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Martin Lewis explains who can get mis-sold car finance compensation worth £829
About 12.1 million drivers are expected to receive an average £829 payment, though eligibility has been narrowed and about 2 million will miss out.
- On Monday, the Financial Conduct Authority confirmed a £7.5 billion compensation scheme for motorists mis-sold car finance agreements between April 2007 and November 2024, addressing widespread industry unfairness.
- Approximately 12.1 million agreements now qualify for compensation, down from 14.2 million after the FCA tightened eligibility criteria to exclude deals with minimal commission or zero APRs, reducing industry costs.
- Money Saving Expert Martin Lewis urged drivers to "complain now" rather than wait for lenders to contact them, warning that "complaining now is really important because it could mean you get your compensation sooner." The average payout is £829 per agreement.
- HD Law director Kevin Durkin warned motorists face a "smash and grab" by lenders, arguing the FCA scheme undercompensates drivers by "chipping away" at Supreme Court findings and potentially costing many over £1,000 in lost compensation.
- Lenders must contact eligible customers by June 30, 2026, though the FCA split the process into two schemes to avoid judicial review delays, with the regulator projecting most claims settled by the end of 2027.
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Leaning Left4Leaning Right1Center3Last UpdatedBias Distribution50% Left
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50% Left
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C 38%
12%
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