It’s rare that anyone goes against Martin Lewis. And this is not an exception. It’s hard to do that when his nickname is the Money Saving Expert.
The personal finance expert has been a champion for the general public across basically every facet of modern life. And now he’s taking on the car finance industry.
The Financial Conduct Authority launched an investigation into the car finance industry after numerous complaints from drivers claiming they had been overcharged.
It’s an all-too-common occurrence in this day and age for motorists to be charged expensive costs, which are sometimes hidden, and are simply expected to suck it up and accept their misfortune.
The consumer champion could help drivers secure millions of pounds in compensation
PA
Martin Lewis has now spearheaded the challenge to get drivers their money back and ensure British motorists can rest easy knowing they will get the compensation they deserve.
So far, more than 530,000 people have used the MSE car finance hidden commission reclaiming complaint form despite only being available for around a week.
The FCA has suggested that around 40 per cent of finance arrangements had a questionable commission arrangement, potentially leading to a mind-boggling compensation total.
These hidden fees put on by car dealers and lenders are predatory and take advantage of drivers who may not be able to pay for their vehicle in a lump sum.
While these dodgy deals were put in place before 2021, British motorists have been perennially ripped off across the board.
Martin Lewis has not held back when addressing the issue, calling out the “dodgy commission arrangements” and even suggesting that £234million could be returned to drivers.
A ruling will not be handed down before September so thousands, and potentially soon, millions, of drivers will have a long wait to see if they are eligible to get their money back.
The money saving expert has even warned drivers about lenders and car dealers trying to “put you off” from registering their complaints. Another predatory effort to hold drivers down.
Overcharging is sadly rife for motorists as has been a familiar sight at the pumps. Major retailers failed to pass on savings stemming from falling oil prices, nor the fuel duty cut over the last few years.
A report from the Competition and Markets Authority (CMA) found that some supermarkets charged drivers six pence more per litre for their fuel from 2019 to 2022.
This staggering profiteering from retailers and massive supermarkets meant that drivers were forced to fork out £900million in extra costs across the UK in 2022 alone.
The Government has introduced measures in an attempt to crack down on price gouging, although it is still up for debate over its effectiveness and when the measures will be evident at the pumps.
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Drivers have been forced to deal with overcharging at the pumps
PA
Even now, petrol and diesel prices are starting to rise. Granted, it’s only two pence per litre, but it all adds up.
Motorists have been given the raw end of the deal for a long time and if the Government doesn’t act properly, all eyes will be on Martin Lewis to get hundreds of millions of pounds back for hard-pressed drivers.