Martin Lewis has urged drivers with car finance to check if they could be owed thousands of pounds. The MoneySavingExpert has launched a free tool to help people check whether or not they were mis-sold finance agreements when signing their contracts.
In addition to streamlining the process, the money guru also urged people to steer clear from targeted ads trying to push no win, no fee options on unsuspecting clients.
“Yet do that and, if you’re due a payout, you’ll lose up to 50% of it. Pointless,” he said. The tool which has gone live on the MSE website has been shown to lawyers who have given it the seal of approval, he added.
“Already 2.3m complaints have been submitted through it, such as Catherine’s – she emailed us after: “Your online tool is brilliant. I have submitted 6 ‘claims’, yes 6 – and I did it only because of how easy, clear and simple you made it.”
The hidden Discretionary Commission Arrangements (DCAs) could have been detailed in some people’s policies, which effectively allows finance firms to bump up interest rates without customers realising. Where this has happened, some companies are “bunged” extra commission.
“This likely meant many overpaid without knowing and may be due a predicted average £1,100 back,” Mr Lewis added.
