Car Finance WAR: Top Law Firm Calls Out Martin Lewis Over £40bn Motor Finance Scandal

The Money Saving Expert is being criticised for giving poor advice to UK drivers, who could be eligible for compensation against their car finance providers.

A Greater Manchested-based law firm has criticised Money Saving Expert’s Martin Lewis over what it calls “poor advice”, after Lewis recommended consumers simply wait for lenders to contact them over possible compensation.

Courmacs Legal, who specialise in car finance claims, published this article saying that drivers potentially risk missing out on thousands of pounds by waiting for lenders to reach out, rather than taking a more direct approach.

“Martin Lewis, often a trusted voice for consumer rights, has advised people to wait for lenders to contact them. Unfortunately, this is poor advice.”

“He suggests that compensation will be paid out automatically, but history tells us that banks and lenders don’t operate that way.”

Currently, it’s estimated that drivers could receive just over £1,000 in compensation if they were mis-sold their car finance agreement. This has been pushed by Lewis on a recent post on X.

Collectively, lenders such as Lloyds, Barclays and Santander are projected to payout at least £40bn in compensation, similar to the £50bn paid out over the PPI scandal.

“By waiting for lenders to reach out, victims of this scandal are putting themselves at risk of missing out on thousands of pounds.”

Courmacs Legal instead are pushing UK drivers to take their battle to court, where the potential payouts could be even greater than what is being discussed in the media.

“Instead of waiting, motorists affected by this scandal should take proactive legal action. The courts have already proven to be the best route for securing fair compensation, and firms like ours are ready to help consumers navigate this process.”

“Victims of mis-sold car finance deserve swift, fair, and full compensation – not more delays and uncertainty.”

Courmacs’ car finance service, Finance Claims Expert, highlights its most significant claim value as being £10,446 as of May 2024, with the average claim value being over five thousand pounds.

However, as is often the case with sites like Finance Claims Expert, consumers can expect to pay a % fee for the services once completed and processed.

Drivers can always pursue making a free check for a potential claim by contacting their lender or the FOS directly.