MoneySavingExpert, the influential consumer website founded by Martin Lewis, has launched a campaign aimed at reclaiming hidden and unfair commissions for motorists. This initiative marks another significant effort by MSE, known for its pioneering campaigns, to address financial issues affecting consumers.
The campaign specifically targets individuals who financed their vehicle purchases, seeking to rectify any hidden and unjust commissions associated with these transactions.
MSE, recognised for popularising bank charges and PPI reclaiming, has launched a free car finance reclaim guide and complaint tool. The tool, which generates a personalised letter drafted by Martin Lewis, aims to assist those who bought vehicles through finance agreements before January 28, 2021.
The campaign anticipates being one of the largest reclaim initiatives in the UK, potentially surpassing the PPI reclaim campaign that resulted in over £10 billion being refunded.
Martin Lewis, the founder of MSE, emphasised the importance of acting promptly: “A back-of-the-envelope calculation shows this will likely end up being the second biggest ever UK reclaim campaign, after PPI. The average payback will likely be over a grand.”
The campaign targets anyone who may have been affected by hidden commissions, urging them to log complaints and reclaim what may be rightfully owed to them. Martin Lewis encouraged individuals to use the free tool provided by MSE, anticipating that, if the regulator rules as expected, the reimbursements could range from single to double-digit billions.
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“I’d urge anyone who had car finance before January 2021 to read the guide and use the free tool as soon as possible to ensure if payments happen, you don’t miss out,” Lewis said.