Latest update for Bott and Co clients
There has been an important development in the motor finance claims process that could mean some customers receive compensation offers sooner than previously expected.
In a recent letter to Parliament, the Financial Conduct Authority (FCA) confirmed that some lenders have expressed a willingness to begin settling motor finance complaints before the legal challenges to the FCA’s proposed redress scheme have been fully resolved.
The FCA has welcomed this approach and said it will work with lenders to make early settlements possible where appropriate.
While this is encouraging news, it is important to understand what it means for your claim.
What does this mean for Bott and Co clients?
Our legal team is carefully reviewing this latest development and engaging with lenders where appropriate.
If lenders do begin making offers before the wider redress scheme is finalised, it could mean that some of our clients receive compensation proposals earlier than expected.
However, every claim is different and there is currently no guarantee that all lenders will begin making offers immediately.
As always, we will continue to monitor developments closely and keep you informed.
Do not accept any settlement offer without speaking to Bott and Co first
If your lender contacts you directly with a compensation offer, do not accept or reject it before speaking to us.
Early settlement offers may not represent the full compensation you are entitled to receive.
Our experienced legal team will:
- Review the offer in detail.
- Assess whether it fairly reflects your potential entitlement.
- Advise you whether accepting the offer is in your best interests.
- Handle discussions with the lender on your behalf if necessary.
That is exactly what you have instructed us to do.
If you receive any correspondence from your lender, simply forward it to Bott and Co and we will take it from there.
Make sure your contact details are up to date.
If lenders begin making compensation offers, we will need to be able to contact you quickly.
If you have changed the following since you first instructed Bott and Co, please let us know as soon as possible.
- Mobile number
- Email address
- Home address
Email motorfinanceclaims@bottonline.co.uk with your updated details so we can continue acting on your behalf without delay.
Keeping your details up to date helps ensure you do not miss any important developments.
Your claim is safely with Bott and Co
If you have instructed Bott and Co, your complaint has been submitted and your claim is registered.
Our specialist motor finance team is monitoring developments every day and taking action whenever there is progress.
You do not need to instruct another claims company or solicitor.
If your lender asks who is representing you, simply confirm that Bott and Co Solicitors is acting on your behalf.
We will keep you updated.
We understand that waiting for progress can be frustrating, but significant developments continue to be made.
Our priority is ensuring that when compensation becomes available, you receive the best possible outcome, not simply the fastest offer.
If we need anything from you, we will get in touch.
Otherwise, you can rest assured that Bott and Co are on it.