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Complaints Policy

  1. Complaints Principles
    1. LoanOnYourCar.co.uk (LOYC) recognises that a complaint is an expression of dissatisfaction, from or on behalf of a customer, and requires a response. The complaint can:
      1. Be received orally or in writing
      2. Be justified or not
    2. The complaint can allege:
      1. Negligence, breach of a term of agreement between LOYC and the customer or of any statutory requirement relevant to the business of LOYC
      2. Misrepresentation, bad faith or malpractice
      3. Poor service
    3. All complaints will be investigated fully and fairly.
    4. If the customer is not happy with the outcome of their complaint, they have the right to appeal to both LOYC and the Financial Ombudsman Service (FOS)
    5. LOYC will provide a copy of this documented process on request. There will be no charge for this.
    6. We will provide a copy of this documented process on request. There will be no charge for this.
    7. A copy of our complaint’s procedure is displayed at our premises, on our website and is available for our customers should they request a copy.
    8. A summary of all complaints received will be submitted annually to the FCA.
    9. LOYC will not charge the customer for making a complaint and will not operate a premium rate telephone number for making the complaint.
  2. FCA Rules
    1. How complaints should be dealt with, as set out in The FCA complaints handling handbook (DISP). The FCA expects ‘Regulated Businesses’ to:
      1. Resolve all complaints received properly and in line with these rules.
      2. Investigate the complaint competently, diligently, and impartially.
      3. Assess what the complaint is about, whether it should be upheld and what action should be taken in a fair, consistent and prompt manner.
      4. Provide a clear assessment of the complaint and an offer of redress / remedial action (if appropriate) in a fair and prompt manner.
      5. Ensure any offer of redress or remedial action that is accepted is settled promptly.
      6. A prompt written acknowledgement should be sent to the customer assuring them that their complaint has been received and is being dealt with.
      7. Ensure that the customer is kept informed of the measures being undertaken in respect of resolving the complaint.
  3. Complaints Procedure

    1. At LOYC we have policies and procedures in place to ensure that we offer a faultless service to our customers. On the few occasions where a customer may feel dissatisfied, we will do everything in our power to resolve the matter by following the above rules. We encourage our customers to provide us with feedback, whether positive or negative to help with our ongoing customer service, making any improvements where required.

    2. We regard a complaint, whether it is justified or not, as:

      1. An expression of dissatisfaction from an eligible complainant such as:

        1. A private individual, or

        2. Proprietor of a small business

        3. Relating to a business activity

        4. A client who has suffered – or may suffer – financial loss, material distress or significant inconvenience.

    3. Customers can make a complaint in one or more of the following ways:

      1. By telephone: 0333 577 5000

      2. By email to: customerservice@loanonyourcar.com

      3. By letter to: 333 Edgware Road, London, NW7 6TD

    4. All complaints must be recorded on our complaints log. We will keep complaint records on file for a period of 6 years from the date of resolution.

  4. Resolving your Complaint

    1. We will aim to conclude all matters to the mutual satisfaction of the concerned parties as quickly as possible.

    2. We will only close a complaint when we have received confirmation from the customer that they are happy that their claim has been resolved, or if no such confirmation is received, 8 weeks after our final response has been issued (either in writing or verbally)

    3. Although you can refer your complaint to the FOS at any time, they will require our consent to investigate complaints where:

      1. we haven't had the chance to put things right

      2. we haven't exceeded the 56-day timescale and haven't yet issued our Final
        Response letter

    4. If you're unhappy with our decision and wish to take it further, you can ask the Financial Ombudsman Service (FOS) to look at your complaint. This is a free, independent service for resolving disputes. If you decide to refer your complaint after we've issued our Final Response, you should do so within 6 months of the date on our Final Response letter.

    5. LOYC will treat all complaints very seriously and we will conduct a full review of the complaint.

    6. When we have finalised our investigation into your complaint, we will issue our Final Response letter. Our Final Response letter will:

      1. Be fair, clear and not misleading;

      2. Confirm details of our investigation and decision; and

      3. If relevant, include any offer of remedial action or the appropriate level of redress (or both).

      4. And any next steps

  5. Timeframe for handling complaints

    1. LOYC will acknowledge receipt of the complaint from the customer in writing, within 3 business days.

    2. We will aim to resolve the claim within 8 weeks and will confirm in writing our decision, making any offer of remedial action/redress at this time.

    3. If the complaint requires further investigation and we are unable to resolve the complaint within 8 weeks, we will provide the customer with a further update as follows:

      1. Setting out why the matter is still unresolved

      2. Giving a full summary of our investigation to date and explaining why we have not been able to conclude the matter

      3. Setting out what further action we will now undertake

      4. Providing contact information for the Financial Ombudsman Service
        (FOS)

    4. LOYC will only close a complaint when we have received confirmation from the customer that they are happy that their claim has been resolved, or if no such confirmation is received, 8 weeks after our final response has been issued (either in writing or verbally)

  6. Financial Ombudsman Service (FOS)

    1. Financial Ombudsman Service (FOS)
      The FOS can be contacted as follows:
      Financial Ombudsman Service
      Exchange Tower
      London
      E14 9SR
      Telephone: 0845 080 1800
      E-mail: enquiries@financial-ombudsman.org.uk

Representative Example:

If you borrow £1,000 over 36 months at a flat rate of 84% per annum [fixed] with a Representative 204.2% APR you will make 36 monthly payments of £97.98, making a total amount repayable of £3,660.00 including £30.00 document fee and £20.00 Option To Purchase fee. The total charge for credit is £2.660.00. Loan repayment length from 18 to 60 months. The maximum APR is 232.1%.

Your loan is secured against the vehicle and missing payments could put the car at risk of repossession.