Martin Lewis shares car finance reclaim update as he marks milestone

Martin Lewis has shared another update on the number of people sending complaint letters about possible missold car finance.

The money-saving expert revealed on X, formerly Twitter, that more than one million complaints have been sent in via Money Saving Expert’s (MSE) free complaints tool. Extra details of the complaints were further explained on the MSE website where it states 1,080,000 complaints were submitted since February 6 of this year.

According to MSE, this is equal to 30,000 complaints a day. It comes after the Financial Conduct Authority (FCA) launched an investigation into allegations that people were charged too much for car loans.

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Martin has previously spread awareness of the investigation, stating that in the event that the FCA uncovers widespread misconduct, it is likely there would be compensation available for customers. Sheldon Mills, executive director of consumers and competition at the FCA, previously said: “We are taking a closer look at historical discretionary commission arrangements in the motor finance market following a high number of complaints from customers, which are being rejected by firms.

“If we find widespread misconduct, we will act to make sure people are compensated in an orderly, consistent and efficient way.”

Because of this, Martin has been frequently encouraging anyone who may be affected to send in a complaint as soon as possible. He previously remarked on his ITV show that the number of responses from MSE’s complaints tool is even more dramatic than “the final days of PPI”.

The FCA has placed a pause on a deadline for motor finance firms to provide a final response to relevant customer complaints. While customers are still allowed to complain to the finance provider, they are not obliged to respond until after September 25.