Martin Lewis issues update to drivers who bought cars before 2021 [Video]

For those who purchased a car prior to 2021, Martin Lewis might have some good news for you.

Thousands of pounds might be awarded to drivers who purchased a car, van, camper van or motorcycle between April 2007 and January 28, 2021.

The FCA is investigating if consumers have been overcharged for loan interest, meaning millions of people could get billions of pounds in interest refunds as a result of this probe.

Drivers who purchased their vehicles through Hire Purchase (HP) or Personal Contract Purchase (PCP) but not leasing have been instructed by Mr Lewis to file your complaint as soon as possible, even though the investigation might not be finished until May 2025.

He stated that the FCA will “probably” implement a large-scale redress programme next May, but he also mentioned that a “time bar” might be put in place once the investigation is over, which would stop some people from making claims after a specific amount …