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Compensation Formula:
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The Money Saving Expert UK Car Finance Claims Calculator helps determine potential compensation for mis-sold car finance agreements. It calculates the total amount you may be owed based on overpaid interest and additional fees.
The calculator uses a simple formula:
Where:
Explanation: This calculation helps estimate the total compensation you might be entitled to claim from your car finance provider.
Details: Accurate compensation calculation is essential for understanding your potential claim value and ensuring you receive fair reimbursement for any financial misconduct in your car finance agreement.
Tips: Enter the overpaid interest amount and any additional fees in GBP. Both values must be non-negative numbers. The calculator will sum these amounts to determine your total potential compensation.
Q1: What constitutes overpaid interest in car finance claims?
A: Overpaid interest refers to the extra interest charges you paid due to mis-selling practices, such as undisclosed commission or inappropriate lending terms.
Q2: What types of fees can be included in the calculation?
A: This can include arrangement fees, administration fees, early settlement charges, or any other fees that were improperly applied to your finance agreement.
Q3: How do I know if I have a valid car finance claim?
A: You may have a claim if you were not properly informed about commission arrangements, if the finance was unaffordable, or if there were other mis-selling practices involved.
Q4: Is there a time limit for making car finance claims?
A: Yes, typically you have 6 years from the date of the finance agreement or 3 years from when you became aware of the mis-selling to make a claim.
Q5: Should I use a claims management company for my car finance claim?
A: While you can use claims management companies, you can also make claims directly to the finance provider for free, keeping 100% of any compensation awarded.