00:00 Money saving expert Martin Lewis has said that millions of motorists could be owed money
00:06 after having potentially overpaid on finance due to a quote "hidden commission". The
00:10 expert said that if you had bought a car, van, camper van or motorbike on finance before
00:15 January 28th 2021, then you may be affected. Lewis stressed that this is the date of your
00:21 finance agreement, not the date you got your motor. He revealed that around 40% of these
00:26 purchases had hidden discretionary commission arrangements and added he thought "this is
00:31 likely to be the UK's second biggest reclaim after PPI". His key point was that lenders
00:36 let brokers and car dealers make up interest rates to increase commission and that brokers
00:41 could then charge more interest to receive more commission. This was banned in 2021.
00:47 The Financial Conduct Authority has since launched a major investigation into hidden
00:52 Unfair Car Finance Commission.
00:54 [BLANK_AUDIO]
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