Blue Motor Finance is a British car finance company that offers car loans to people with different credit histories. The company provides finance to people with poor credit score, no credit history, or those who have experienced bankruptcy. While this is a great service to many people, the company has faced different complaints in the past that led to compensation in some cases. In this article, we will discuss what Blue Motor Finance compensation entails.
Blue Motor Finance complaints
Like any other business, Blue Motor Finance has faced different complaints in the past regarding their services. Some of the common complaints include:
Late payment fees – Some customers have complained about unexpected charges on their accounts due to late loan payments. Some customers report getting charged even though they cleared their payments on time.
Not reporting on-time payments – Some customers have also complained about Blue Motor Finance not reporting their monthly payments to credit reference agencies. This means that their on-time payments are not reflected in their credit history, which can lower their credit score.
Aggressive debt collection – Some customers reported that Blue Motor Finance engaged in aggressive debt collection practices.
Repossessing vehicles – Blue Motor Finance has also been accused of repossessing vehicles without warning or explanation.
Blue Motor Finance compensation
In cases where Blue Motor Finance has been found guilty of the above complaints, the company has agreed to pay compensation to the affected customers. Depending on the complaint, compensation can range from a few hundred pounds to several thousand pounds. Here is what you should know about Blue Motor Finance compensation.
Late payment claims
If you have been charged late payment fees and you are sure that you cleared your payments on time, you can file a complaint through the Blue Motor Finance website. Ensure you have proof that you cleared the payment on time, such as bank statements or payment receipts. The company will investigate the claim and reimburse you if it’s found that you were wrongly charged.
Credit reporting claims
If you suspect that your on-time payments are not being reported to credit reference agencies, you can also file a complaint through the company’s website. This claim can be filed if Blue Motor Finance has failed to report your payments to credit reference agencies for six months. Once you file the complaint, the company will investigate and report to the agencies if they confirm that you have been making payments on time.
Debt collection claims
If you feel that Blue Motor Finance debt collection practices have been too aggressive, you can file a complaint with the Financial Ombudsman Service. They will investigate and offer a solution if they find that the practices were inappropriate.
Repossession claims
Finally, if you have had your vehicle repossessed by Blue Motor Finance without warning or explanation, you can file a complaint through their website. The company will investigate the situation and offer compensation if it’s found that they broke the law.
Conclusion
If you have had any challenges with Blue Motor Finance, it’s important to first contact the company to try and resolve the issue. However, if the issue is not resolved, you can file a claim through their website or through the Financial Ombudsman Service. It’s important to file claims within six years of the incident and to provide proof of the incident when filing the claim.
In general, Blue Motor Finance has a good reputation and offers great services to people with poor credit scores. However, it’s important to understand your rights as a customer and to always speak up if you feel that you have been wronged in any way. With this guide, you can now file claims for different types of complaints and get compensation if it’s found that the company violated your rights as a customer. Remember that it’s important to always read your loan agreement and understand the terms and conditions before signing up for any loan.