Is Martin Lewis WRONG? TWO MILLION Drivers Submit Car Finance Claim With Payouts OVER £5,000 Despite £1,100 Prediction From Money Saving Expert

Millions of drivers can breathe a sigh of relief, after some of the top financial minds confirmed that NO paperwork is needed to lodge a claim for car finance compensation.

Drivers who took out car finance contracts like Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements between April 2007 and January 2021 could be owed compensation worth thousands of pounds.

This is a result of years of mis-selling customers into deals where they massively overpaid for their vehicles.

Discussing the issue on Good Morning Britain, host Susanna Reid and special guest Martin Lewis addressed a common concern amongst drivers: what if they don’t have their paperwork anymore?

Thankfully, there’s good news!

A driver who had a PCP or HP deal does not actually need the paperwork relating to the agreements in question – in most cases, simply evidence of taking out the agreement in the first place should suffice.

Here’s what Lewis had to say about it: “Go on to your credit file and your old bank statements to find some documentation or any form of detail of what it was, and get in touch with the lender.”

“The regulator says they must make best efforts to try and track you down.”

However, predictions from the Money Saving Expert have suggested drivers could receive £1,100 per car finance agreement, but one free online claim check says its average payout is £5,318 per vehicle.

Some checking processes don’t even require drivers to check their credit file. They just require your name and a few quick and easy details in order to get started on checking for car finance compensation.

You may have seen checkers and ‘agreement finders‘ like that across your social media feeds or elsewhere online, and these can be even quicker to dig out than any old finance documents.

The message remains the same however: act now and check if your car finance provider could owe you compensation today.

Drivers can contact their lender directly for free to initiate their check for potential compensation.