Martin Lewis has revealed that a staggering 1.7 million people who believe they may have been mis-sold car finance and due a refund worth thousands of pounds have used a free online template at MoneySavingExpert.com (MSE.
com) to generate a complaints letter to send to their lender. Earlier this year, Martin explained how millions of people who bought a car, van, campervan or motorcycle on finance before January 28, 2021 may be owed money after being charged ‘hidden commission’. He explained that drivers typically paid £1,100 more interest on a £10,000 four-year car finance deal when there was a Discretionary Commission Arrangement (DCA) - but added that the bigger the loan, the more money you could be owed.
An investigation by the Financial Conduct Authority (FCA) on whether or not compensation payouts could be due is expected to conclude on September 25, 2024. But in this week’s MSE.com newsletter, the consumer champion is urging people who haven’t already registered their complaint to do it now as the “clock is ticking”.
Writing in the newsletter, Martin said: “The clock is ticking for the financial regulator, the FCA, to make its decision on car finance mis-selling. Since the investigation was announced in January, 1.7m complaints have been made via our free tool alone.
” He added that if the FCA “rules in favour of mass payouts, that could equate to £750,000,000 being repaid for complaints made via the tool”. Martin has previously compared the potent.
