for FCA motor finance scheme: Only self-propelled motorhomes with their own engine and drivetrain are in scope for the investigation; towed caravans are not covered.
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.