Martin Lewis shares 'must' for millions who bought cars before 2024

Martin Lewis is urging millions not to miss out on potential car finance compensation of roughly £700, which could land as early as January or February next year. On Tuesday, the Financial Conduct Authority (FCA) disclosed that 14 million car finance deals contained a discretionary commission arrangement (DCA) within the loan agreement, without customers' knowledge.

In a fresh post on X, formerly Twitter, the Money Saving Expert (MSE) founder told anyone who purchased a vehicle between April 2007 and November 2024 they "must" listen to his podcast for more information.

He said: "If you bought a car on finance between April 2007 and Nov 2024, this [podcast episode] is a must listen. I go through in far more detail how it works and what you need to do and a thorough Q&A which should cover the vast majority of questions people have."

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In another post, he outlined the podcast's content and said: "FULL CAR FINANCE MISSELLING HELP. 14m to get compensation as part of £8.2bn redress scheme. How to claim, how much, what you need do, claiming for deceased relatives & far more. Do listen".

An estimated four million car finance deals have already been the subject of a complaint - leaving approximately 10 million which could still be pursued. Mr Lewis said people can use a letter template at MSE.com to ensure they 'opt-in' to the compensation scheme. Martin offers a step-by-step guide on how to lodge a complaint and what subsequent steps should be taken for those who have already done so.

He said: "If you haven't already complained, then the firms have to try and identify all the people who were mis-sold under all these categories and need to get in touch with you within six months of the scheme [starting], but then you'll have to opt in.

"So you'll have to actively say 'I want to be a part of this and I want to get that money.' Now, in my view - and I suggested this to the regulator boss when I was talking to him about this - in most cases it would be a lot easier if you were in the 'I've already complained' category. So that means you probably want to put in a complaint NOW, so that you're in that category by the time the redress scheme starts (if you were mis-sold)."