Reclaim My Money

Reclaim My Money: mis-sold car finance claims

Reclaim My Money Limited is a Claims Management Company based in London, authorised and regulated by the Financial Conduct Authority (FCA) with reference number FRN 934965. Its activity focuses on processing claims for mis-sold car finance, undisclosed commissions, pensions and investments, as well as diesel emissions and authorised push payments. The company presents itself as a service that manages the entire process, from the initial eligibility check to negotiation with the financial institution.

Types of claims it handles

The company covers several categories of claims. The main one is mis-sold car finance, which includes PCP, HP and PCH agreements. Within this category, the company identifies undisclosed commissions, unfair interest rates, pressure to sign and unclear fees as grounds for claims. It also handles claims for undisclosed commissions, diesel emissions and authorised push payments.

Context of the FCA redress scheme

The website devotes a prominent notice to the update on the FCA's motor finance redress scheme (PS26/3), covering approximately 12.1 million agreements taken out between 6 April 2007 and 1 November 2024. According to the information published, the estimated average compensation per agreement is £829, with a total pot of £7.5 billion. Claims centre around unfair or undisclosed commission structures, including discretionary commission arrangements (DCAs), where brokers could increase the interest rate to earn more commission, high or undisclosed commission models that affected the total cost of finance, and close lender-broker relationships that may have limited fair competition.

The text notes that the scheme has been legally challenged and that the Upper Tribunal has partially suspended some of its parts: lenders are not currently required to calculate compensation or notify consumers until the challenge is resolved, likely by December 2026 or February 2027. Payment timelines will be pushed back accordingly. For those who have already submitted a claim, no action is required for now. For those who have not, the deadline to claim is 31 August 2027.

How it works

The company describes a three-step process. First, the client enters their details and the company locates their historic car finance records. Second, experts take over the case, and may refer the claim to a third party for processing. Third, the company negotiates the settlement directly with the lender and sends the outcome to the client for approval. The company states that it may receive referral fees from third parties for successful claims.

Fees and contractual conditions

Reclaim My Money operates on a no-win, no-fee model: it charges nothing upfront and applies a fee on a sliding scale from 18% to 36% (including VAT) of the compensation obtained. If the claim is unsuccessful, there are no fees. The company also charges a termination fee if the client cancels the agreement after the 14-day cancellation period. The website clarifies that the client can claim for free through their lender, the Financial Ombudsman Service or the FCA's confirmed redress scheme, and that making a claim through the company does not guarantee a faster or better outcome.

Frequently asked questions and scope of service

The company answers queries about the eligibility of past agreements, even if the vehicle is no longer owned or the finance has already been paid off. It also accepts claims on behalf of deceased persons if the applicant is an executor or authorised representative, and allows claims for more than one agreement, assessing each individually. Claims for agreements before 2007 are not accepted, as consumer protection legislation applies only from April 2007 onward. The company can also take on claims already being handled by another company, provided the client has previously terminated their contract with the previous firm. According to the information published, the claim does not affect credit score or existing finance agreements.

Location and contact

The company is headquartered at 85 Gresham Street, London, postcode EC2V 7NQ. Telephone support is available Monday to Friday, from 09:00 to 17:00.

Phone: 020 3337 2888 · Email: enquiries@reclaimmymoney.co.uk · Hours: Monday to Friday: 09:00 - 17:00