Martin Lewis gives car finance claim deadline update

Martin Lewis gives car finance claim deadline update Source: ITV

Transcript

00:00First of all is car finance. It's coming from Lisa.

00:04It would be great to get an update on car finance.

00:06I believe I could be eligible due to having cars on DCAs

00:09but never got round to putting my claim in.

00:12I've now read that if you are due any payout,

00:14you'll be contacted and repaid automatically

00:16without filling anything in. Is this right?

00:20Yes, basically.

00:21Around two and a half million people have put DCA claims in.

00:25Discretionary commission arrangements.

00:26That's effectively where car dealers charged higher interest than they needed to

00:30and they got more commission for doing so.

00:32And the regulator is investigating that.

00:34But the most important thing to understand

00:36is car finance claims are currently on hold

00:38because the Supreme Court is looking at a case right now.

00:42It's already heard evidence on it.

00:44We're waiting for its decision.

00:45Now, no one knows when that will come. We just don't know.

00:47But the people in the know are telling me they're hoping it will be in July.

00:51So I'm going to say July-ish is the probable rough time span.

00:54And until then, nothing else happens.

00:57But you are right.

00:58The regulator has said,

01:00if there are going to be payouts,

01:03you won't have to claim them.

01:04You'll be contacted automatically.

01:06But I would still suggest,

01:07if you want to get ahead of the queue

01:09and make sure all the admin is done right

01:12and they have all your details and they're all up to date,

01:14I would still probably just go and put your claim in now,

01:17but only use a free service

01:18and there's free help online for people who want to do that.

01:20But you don't have to.

01:21If you just want to wait, if you are eligible,

01:23you should be paid out

01:24if the Supreme Court rules saying

01:27that car financing the way it was done should be paid out.