Martin Lewis said he has “never seen anything like it” as he shared an update on the millions of people who are owed car finance compensation.
The Money Saving Expert founder revealed over £100 million is already set to be repaid to motorists, with numbers already surpassing PPI claims.
The finance expert said over a quarter of a million people had submitted complaints through his Money Saving Expert website in just one day.
Motorists who purchased vehicles under finance contracts before 28 January 2021, are likely to be impacted.
The Money Saving Expert founder revealed over £100 million is already set to be repaid to motorists, with numbers already surpassing PPI claims.
The finance expert said over a quarter of a million people had submitted complaints through his Money Saving Expert website in just one day.
Motorists who purchased vehicles under finance contracts before 28 January 2021, are likely to be impacted.
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NewsTranscript
00:00 Just to put this into context, this is all about the regulator, the FCA, launched a massive investigation into this in January, four weeks ago.
00:09 I've been working on my guide ever since. We launched the guide and a free tool that does the template and sends the whole complaint, does it all for you at no cost on Tuesday night at 7.30.
00:20 So we have had one full day of it since Tuesday night at 7.30, 230,000 complaint letters have already been sent.
00:32 Now, just to give you the numbers on that, it's expected 40 percent of people who are in this broad category that you had car finance, it was personal use.
00:39 You had to do it that time. It was PCP or HP. 40 percent are expected to have had this hidden commission, which is what this scandal is all about.
00:48 So if we take 260,000, we have 40 percent of it and the average payout is expected to be one thousand one hundred pounds.
00:55 That means already in just one full day that equates to one hundred and fifteen million pounds.
01:01 We're at that scale. I've never seen anything like it. Even the final days of PPI weren't like this.