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Supreme Court car finance ruling: Martin Lewis issues urgent warning

Martin Lewis, after deciding whether the Supreme Court would be compensated for the payment of the secret automobile financial commission of millions of people, released an emergency warning to drivers.

On Friday, August 1, the Supreme Court decided whether the millions of drivers would get compensation for the renovation agreements signed before 2021.

The Court of Appeal decided that the “secret” commission payments to the automobile vendors as part of the financial regulations made before 2021 without the completely informed approval of the driver decided that the “secret” commission payments were illegal in October last year.

The court found that three drivers who bought all their cars before 2021 would receive a commission from the lenders to promote their jobs and that they would not be informed about the right of compensation.

The two lenders, the Firstrand Bank and Close Brothers objected to this decision and called it a “terrible mistake ..

Lewis, who wrote on X, called on the drivers not to take action yet: “People ask me what to do to me. Currently, very strong answer is not anything. Tonight will probably play for the next six weeks and then we will have a good idea.

Martin Lewis drivers called 'to do nothing now'

Martin Lewis drivers called ‘to do nothing now’ (GMB/ITV)

The Financial Behavior Authority (FCA) warned the court that the previous decision was “too far”, but still said that he could initiate a correction plan that covers the drivers affected by the optional commission regulations prohibited in 2021.

The result of the decision may have great consequences for the sector, FCA said that almost 99% of the 32 million automobile financing agreement has included commission payment to a broker since 2007.

Three drivers Marcus Johnson, Andrew Wrench and Amy Hopcraft, all used to make a broker for financial arrangements for second -hand cars with less than 10,000 £.

In any case, only one finance option was offered to drivers, automobile vendors make profit from the sale of the car and receive commission from the lender.

The Supreme Court of England will make a long -awaited decision about Saga on Friday.

The Supreme Court of England will make a long -awaited decision about Saga on Friday. (Cargurus/Pa)

The commission paid to the dealers was affected by the loan interest rate.

The programs were banned by FCA in 2021 and three drivers were legally legally processed between 2022 and 2023.

After the allegations reached the appeal court, three senior judges decided that the borrowers were obliged to repay the commission to the drivers, as the commission payments in the MS Hopcraft case were not “disclosure” and a “insufficient explanation ında in the Mr Key case.

In Mr. Johnson’s trial, judges found that he had received “insufficient explanation ında about the commission to pay a fully informed approval to pay.

Lady Justice Andrews, Lord Justice Birss and Lord Justice Edis said that although each case is different, it would not be enough to bury such an expression on the small pressure that the lender is not likely to read it ”.

If justice refuses to challenge, it is unclear how many people may have the right to compensation.

If they put them side by side with the loans, they will significantly limit the scope of potential payments to the drivers.

FCA said it would confirm whether it is planned to launch a correction plan within six weeks after the decision.

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