Martin Lewis has given car and van owners a stunning 10 day warning before pledging to reveal details about how motorists could get their hands on “billions of pounds”.
Last week, the Money Saving Expert stressed drivers could be liable for cash payments due to a Financial Conduct Authority (FCA) investigation into motor finance firms.
The group is reportedly looking into whether there was any “widespread misconduct” over commission paid to motor finance groups on car finance deals.
Mr Lewis warned the scale of the issue could be on PPI levels with “millions” of motorists likely to be impacted by the issue.
He pointed out that this would only affect motorists who purchased a car or van before January 28, 2021, on a PCP or higher purchase type finance deal.
However, he was unsure how far owners could go back suggesting any car purchased made in the last six years could still qualify.
Mr Lewis promised to reveal more details when he had them but has since remained silent on the issue.
However, the expert broke his silence on X as he told motorists to check back for more updates in early February.
He wrote: “Car finance reclaiming update. I know many of you are asking me about this. Just to say we think we’re about 10 days away from launching our full guide and free help tool.
“I will be locking myself away tomorrow pm to go through the first draft in detail. So please be patient with us. Full links to it here as soon as it is live.”
Martin again raised the issue on this week’s edition of the BBC’s Martin Lewis Podcast as he revealed “many people” had been in touch asking for more information.
He added: “There is a major investigation by the regulator the Financial Conduct Authority (FCA) into discretionary commission on motor dealers on car finance.
“I am in the middle of writing my guide to it, it is big and detailed, this could be billions of pounds.
“I am going to bring it to you in detail on the podcast at some point in the next couple of weeks once I have successfully managed to dot every I and cross every T that I can.
“Many people are asking me when we are going to cover that, I am still doing the work on it. I want to know I have got it right before I go out broadcasting it and telling people what to do.”
