RE: Held now for 15 years15 Feb 2024 13:08
FangKat......."I thought I saw on a lewis site that he was not yapping billions anymore, and that overall the figure was 2 to 230 million - for ALL banks etc concerned. Might have seen it wrong, late at night and whiskey etc."
That is right, Martin Lewis had an update on the moneysavingexpert.com on Tuesday which read:
""Martin: "Last Tuesday, we launched our brand new Car finance hidden commission reclaiming guide & tool and... wow! In just seven days you've sent over 530,000 complaint emails via it. The regulator, the Financial Conduct Authority (FCA), estimates 40% of finance agreements had these dodgy commission arrangements (you won't know if you did as it was hidden) and the average payout per arrangement may be £1,100. So that potentially equates to up to £234 million coming back to people."
It seems he is scaling back from his initial claim that it could be as big as PPI? But that figure of £234 million he has said above is relating to a number of 530,000 complaints so far received. It would be difficult to estimate what the total number of complaints will eventually be, but to put some perspective on it, if 5,000,000 complaints are eventually received it would cost the sector (all banks concerned) £2.207 billion. If 10,000,000 complaints are eventually received, it would cost the sector £4.4 billion. But this is still a lot less than PPI scale he was shouting about initially? Go to the link below and click on the "UPDATE: car finance reclaim complaints" tab on the left hand side of the page.
https://www.moneysavingexpert.com/latesttip/?#carfinance
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