The Martin Lewis Money Show Live returned to STV for the start of its fourteenth season on Tuesday with a jam-packed programme full of the latest consumer news, energy help and a massive update for millions of vehicle owners across the UK who may be due a £1,100 refund on car finance. The consumer champion explained to viewers how a new landmark court ruling has sent “shockwaves through the car finance world”.
Martin said the average payout, if it happens, would be £1,100 - but it could be more. However, he warned that the further back you go,the more difficult it might be to provide evidence that you had car finance and may have had a DCA applied.He explained the only way to find out if you had a DCA added is to make a complaint - more than 2.4m people have used the free online letter template to do this on MSE.com here.
“They said a car firm cannot get commission without a customer's ‘fully informed consent’, to get fully informed consent the customer must know all the facts including the amount of the commission which was never told. That is a radical clear viewpoint, it increases the likelihood of car finance mis-selling compensation by the FCA next May.
“I would not be surprised if they were looking at extending this to all car finance commission, not just Discretionary Commission Arrangements.”