Martin Lewis fresh 'check if you're owed thousands' car finance warning

Martin Lewis has issued a new warning for motorists who could be owed £1,000s. In the latest edition of the Money Saving Expert newsletter, he highlighted that people who purchased a vehicle on finance may be able to make a claim if they were hit by hidden Discretionary Commission Arrangements (DCA). Firms used DCA's to increase interest rates while the customer was made unaware, thus paying more than they may have otherwise.

The Financial Conduct Authority (FCA) launched an investigation into the practice in January, with Martin noting there's a high chance of customers getting money back, although this won't be confirmed until a decision is made in May 2025. Despite this, anyone who may be affected is being urged to lodge a complaint as soon as possible to avoid slipping through the cracks and missing out on a potentially significant payout.

The practice of DCAs was outright banned by the FCA in 2021, but motorists may still be able to receive compensation, depending on the outcome of the investigation. General advice is that anyone who financed a car between April 2007 and January 28, 2021, should make a complaint on the off-chance they were affected.

It can be difficult to file a complaint to your firm. Your first point of call is to find out who you need to actually complain to.

This would be the firm that you paid your finance to each month instead of the car dealer or broker. You should also check any documentation you may have on your car finance agreement as well as any additional information that may be related.

Once you're sure you know who you should complain to you can use a free online tool to help you issue a complaint. One of the more popular ones currently being championed is MSE's free car finance