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 to generate a complaints letter to send to their lender.
An investigation by the Financial Conduct Authority 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”.
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”.He went on to share details of new research by the MSE.com team which indicates that 74 per cent of people who have made a complaint have been told they did pay the hidden commission. Similarly, the survey suggests that 26 per cent did not.
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