Martin Lewis issues major car finance mis-selling update and 'deadline'

The BBC Sounds and ITV star, who is a Money Saving Expert, spoke out on Twitter, now X, in the wake of the car finance mis-selling scandal having learned of a development today.

Martin Lewis has issued a major car finance mis-selling update. The BBC Sounds and ITV star, who is a Money Saving Expert, spoke out on Twitter, now X, in the wake of the car finance mis-selling scandal having learned of a development today.

Mr Lewis said: "Motor finance misselling update: @TheFCA just announced while it'll announce it's ruling in May 2025 firms will have until December 2025 to deal with complaints." The Financial Conduct Authority (FCA) is investigating whether millions of drivers could be owed compensation if they took out a car finance deal that contained “discretionary commission agreements” that let dealers choose the interest rates on loans.

"I wrote to BMW (your letter) asking if they used commission etc. and I haven't heard anything. Is my letter enough? Or do I need to send a letter to officially "complain"? Thanks," a driver wrote back to Mr Lewis. Another said: "Haven’t heard anything for months from my claim. Should I chase or assume it’s in hand? Thanks"

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"Had a letter from black horse yesterday saying "based on their initial checks my agreement involved DCA and they will log the complaint and deal with it within the timescales" - presumably just wait for more info?" another driver wrote.

"Certainly giving the finance companies plenty of time to every enquiry, fully understand a massive task for the larger companies but surely somebody knows who is due money?" asked another driver and road user in response to Mr Lewis.

Another said: "I don't understand what's taking so long, they're guilty as sin and have virtually admitted it. Still, as long as the interest is punitive, say the 8% that PPI was, then the longer the better I suppose." And another said: "Had 6 companies come back and say there was a DCA on my loans, ow that will be delayed for over another year, ah well I suppose it will be more interest they will have to pay, if / when they do."