Martin Lewis issues new update for millions of drivers who could be due compensation

MoneySavingExpert.com (MSE) laminitis Martin Lewis explained however car concern lenders volition present person until December 4, 2025 to woody with each complaints

Martin Lewis has issued a caller update for millions of drivers who are waiting to spot if they'll get compensation implicit car finance mis-selling.

The Financial Conduct Authority (FCA) had been owed to people the result of its probe into mis-selling successful September 2024 - but it has delayed this until May 2025. In a caller update today, MoneySavingExpert.com (MSE) laminitis Martin Lewis explained however firms volition present person until December 4, 2025 to woody with each complaints.

The FCA is investigating car concern deals that contained alleged “discretionary committee arrangements” (DCA) which allowed car dealers to set the involvement offered to customers, to summation their commission. DCAs were banned by the regulator successful January 2021 - but present the regulator is investigating whether compensation could beryllium due.

Martin has been raising consciousness of the probe and successful a station connected X/Twitter, helium said today: "Motor concern misselling update: @TheFCA conscionable announced portion it'll denote it's ruling successful May 2025 firms volition person until December 2025 to woody with complaints."

You could extremity up being owed compensation if your car concern had a DCA and you bought a car, van oregon motorbike for idiosyncratic usage earlier January 28, 2021. The types of concern covered successful the probe are idiosyncratic declaration purchases (PCP) and prosecute acquisition - it does not see idiosyncratic declaration hire, which is often referred to arsenic leasing.

If the FCA does determine that compensation is due, it isn't yet wide however overmuch wealth drivers could perchance receive. Its figures suggest drivers paid £1,100 much involvement connected a emblematic £10,000 four-year car concern woody erstwhile determination was a discretionary committee arrangement.

Martin Lewis has recommended putting successful a ailment sooner alternatively than later, successful lawsuit a timeframe is aboriginal imposed that could chopped disconnected immoderate aboriginal complaints. You should marque a ailment nonstop to the lender that provided your car finance. If you usage a claims absorption firm, they volition instrumentality a chopped of immoderate compensation perchance owed - truthful debar doing this.

You tin enactment successful a ailment yourself for free. MoneySavingExpert.com has a escaped instrumentality that volition assistance you draught a template missive to send. You tin kick adjacent if the car has been paid off, and you tin besides kick connected behalf of idiosyncratic other if they've passed away.