Martin Lewis reveals what car finance compensation you may be owed and how to claim

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"The regulator said motor finance firms broke the law or its rules by not properly informing customers about commission paid by lenders to the car dealers which sold them the loan. Anyone who bought a car on hire purchase or personal contract purchase between April 2007 and November 2024 could be eligible for the redress scheme. The average payout is expected to be 700 per agreement, with lenders facing a 8.2bn compensation bill."

"Mr Lewis explains how drivers can receive compensation and how to make a claim (PA Archive) This is what the Money Saving Expert founder has to say Explaining in a new video on moneysavingexpert.com, Mr Lewis said the average payout will be roughly 17 per cent of the interest charged. So for every 1,000 of interest you were charged, you'll get back 170 and that's being done on average, he said."

The Independent emphasizes on-the-ground reporting across issues such as reproductive rights, climate change and Big Tech and funds journalism through reader donations while avoiding paywalls. The regulator found motor finance firms failed to properly inform customers about commission paid to car dealers, breaching laws or rules. Buyers who used hire purchase or personal contract purchase between April 2007 and November 2024 may be eligible for a redress scheme. The average payout is expected to be 700 per agreement and lenders face an estimated 8.2bn compensation bill. Around four million deals have already had complaints, with roughly ten million possible remaining. Martin Lewis says average refunds equal about 17% of interest charged.

Read at www.independent.co.uk