Go Car Credit was a subprime car finance lender that went into administration in November 2019. The lender arranged car finance for people with poor credit scores, and unfortunately, not everyone had a positive experience with the company. Some customers faced high interest rates, unfair contract terms and poor customer service. Due to these issues, there has been a lot of talk about Go Car Credit compensation. In this article, we will discuss what compensation is available for those affected by Go Car Credit’s practices.
Claiming Go Car Credit compensation
If you are a former customer of Go Car Credit and feel that you were unfairly treated, you can make a claim for compensation. The first step is to contact the Financial Ombudsman Service (FOS). The FOS is an independent organisation that deals with consumer complaints against financial companies in the UK. They investigate complaints and recommend solutions to customers. In some cases, the FOS can order the financial company to pay compensation.
When you make a complaint to the FOS, they will ask for a copy of your Go Car Credit contract and any other relevant documents. They will then investigate your complaint to determine whether you were treated unfairly by the lender. If they believe that you were, they will recommend a solution that may include compensation.
If you are not happy with the FOS’s decision, you can take your complaint to court. If you choose to do this, you will need to hire a solicitor to represent you. This can be a costly process, so it is important to weigh up the potential costs against the compensation you may receive.
What compensation can you claim?
If you are successful in your claim for Go Car Credit compensation, the amount you receive will depend on your individual circumstances. The FOS will consider the impact that the lender’s practices had on you and determine an appropriate amount of compensation. This may include:
– A refund of interest and charges: If you were charged high interest rates or fees on your car finance agreement, you may be able to claim a refund of these charges.
– Compensation for loss of use: If your car was repossessed by Go Car Credit and you were unable to use it, you may be entitled to compensation for the loss of use.
– Compensation for distress and inconvenience: If you were treated poorly by Go Car Credit and this caused you distress or inconvenience, you may be able to claim compensation for this.
– Compensation for damage to your credit score: If your credit score was damaged by your agreement with Go Car Credit, you may be entitled to compensation for this.
It is important to note that there is no set amount of compensation that you can claim. Each case is unique and will be assessed by the FOS on an individual basis.
How long will the claims process take?
The claims process for Go Car Credit compensation can take several months or even longer. The FOS receives a large number of complaints each year, and each one is dealt with individually. It can take several months for them to investigate your complaint and make a decision. If you decide to go to court, this process can take much longer.
It is important to be patient when making a claim for compensation. While it can be frustrating to wait for a decision, it is important to have all the necessary documents and evidence to support your claim.
Final thoughts
If you were a customer of Go Car Credit and feel that you were unfairly treated, you may be entitled to compensation. The first step is to make a complaint to the Financial Ombudsman Service. They will investigate your complaint and recommend a solution if they believe that you were treated unfairly. If you are not happy with their decision, you can take your complaint to court.
If you are successful in your claim for compensation, the amount you receive will depend on your individual circumstances. The claims process can take several months or even longer, so it is important to be patient and provide all the necessary documents and evidence to support your claim.
Go Car Credit compensation can provide some relief for those who were affected by the lender’s practices. If you believe that you were unfairly treated, do not hesitate to make a complaint.