Car Finance

The free and independent Financial Ombudsman Service (FOS) – which settles disputes between UK-regulated financial companies and consumers – could be reformed in future, the Government has announced. But it's still very early days – for now, there are NO changes to how the Ombudsman works and you can still escalate your complaint to the service as usual.

A major investigation into hidden, unfair car finance commission has had a huge update, which MoneySavingExpert.com founder Martin Lewis has said could double the number of people who are due a payout. Here's what we know so far, though it's still early days and Martin cautions we have "lots more reading and thinking to do".

Some MoneySavers have reported receiving car finance mis-selling compensation payments out of the blue. But these are unrelated to the latest ongoing investigation into hidden commission, which means you CAN still complain about that on top.

The outcome of a major investigation into hidden, unfair car finance commission will be pushed back from September 2024 to May 2025, it's been announced. But the regulator behind the probe has told MoneySavingExpert.com founder Martin Lewis that payouts to drivers are now "more likely". Check if you could be due £1,000s back using our FREE car finance reclaim guide and tool.

It's "improbable" that a major investigation into hidden, unfair car finance commission will find no evidence of wrongdoing, the boss of the financial watchdog behind the probe has said. It's another indicator that millions of drivers could be in line for payouts. To check if you could be due £1,000s back, use our FREE car finance reclaim guide and tool.

MoneySavingExpert.com now has 1,080,000 car finance complaint letters submitted since 6 February 2024 when its founder and executive chair Martin Lewis launched its free car finance reclaim tool. That equates to a staggering 30,000 per day. A back-of-the-envelope calculation means this could be at least £480,000,000 back for those consumers, or more, as over 25% of complaints are from people with multiple agreements.

If you bought a car or van on motor finance from the likes of Barclays Partner Finance, Blackhorse and Santander, and you think you were overcharged, you could be due a payout as a major mis-selling investigation has been launched. MoneySavingExpert.com founder Martin Lewis is also warning anyone affected to lodge a new complaint now, so it's in the queue for when any action is taken.

If you're a More Than car insurance customer with auto-renewal turned on, you should look out for a letter explaining that you'll be switched to Swinton Insurance. Meanwhile, if you're not on auto-renewal, you'll need to arrange new cover when your policy ends as More Than is pulling out of the market.

The financial regulator has announced it will ban commission models that give car finance dealers an incentive to raise customers' costs from next year.

Some car finance customers are paying more than £1,000 extra in interest charges due to certain commission incentives, the Financial Conduct Authority has said.