Martin Lewis issues warning to car owners and says 'many are asking'

The Martin Lewis Money Show star spoke out on Twitter/X over a Financial Conduct Authority investigation into car finance deals from before 2021.

Martin Lewis has issued a warning to car owners and said: “Many are asking.” The ITV The Martin Lewis Money Show star spoke out on Twitter/X over a Financial Conduct Authority investigation into car finance deals from before 2021.

Martin wrote: “Many asking me about the new car finance reclaiming (if bought a car prior to jan 2021). I’m still working on the details of “what to do” but if you want to understand the basics have a listen to this…” He then shared a link to his latest podcast.

Sharing the podcast previously, the BBC Sounds host wrote: “New Pod jammed with info! New: car finance reclaim £1,000s | April b’band & mobile hikes confirmed | Urgent backdated bereavement pay | Cut water bills by £100s | How to haggle & more. Do give it a listen”

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“I submitted my claim to barings law over a year ago and all I keep getting told is that the court haven’t even agreed the test case can go ahead. Do you know something more?” Karen asked. The new investigation comes amid concerns motor finance firms may be unfairly rejecting mis-selling claims from borrowers who believe their contract was more expensive because their dealer stood to earn a hefty commission by charging more.

Speaking previously, Mr Lewis hinted the scandal could be worse than PPI. “”HUGE announcement from @theFCA this morning that has gone totally under the radar. It may mean a payout for millions who bought a car/van on motor finance before 2021, he wrote.

“I’ve done back of the envelope numbers and at the top end this could be PPI-type scale (that was £40 billion), big enough to be a form of quantitative easing (so real consequences for the next Government as it’ll likely take a year).

“It is to look at the handling of complaints about commissions when people got motor finance (pre-2021). Two big ombudsman cases revealed today indicate that firms are falsely rejecting complaints and the Financial Conduct Authority (FCA) is now to do a full review of complaint handling.

“The FCA wouldn’t do this unless it was likely to find they were doing it wrong.”