Our internal review of customers who experienced financial difficulties

This refund is made up of:

• fees paid for missing a payment.
• late payment interest that was charged.
• plus 8% interest.

The refunded amount is based on the fees paid during the agreement and is different for every customer.

We have taken into account various factors when considering whether any interest should be applied, specifically:

• The Financial Ombudsman guidance 
• The rate of interest on judgment debts
• The fact that customers would not have had the benefit of that money for a period of time.

For more information on this, go to https://www.financial-ombudsman.org.uk/consumers/expect/compensation. 

It is calculated from the date the later payment fees were made, up until the date the refund was calculated. This is the date on the letter you have received from us. An additional 28 days’ of 8% per annum interest has also been added to give you time to review the letter, and for us to make the payment into your account.

If you paid more than one missing payment fee or interest was charged due to late payment, this will be calculated individually in our letter to you.

If you are eligible for a refund, you will receive a letter which will show the total of these amounts. 

Example (interest calculation only):
 

We’re required to deduct tax at the basic rate of 20% on refunds.  The basic rate of tax may or may not be the correct rate for you to pay.  To find out more or for any other tax-related queries, please contact HMRC directly, or access information here.

If your bank account details have remained the same, you don’t need to do anything. You’ll receive your refund within the next four weeks of the date of the letter. It will appear on your bank statement as a payment from “CLOSE BROTHERS LTD”.

If you need to change the bank account details, you can do this by visiting our website, where you can access our secure online portal to provide us with your updated details for a new bank account held in your name. Simply scan the QR code in your letter or visit closemotorfinance.co.uk/refund 

You’ll need your case reference number, found in the top right of the letter about your refund, and your date of birth to do this.   

Alternatively, you can call us on 0333 321 6079 and speak to a member of our team. We’re open Monday to Friday, between 9:00am and 5:00pm. 

Please note: If you don’t update your bank account details within 14 days of the date of your letter, payment will be made to the bank account we have on file, as detailed in your letter.

We hope that the refund has resolved the matter. However, we know sometimes customers are impacted in ways we aren’t aware of. This includes charges or interest from other lenders or your bank, or distress or inconvenience we may have caused.

If you’d like to discuss your refund with us, please call us on 0333 321 6079, Monday to Friday, between 9am and 5pm. You can also email us at refund@closemotorfinance.co.uk.

You’ll need to have your agreement number to hand which can be found on the letter you have received.

You’re entitled to reject this offer and/or submit a formal complaint to us. We’ve shared full details on how complain here.

The amount we calculated in your previous letter didn’t cover all the fees and late payment interest that was owed to you. We’ve corrected this and updated your refund amount to cover all fees and late payment interest.