Money Saving Expert s Martin Lewis says car finance tool has submitted one million complaint letters
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Money Saving Expert s Martin Lewis says car finance tool has submitted one million complaint letters
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widespread overcharging. this is all to do with what are called discretionary commission arrangements. basically, some car loan lenders allowed the car broker or dealer to choose or adjust the interest rate drivers were charged. some brokers were paid more in commission if the interest rate was higher, so there was an incentive to make the loan more expensive for customers. these arrangements were banned by the regulator in 2021. at the time, it said the ban would save drivers a collective £165 million a year. but the question is were drivers overcharged before the ban came in? 10,000 complaints have already been made and, because the regulator has decided in two examples there was overcharging, it now expects many more complaints that could make