We’ve recently been looking at ways to strengthen protection for our customers who experience financial difficulty. As part of this, we’ve identified a number of customers who may not have received appropriate support. We’re currently contacting all customers who have been affected.
We’re contacting all customers who have been affected. If this includes you, you’ll receive a letter from us. If the bank account details stated in your letter are correct, you do not need to do anything. We’ll pay your refund in the next 4 weeks.
If your bank account details have changed, or we did not state bank account details in your letter, you have two options to provide us with alternative bank instructions:
Option 1: You can access our secure online portal to provide us with your updated details for a new bank account held in your name. You’ll need your case reference number which is available in the top right of the letter we sent to you, and your date of birth.
Or Option 2: 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.
We provide finance for customers so they can spread the cost of their vehicle when buying it through a dealership or a broker.
We’re part of Close Brothers Group plc, a leading UK merchant banking group providing lending, deposit taking, and securities trading.
We’ve recently been looking at ways to strengthen protection for our customers who experience financial difficulty. As part of this, we’ve identified a number of customers who may not have received appropriate support in the past. We’re currently contacting all customers who have been affected.
No, it isn’t. This refund is separate from any complaint about commission. If you’ve raised a complaint following the announcement of a review by the Financial Conduct Authority on 11 January 2024 you don’t need to contact us. We’ll be in contact with you once the FCA completes their review.
This refund is made up of:
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:
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):
| Fee/Late payment interest amount | Date Paid | Number of days (including additional 28) | Daily interest (8% / 365) | Total Interest | Minus 20% Tax | Total |
|---|---|---|---|---|---|---|
| £40 | 01/04/2015 | 2,567 | £0.0088 | £22.51 | £4.50 | £18.01 |
| £1.57 | 01/04/2015 | 2,567 | £0.0003 | £0.88 | £0.18 | £0.70 |
| £40 | 24/11/2018 | 1,101 | £0.0088 | £9.65 | £1.93 | £7.72 |
| Totals | £33.03 | £6.61 | £26.43 |
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.
Consequential loss is the name for other costs you have faced following this incident and directly caused by it. We can’t always identify customers impacted by this, as they don’t affect everyone and may look different on a case-by-case basis. Check our list of examples to help you understand if this might apply to you.
Scenarios where you may have faced consequential loss could include:
We’ll consider each claim individually and make an assessment about whether these losses will be covered based on the documents you provide.
You’ll need to show us documents that support the additional costs you may have faced and how they relate to the issue. This might include copies of bank statements, letters where you have been declined for credit, credit card statements and your credit report.
Please call us on 0333 321 6079 and we can walk you through the evidence you’ll need to send. We’re open Monday to Friday, between 9:00am and 5:00pm. If you choose to call us, you’ll need to have your 12-digit agreement number to hand, which you can find in the top right-hand corner of any letter from us.
You can also email us at refund@closemotorfinance.co.uk.
Close Brothers Motor Finance is a trading style of Close Brothers Limited.
You can search for our firm reference number 124750 on the Finance Conduct Authority’s website here.
This will show the contact details for Close Brothers Limited including a link to our homepage. From here, you’ll be able to navigate to Close Brothers Motor Finance’s website.
No, this refund will not have a negative impact on your credit score.
No, this refund will have no impact on your future ability to take vehicle finance with us.
If you have another agreement with us which is still active, and you’re struggling to afford your repayments, please call 0333 321 6060 where our team will be on hand to help. We’re open Monday to Friday, between 9:00am and 5:00pm.
Your log in details are your case reference number and your date of birth.
Your case reference number is available in the top right of the letter we sent to you.
Please call us on 0333 321 6079. We’re open Monday to Friday, between 9:00am and 5:00pm.
You can also email us at refund@closemotorfinance.co.uk.
Please call us on 0333 321 6079. We’re open Monday to Friday, between 9:00am and 5:00pm.
You can also email us at refund@closemotorfinance.co.uk.
Please call us on 0333 321 6079. We’re open Monday to Friday, between 9:00am and 5:00pm.
You can also email us at refund@closemotorfinance.co.uk.
It’s possible that the portal can’t verify your information. This could be because:
If you need more time to verify your details, or any other support, please call us on 0333 321 6079. Our hours are Monday to Friday, between 9:00 AM and 5:00 PM.
You can also email us at refund@closemotorfinance.co.uk.
Please call us on 0333 321 6079. We’re open Monday to Friday, between 9:00am and 5:00pm.
You can also email us at refund@closemotorfinance.co.uk.
Please call us on 0333 321 6079. We’re open Monday to Friday, between 9:00am and 5:00pm.
You can also email us at refund@closemotorfinance.co.uk.
If you aren’t happy with our service, please see details of our complaints handling procedures below.
If you make a complaint and you’re not happy with the outcome or you’d like further support, you can contact the Financial Ombudsman Service (FOS). They provide a free, independent service.
The FOS won’t be able to review your complaint if you haven't complained and given us the chance to put things right first.
Contact the FOS
Phone: 0800 023 4567
Write to them: Financial Ombudsman Service, Exchange Tower, Harbour Exchange, London, E14 9SR
If you want more information on Close Brothers Motor Finance, what we do, or with your vehicle finance we have further support available.