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Moneybarn repays £30million to 6,000 customers who were treated unfairly over loans they couldn't afford

7 monthes ago   |   By The Sun

CAR finance provider Moneybarn is to repay £30million to almost 6,000 customers after letting them take out loans they couldn't afford.
The city watchdog has also slapped a £2.77million fine on the firm after it was found to be treating borrowers unfairly when they fell behind on repayments.
An investigation by the Financial Conduct Authority also revealed that the lender didn't sufficiently communicate what would happen if they defaulted on payments before taking out an agreement.
As a result, 1,400 customers - many of whom were vulnerable - ended up defaulting on payments.
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