Discretionary Commission Arrangements - Complaints and Refunds

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Moneyway Car Finance: A Comprehensive Guide

Moneyway: A Trusted Name in Car Finance

Moneyway is a trading name of Secure Trust Bank PLC, a well-established UK bank with a strong reputation for customer service. They offer a range of car finance options to suit various needs and budgets, specializing in providing quick and transparent financing solutions.

Why Choose Moneyway Car Finance?

  • Competitive Rates: Moneyway offers competitive APRs (Annual Percentage Rates) on car finance, helping you secure a good deal on your next vehicle.
  • Flexible Terms: They provide flexible loan terms, allowing you to choose a repayment plan that suits your budget and circumstances.
  • Quick Decisions: Moneyway utilizes automated decision-making technology, enabling them to provide fast loan approvals.
  • Excellent Customer Service: They have a dedicated customer service team available to answer your questions and assist you throughout the process.
  • FCA Regulated: Moneyway is authorized and regulated by the Financial Conduct Authority (FCA), providing you with peace of mind and consumer protection.

What Types of Car Finance Does Moneyway Offer?

  • Hire Purchase (HP): With HP, you make monthly payments over a set period and own the car outright at the end of the agreement.
  • Personal Contract Purchase (PCP): PCP offers lower monthly payments and gives you the option to purchase the car, return it, or upgrade to a new vehicle at the end of the agreement.

How to Apply for Moneyway Car Finance:

You can apply for car finance through Moneyway online or via their network of approved dealerships. The application process is straightforward and requires basic personal and financial information.

Moneyway Customer Reviews:

Moneyway has generally positive customer reviews, with many borrowers praising their quick decisions, competitive rates, and helpful customer service. You can find reviews on platforms like Trustpilot and Feefo.

Moneyway Complaints:

While Moneyway has a good reputation, some customers have raised concerns about specific aspects of their service, such as communication issues or difficulties with early settlement. If you have a complaint, you can contact Moneyway directly or escalate it to the Financial Ombudsman Service if needed.

Moneyway and Discretionary Commission:

It's important to note that Moneyway, like many other lenders, previously utilized Discretionary Commission Arrangements (DCAs). However, they have been transparent about this practice and are cooperating with the FCA's ongoing review of DCAs. If you believe you were impacted by a DCA, you can contact Moneyway to discuss your options.

Is Moneyway Right for You?

If you're looking for a reputable car finance provider with competitive rates, flexible terms, and quick decisions, Moneyway is worth considering. Their commitment to customer service and FCA regulation provides added assurance. However, it's essential to compare different lenders and carefully review the terms and conditions before making a decision.

Useful Links:

Illustration of Fees: 

From 1st March 2022 fees charged by Redbridge Finance will be capped as per the table below. Further examples are shown below the table.

The figures quoted are only calculated on actual money sent to you. If you get a balance reduction, we do not charge any fees on the balance reduction element, just on money sent to you by the lender.

Band

Redress awarded for a claim (£)

The maximum percentage rate of charge

The maximum total charge (£)

1

£1-£1,499

30% plus vat

£420

2

£1,500 - £9,999

28% plus vat

£2,500

3

£10,000-£24,999

25% plus vat

£5,000

4

25,000-£49,999

20% plus vat

£7,500

5

£50,000 or above

15% plus vat

£10,000

These are some examples:

Band 1

Compensation amount £1,000. Our Fee £300 + VAT (£360 inc VAT). You get £640

Compensation amount £1,499. Our Fee £350 + VAT (£420 inc VAT). You get £1,079

Band 2

Compensation amount £5,000. Our Fee £1,400 + VAT (£1,680 inc VAT). You get £3,320 

Compensation amount £9,999. Our Fee £2,083.33 + VAT (£2,500 inc VAT). You get £7,499 

Band 3

Compensation amount £15,000. Our Fee £3,750 + VAT (£4,500 inc VAT). You get £10,500

Compensation amount £24,999. Our Fee £4,166.67 + VAT (£5,000 inc VAT). You get £19,999

Band 4

Compensation amount £30,000. Our Fee £6,000 + VAT (£7,200 inc VAT). You get £22,800

Compensation amount £49,999. Our Fee £6,250 + VAT (£7,500 inc VAT). You get £42,499

Band 5

Compensation amount £50,000. Our Fee £7,500 + VAT (£9,000 inc VAT). You get £41,000

 

Redbridge Finance is Registered in England & Wales with Company Number 10625599. Registered Office: Highfield, Crossing Lane, Claydon, Banbury, OX17 1EX. Redbridge Finance is a Claims Management Company that is Authorised and Regulated by the Financial Conduct Authority. Firm Reference Number: 836097. VAT Number 270 5830 08. ICO Registration Number ZA533663

 

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