Martin Lewis issues huge car finance claim update as millions more people could be owed money

The Independent

Martin Lewis issues huge car finance claim update as payout could be on same scale as PPISource: Good Morning Britain

Transcript

00:00Yeah, so earlier in January this year, the regulator announced that anyone who had had

00:06a discretionary commission arrangement on their car finance, which is where dealers

00:10could increase the interest on your car finance dealer in order to get more commission.

00:15It was investigating and it was urging people to put in complaints as they may be able to

00:19get that money back, which could be large.

00:21Now, then two weeks ago, we had one of those moments where people who look at a subject

00:25just go, what?

00:27And that was because the Court of Appeal ruled on Car Finance Commission, I just need to

00:31read you the statement, consumers need to know all material facts, including the amount

00:37of commission.

00:38And that means it was no longer just about discretionary commission arrangements, which

00:43was 40%.

00:45We've had an announcement from the regulator today saying it is extending the hold on complaints,

00:50which means things are going to take longer because it's waiting the Supreme Court of

00:53announcement.

00:54But when you read within that, it's now saying there is a hold on firms dealing with all

00:59Car Finance Commission complaints, not just the 40% who had those discretionary commissions

01:04where the dealer could increase interest, but all Car Finance Commission complaints.

01:09So it is effectively paving the way for all those complaints to be investigated if there's

01:17a Supreme Court ruling that upholds the Court of Appeal, which would mean potentially anyone

01:23who has had Car Finance, because all of them had commission on, is may well be eligible

01:29for a payout.

01:30It's even at the moment saying everybody should be putting complaints in, not just those with

01:34discretionary commission arrangements.

01:36So this over doubles the number of eligible people.

01:38To put this in perspective, my tool and money saving expert alone for complaining has already

01:43had two and a half million complaints put through.

01:46It was already predicted that this could be a payout of eight to 12 billion pounds.

01:52And now effectively, and it will all depend on the Supreme Court upholding the Court of

01:56Appeal ruling, this could potentially more than double the number of people who were

02:01involved in all this.

02:03And you will be talking out, if it all were to go through, and there are a lot of ifs

02:06in there, a PPI scale of payouts potentially coming through, which, of course, has some

02:12very serious knock on effects to the car finance industry.

02:14Martin, just briefly, who would be affected?

02:18What dates?

02:19How to put in a complaint or claim?

02:23Well, if you had one of those discretionary commission arrangements, which you won't know,

02:27the only way to find out is by complaining to see if you had one of those, then you should

02:31be putting in a complaint now.

02:33Other people, I need to be honest, this broke minutes ago.

02:37I'm going to be rewriting my tool to allow other people to complain and put in a provisional

02:41complaint so you don't go through a time bar.

02:44But what it's looking like, cursory, it's only just happened, is anyone who's had car

02:48finance.

02:49But I need to see the dates that are being specific.

02:51More of this is going to come out.

02:52But it's just everybody involved, keep your eye on this, listen to what's going on.

02:56This is big.

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