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Motormile Finance UK Limited Debt? – Should You Pay?

Lantern Debt Collectors

For free and impartial money advice and guidance, visit MoneyHelper, to help you make the most of your money.

Motormile Finance was a debt collection agency that bought debts from payday loan companies and other creditors.

They then chased these debts using emails and debt letters to try and recoup the money.

But Motormile Finance Limited no longer exist as a debt collection group. Instead, they go by a new name – Lantern.

If you have a Lantern debt, you can read our Lantern debt collection guide which gives you easy-to-follow guidance on dealing with Lantern debt letters.

Don’t worry, here’s what to do!

There are several debt solutions in the UK that can be used to improve your finances. Choosing the right way to tackle your debt could save you time and money, but the wrong one could cause even more harm

It’s always best to find out about all your options from a professional before you take action.

Fill out the 5 step form to get started. 

Motormile Finance

Motormile Finance Take the High Road

The Financial Conduct Authority (FCA) became aware of malpractices within Motormile Finance in the way they collected debt. After an investigation in 2015, Motormile Finance was found to be guilty of a series of legislation breaches.

This may not be too surprising considering the number of forum users complaining about Motormile Finance doorstep visits and aggressive debt collection attempts. As a result of the findings, Motormile Finance then agreed with the FCA to offer redress to almost half a million debtors, ridding their debt due to its own debt collection negligence.

The bottom line was that over £400 million worth of debt was written off, and some previous debtors received a payment back. The total amount paid made back to customers was over £150,000, which averaged at £72 for each debtor (although it was not split equally).

For more details, you can read the full story via the FCA website, or read The Guardian’s take on events.

Are you struggling with debt?

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Motormile Finance now Operate as Lantern

After their negative publicity, it was not a shock when Motormile Finance decided to rebrand. They did exactly that in 2018 and are now known as Lantern. The branding of Lantern focus around a human and empathetic approach, but even if they have become more considerate about the way they collect debts, your rights remain the same.

Remember to read our guide on dealing with Lantern debt letters to find out how to reply to their requests for payment.

Motormile Finance Debt

Further Support Dealing with Debt

For additional help at dealing with debt from any other debt collection group, consult the information at MoneyNerd. We bring you easy-to-understand information on debt collection and what you can do to clear your debts.

Start with our debt solutions page to see all the options for yourself.

Are you struggling with debt?

Affordable repayments

Reduce pressure from people you owe

Stop interest and charges from soaring

Get started

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Are you struggling with debt?
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  • Reduce pressure from people you owe money to
  • Stop interest and charges from soaring
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