Martin Lewis, the founder of Money Saving Expert, has issued urgent advice for individuals who believe they are owed compensation from mis-sold car finance deals. He urges them to complain immediately to secure a quicker payout.
Why Complain Now?
Lewis explained that while financial firms are obligated to identify all customers who were mis-sold car finance, taking proactive steps by filing a complaint can significantly speed up the process. The Financial Conduct Authority (FCA) estimates that approximately 12.1 million motor finance deals across various lenders were mis-sold, leaving millions of consumers entitled to compensation.
Estimated Compensation Amounts
According to the FCA, the average payout for each mis-sold deal is around £829. However, individual amounts may vary depending on the specifics of each case. Lewis emphasized that complaining directly to the lender or using the Financial Ombudsman Service could expedite the resolution.
In his latest statement, Lewis said: "Don't wait for firms to find you—take action now. By complaining proactively, you can ensure your case is handled faster and potentially receive your payout sooner."
The advice comes amid growing awareness of widespread mis-selling in the car finance industry, where consumers were often not fully informed about commission arrangements or the true cost of their loans.
