Money Saving Expert says millions of motorists
Money Saving Expert Martin Lewis, has said that millions of motorists could be owed money, after having potentially overpaid on finance due to a quote ‘hidden commission.’ The expert said that if you bought a car, van, campervan or motorbike on finance before January 28th 2021, then you may be affected. Lewis stressed that this is the date of your finance agreement, not the date you got your motor. He revealed that around 40 per cent of these purchases had hidden Discretionary Commission Arrangements and added that he thought, quote, “this is likely to be the UK’s second biggest reclaim after PPI.’
Transcript
00:00 Money saving expert Martin Lewis has said that millions of motorists could be owed money
00:06 after having potentially overpaid on finance due to a quote "hidden commission". The
00:10 expert said that if you had bought a car, van, camper van or motorbike on finance before
00:15 January 28th 2021, then you may be affected. Lewis stressed that this is the date of your
00:21 finance agreement, not the date you got your motor. He revealed that around 40% of these
00:26 purchases had hidden discretionary commission arrangements and added he thought "this is
00:31 likely to be the UK's second biggest reclaim after PPI". His key point was that lenders
00:36 let brokers and car dealers make up interest rates to increase commission and that brokers
00:41 could then charge more interest to receive more commission. This was banned in 2021.
00:47 The Financial Conduct Authority has since launched a major investigation into hidden
00:52 Unfair Car Finance Commission.
00:54 [BLANK_AUDIO]