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Tax back on Secure Trust Bank (Moneyway) car finance compensation

Lender guide · Bank Secure Trust Bank
Quick answer

If Secure Trust Bank paid you compensation with interest, it will normally have taken 20% income tax off the interest. Basic-rate and non-taxpayers can usually get that tax back from HMRC, and we handle the claim for you.

By , Finance Editor Last checked 3 October 2026 · Sources listed below

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Estimated repayment —
Get my full estimate Estimate before fees. Paid in more than one tax year? The full estimate lets you add each payment.
Parent groupIndependent
Lender typeBank
Motor finance provision£21m
Agreements in FCA scheme6 Apr 2007 – 1 Nov 2024

About Secure Trust Bank

Secure Trust Bank is a listed UK bank based in Solihull. Its car finance, including hire purchase on used cars arranged at the dealership, was provided under the names V12 Vehicle Finance and Moneyway, so either name on your agreement means Secure Trust Bank was the lender. In February 2026 it agreed to sell the motor finance business to LCM Partners.

The bank has set aside £21m for the FCA’s car finance compensation scheme.

What Secure Trust Bank took off your payout

Compensation is usually made up of three parts. Only one of them is what we reclaim.

1 · RedressThe commission or interest you overpaid. This part isn’t taxed.
2 · InterestAdded for the time you were without the money. This is taxed.
3 · Tax deductedUsually 20% of the interest. This is what we get back for you.

Can I claim?

  1. Secure Trust Bank paid you compensation, under the FCA scheme, after a complaint or through the Financial Ombudsman.
  2. The compensation included interest, with tax deducted.
  3. You were a basic-rate or non-taxpayer in the tax year you were paid.

Secure Trust Bank questions

Will claiming affect my Secure Trust Bank compensation?

No. The rebate is a separate claim to HMRC. Secure Trust Bank isn’t involved and your compensation doesn’t change.

I had more than one Secure Trust Bank agreement

Every payout you received in the same tax year goes into one claim, including payouts from other lenders.

Secure Trust Bank hasn’t paid me yet

Reserve your rebate now. We’ll tell you when payments start and file for the right tax year once you’re paid.

My letter doesn’t show any tax deducted

If no tax was deducted, there’s nothing to reclaim. If you’re not sure, our case team can check it for you at no cost.

What do you do for me?

We check what you’re owed, work out the right tax year, prepare and submit the claim to HMRC as your agent, deal with any questions and send you the balance after our fees.

Sources

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