Martin Lewis: Car finance mis-selling help – your questions answered

MSE_Emily

The financial regulator has announced its proposed car finance mis-selling redress scheme, with an average payout of £700 likely to be due on over 14 million car finance agreements made between 7 April 2007 and 1 November 2024. MoneySavingExpert.com founder Martin Lewis answers your questions about the scheme on the latest instalment of The Martin Lewis Podcast...

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Martin Lewis: Car finance mis-selling help – your questions answered

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born_again

Would it not more sense in the dedicated section, there already is?

BStubbins

Just a quick Google search suggests that "the FCA redress scheme is designed to apply regardless of loan size...".   Martin seems to think £25,000 is the limit under the credit consumer act.  Can anyone clarify/verify.   Thanks 

PHK

I would pause before doing anything. Martin's article has a couple of misunderstandings.

It's also worth pointing out that the scheme isn't finalised yet and a number of unforeseen flaws have been pointed out with the proposal. The FCA are reviewing and will make a final decision later on the year. 

MyRealNameToo

BStubbins said:

Just a quick Google search suggests that "the FCA redress scheme is designed to apply regardless of loan size...".   Martin seems to think £25,000 is the limit under the credit consumer act.  Can anyone clarify/verify.   Thanks 

The official consultation document is https://www.fca.org.uk/publication/consultation/cp25-27.pdf

The £25k limit on the CCA was removed in 2006 and the scheme starts from 2007