New Martin Lewis £1,100 car finance refund update hints at payouts on the way

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New Martin Lewis £1,100 car finance refund update hints at payouts on the way
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More than 1.2 million people have used the online complaints letter template to start their claim for £1,100.

Martin Lewis has shared two updates in this week’s MoneySavingExpert.com newsletter which “indicate a payout may be coming” for more than 1.2 million people who have used an online tool to generate a complaints letter for possible car finance refunds worth around £1,100.

Martin’s first big update that hints that compensation is coming is that Lloyds, owner of Black Horse, has set aside £350m for potential costs and payouts. The other is that the boss of the FCA said last week that “it's improbable its investigation will find no evidence of wrongdoing”.“Lloyds, which owns Black Horse, has already put a £450m 'provision' towards potential costs & payouts for this.

Martin also said that the number of people using the free online tool at MSE.com are “beyond anything I expected” and urged people to be patient waiting on a response to their complaint as most firms have no plan in place to deal with the volume.

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