Martin Lewis explains how millions could still get car finance payouts after ruling
Money expert Martin Lewis may claim that millions of drivers have potentially owe compensation for the payment of secret commission in automobile financing plans – but they should be “patient” for a potential automatic reimbursement plan.
The founder of the money -saving specialist, drivers with “secret commission payments” can be paid potentially by an automatic correction plan by the end of the year.
The Supreme Court comes after car financing lenders decided that they will only be responsible for the payment of secret commission in the most “unfair” cases.
“Nobody should do anything right now. You should sit in your hands.” People need to be patient. It makes sense to do, ”he said.
“Even though you have a claim, we will see that the potentially organizer puts an automatic correction scheme, so you don’t have to make a claim to get your money.
“So if you were going to register with a claim behind this news, you have the chance to make money for you, and even if the claim of the claim does not do anything, it may ask 25 percent.”
Mr. Lewis said that payments may come until the end of the year, but people should “wait to see” exactly what the plan of financial behavior authority will be.
The two lenders, the Firstrand Bank and Close Brothers, as part of the financial regulations made before 2021, the commission payments paid to the automobile vendors by buyers, without the fully informed consent of the driver – went to the UK’s highest court to challenge a Court of Appeal.
In October last year, the decision of the three drivers who bought their cars before 2021, should receive compensation after not being said clearly enough, or to buy a commission to promote the business to the car vendors acting as a credit broker.
For the lenders, lawyers said that the decision was a “terrible mistake ,, that the financial behavior authority intervened in the case and that the decision was“ too far ”at a three -day hearing in April.
Three drivers Marcus Johnson, Andrew Wrench and Amy Hopcraft opposed the challenge.
Lord Lord Reed, who gave a summary of the Supreme Court’s decision on Friday and heard the case, said, “For detailed reasons stated in a decision published today, the Supreme Court allows the appeals brought by financial companies.”
“However, we support Mr. Johnson’s claim that the relationship between himself and the financial company is not fair, and we allow the appeal to the appeal in the case for making a number of mistakes in achieving the decision of the appeal.
