Martin Lewis shares car finance compensation amounts as FCA confirms timescale

Martin Lewis Shares Car Finance Compensation Details as FCA Sets Deadline

The redress scheme for approximately 14 million UK consumers who took out car finance has been extended until December 12. The Financial Conduct Authority (FCA) revealed that these individuals may be eligible for compensation averaging £700 due to undisclosed commissions on motor finance agreements made between April 2007 and November 2024.

Advice from Consumer Expert Martin Lewis

Martin Lewis, a well-known financial advocate, has actively encouraged people who financed cars, campervans, or motorbikes during this period to check their eligibility for the compensation. Payouts are expected to begin early next year.

Coverage on The Martin Lewis Money Show Live

The first episode of the new series of The Martin Lewis Money Show Live focused extensively on the compensation scheme. It provided clear guidance on how the scheme operates, who qualifies, and the expected timeline for payouts.

Refunds and Claims Process

During the show, an audience member named Lucy asked whether refunds for mis-sold car finance should be issued automatically rather than requiring claims. Martin responded:

“I actually think for the first time we are as close to an automatic form of payout as we are ever going to get.”
“Technically, if you don’t complain, in many circumstances you will get your money back without doing anything.”

Despite this, he advises submitting a complaint to the car finance lender to ensure certainty of receiving the refund.

Summary

Martin Lewis highlights that millions may receive automatic payouts for hidden commissions on car finance, but filing a complaint remains the safest way to guarantee compensation.

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Daily Record Daily Record — 2025-11-06

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