Martin Lewis warns drivers about £1.1k car finance refund deadline

Are you a driver who purchased a car on PCP or hire purchase before January 2021? If so, you may be entitled to a £1.1k car finance refund, but time is running out to make a claim. Renowned financial expert Martin Lewis has issued a warning to drivers, urging them to act before the looming September deadline.

In a recent segment on ITV, Mr. Lewis emphasized the importance of checking for discretionary commission and submitting a claim as soon as possible. He highlighted the availability of free online tools to assist with the process, ensuring that drivers do not need to pay anyone for help.

The Financial Conduct Authority (FCA) has also stressed the need for providers to handle complaints in a consistent and efficient manner due to the high volume of potential claims. Failure to address complaints promptly could result in drivers not receiving the compensation they are owed, as car finance loans are not covered by the Financial Services Compensation Scheme.

With the FCA indicating that some customers may have been overcharged on car finance loans, it is crucial for affected drivers to take action before the consultation deadline in September. The FCA’s investigation into the issue is ongoing, and while wrongdoing is suspected, a definitive conclusion will not be reached until the report is released.

Car finance is a significant industry in the UK, with the majority of new cars being purchased through finance agreements. As such, it is essential for drivers to be aware of their rights and potential entitlement to a refund. Don’t miss out on the opportunity to claim what you are owed – act now before it’s too late.