Martin Lewis Explains Why Motorists Could be Owed Thousands

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Martin Lewis Explains Why Motorists Could be Owed Thousands

Рет қаралды 90,074

6 ай бұрын

If you bought a car, van, motorbike or campervan on finance before the 28th January 2021, you could be owed thousands.
Martin Lewis joins us to explain what to do if this applies to you.
Broadcast on 08/02/24
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Пікірлер: 75

@raljix1566 6 ай бұрын

I've used this tool and submitted one - We'll see what they come back with

@veemaliz5949 2 ай бұрын

Please update on how quickly they came back to you and if you have received a refund of sorts. Amounts not necessary, percentages are fine. I’m just trying to get an idea of the turnaround time. Thank you

@JMETUK 20 күн бұрын

@@veemaliz5949 So I submitted one using that tool. I got a response today two weeks after the email was sent from Black Horse via a letter. Confirms I do indeed have a DCA and they have logged my complaint. Now waiting till September when the FCA concludes it's investigation (I believe) for what compensation I am owed.

@hayleymiller1722 Ай бұрын

Why not say the safe way to claim??? So many scams out there!!

@larryjonn1973 9 күн бұрын

0:57.....?

@keepitbluezola 6 ай бұрын

Started my claim on this two years ago, still ongoing. This isn’t new, and I’m suing against two deals. I have as fuming when I found out… looking at 18k when it goes to court.

@Noallegiance 5 ай бұрын

The only thing you should fume at is your own gullibility.

@keepitbluezola 5 ай бұрын

@@Noallegiance is that the very best you can do? Come on give it some oomph! If you are all about being rude behind a keyboard, with zero chance of being in the same room as me, surely you can do better than that. Nothing gullible about me, I bought two cars through my business and signed contracts with fictional financial information, once I found out from ‘someone’ I contacted my solicitor and we decided to claim back the hidden commission. Since then others have caught on and it’s escalating, as when contractual law is broken, it’s pretty much procedures with the usual denials to claims made by the plaintiff from the defendant. The defendant I believe is now flooded with so many cases they are in a difficult position. You amuse me by assuming I’m gullible and may I say a typical case of troll irony. You must try harder!

@nikko7507 4 ай бұрын

@keepitblue that’s why your waiting so long . My finance claim will be resolved within 12 months as I’ve contacted them myself without using any firms , they can only respond once more and that’s in Sept , which is the final response offering a payout or refusing to - if then il go to the oms ..

@keepitbluezola 4 ай бұрын

@@nikko7507 no, when I started this case, I was one of a handful, and the initial claims were rejected, however knowing how open and closed my case is, myself and a few others joined forces and persevered. Now it’s a thing and you may well get paid out. So you’re welcome 😉

@jrude100 3 ай бұрын

I’ve use this tool for 3 cars. 2 have admitted DCA but Marsh Finance have denied it.

@johnjames4834 Ай бұрын

i started a claim for compensation from mercedes in 2019 and 5 years later ive still not received anything so don`t expect any money any time soon when will i get paid martin?

@roydavis5613 6 ай бұрын

Will anyone be made accountable for what amounts to fraudulent activity ???

@doodles863 5 ай бұрын

Don’t be silly

@abatesnz 5 ай бұрын

The man knows how to talk his own shop.

@bigpants6121 5 ай бұрын

Lessons will be learned!!!!

@reginanour6825 2 ай бұрын

On one document it shows the car finance as APR 7.7% then interest rate 7.48%. On a separate document I have the finance set out in the term and rate section as flat rate 4%. Then on the next line it shows payment illustration APR 7.7%. Any idea what this means? Thanks

@eddiem12eddiem12 Ай бұрын

Flat rate is different from Apr.. Flat rate sets out an annual interest on total borrowed, Apr is on what ever is left to pay.... If that makes sense it will be different. You need to just ask if this commission what part of your deal

@slickali7110 20 күн бұрын

It means you're a sausage for signing the contract

@TheSaint095 6 ай бұрын

Black Horse is on top of the list. On 4000 I paid 6000

@Budgie40 5 ай бұрын

What years from how far do this go back

@SNOOPISIAH Ай бұрын

2007

@KraftyOneAudio 19 күн бұрын

Listen to the video

@Laugh-till-u-cry 5 ай бұрын

Where do I go to get this tool to claim

@neilryan6469 6 ай бұрын

how do we know the rate that the finance company said it was is the truth? won't they just make sure it equals what the broker company said it was?

@thedoctor007dfw 5 ай бұрын

They will need to provide evidence to the FCA

@eddiem12eddiem12 Ай бұрын

What they said it was? This is not the issue the issue was they made commission on giving some people higher rates and didn't tell them.

@DS-cf1zc 5 ай бұрын

I am always grateful I have never bought anything (to date) on any form of finance, less my mortgage on the house - oddly I had a reasonable pay out on that over miss selling many years ago, and had my mortgage corrected by the company that misold stuff. For my cars, I just dont buy brand new (cannot afford it) and save up to pay cash for them, even if that means picking a car that is several years old.

@Phenomenal36 5 ай бұрын

Ok who asked tho?

@Noallegiance 5 ай бұрын

One of the few comments with a brain behind it.

@magfan77 2 ай бұрын

The big question is how many years does this go back??

@blank-dr2kx 2 ай бұрын

2007

@Chitapool 6 ай бұрын

How far back before 2021 ? I had Finance in 2004 for 3 years.

@martinogold 5 ай бұрын

Watch the video...

@stevecampbell7589 5 ай бұрын

says 2007

@Yourballix Ай бұрын

I used his template. I got back 800

@Bigshorty-t7i Ай бұрын

Sorry I hope you don’t mind me asking, what was your purchase price, I have used the tool and they got back to me within 24 hrs to confirm I was misssold, I believe I need to wait anything up to 8 weeks from 25th September

@Yourballix Ай бұрын

@@Bigshorty-t7i I had a few different vehicles with close brothers from 2015 right up to 2022. They where all around the 10k value I’m not sure how it was calculated but his template worked perfect

@jackcampbell2085 19 күн бұрын

Thanks for letting us know. I'm with close brothers myself and was wondering if it'd worth is

@Yourballix 19 күн бұрын

@@jackcampbell2085 close brothers will make u fill out their own form however I said no I have already sent all the info u need

@jackcampbell2085 19 күн бұрын

@Yourballix thanks. I'll send them a email now. I'd only 4k through them but may aswell try. Interest rate was high though but it was my first finance so I'll see what happens

@Cambridge-man. 5 ай бұрын

The list of finance companies that you say don’t bother with are ALL sub prime companies!!! They were the worst ones at it as I’m an ex dealer !!!

@doubleana9184 6 ай бұрын

What link do we visit

@1804Property 5 ай бұрын

This is interesting, is this going to be funded by car dealers or finance companies?

@oww6467 5 ай бұрын

Not sure yet, but should be the finance companies. Dealers were only doing what they were able to at the time

@davidhorn6008 Ай бұрын

Why does anyone Buy a loan from a car dealer in the first place. Banks, Building Societies etc are in The business of money lending, so, that is where one should go. CAR dealers have a reputation for ripping You off! YOUR OWN FAULT!

@patterdalezipsuzilil 5 ай бұрын

Dont start any claims its a minefeild mr switch cost me a fortune

@fredagardner7396 5 ай бұрын

Is a bank loan to buy the car the same thing

@eddiem12eddiem12 Ай бұрын

@iainm8461 5 ай бұрын

Covid injury compensation will be the most pay out of all time

@itchyscratch3829 5 ай бұрын

Tax payers fund that one

@HH-zx2lq 5 ай бұрын

Yes.

@martinsadler707 5 ай бұрын

What’s wrong with a car dealer earning commission? The costs of running a case dealership is astronomical. For instance the purchase of stock, reconditioning it to retail standards, the interest the bank charges the dealer to purchase that stock, running costs of the dealership, light, heat etc, staffing costs ( no one works for free) sales mans commission (some dealerships dont pay basic salaries so their entire earnings are performance related and if you are lucky enough to have a basic salary it rarely reaches minimum wage if at all), depreciation on demonstrators - I could go on and on. Selling finance is an integral part of selling any large consumer product and to earn a commission is an integral part of that and I see no problem with that. In the end there will be no car dealers, you will not be able to test drive a new car anywhere. Just remember wh3n you deal with a dealer there are implied warranties and legal conditions that they have to comply with. When all the bleeding hearts have all gone and purchased their transport solution as private sales with no warranties under the caveat of ‘buyer beware’ we will see who is laughing then.

@leopold7562 5 ай бұрын

There’s nothing wrong with them earning commission. It’s the sneaky, underhanded way they did it that is the problem. Just be transparent about it

@martinsadler707 5 ай бұрын

@@leopold7562 you can’t be ‘sneaky and underhanded’ all finance quotes by law have to be presented to the customer in a certain manor. That manor includes a finance rate and how much interest you will be paying. It’s been that way for many years. Also on your finance document all the charges are detailed and if the customer could be bothered to read it they would see what they are going to be paying.

@Cambridge-man. 5 ай бұрын

Think you are a dealer or salesman 😅

@jrude100 3 ай бұрын

Big difference between earning and ripping customers off

@chrismitchell909 5 ай бұрын

Hi I purchased a new car in September 2021 will I still be eligible for this

@Noallegiance 5 ай бұрын

This happens too often. Government buying good feeling and rinsing business by making firms pay out for customers own decisions. Nobody was complaining before the chance of 'free' cash. DCA will have been in the terms. If you didn't read them because you were distracted by the shiny car and how it was going to fill a hole in your life then that's your problem. Spread the word! Get a month's Just Eat!

@Ken-tb5tk 6 ай бұрын

no he had no technical break down you are all liers that's what happens when you tell the truth you all have a technical break down

@MrRioporto 6 ай бұрын

I borrowed the motorcycle and everything was fine, I already paid for the motorcycle, the interest was good, I read the contract, I agreed to the terms and I don't even want to know who gets the commission, but we noticed that Mr Martin Lewis needs to create sensationalism to be in the media at all times.

@johnchristmas7522 5 ай бұрын

This is a update to his tv programme in Newcastle this week. Where he said he did not have enough info and promised to tell people about it as soon as he could. Lots of people have to pay privately for advice like this. So if your fully knowledgable about finance then dont listen or watch. If your not, and this is for free, why would you try to besmirch this man? Hundreds of people have saved thousands because him. What a nasty uncalled for remark.