Martin Lewis has issued urgent advice to the 12 million drivers affected by the car finance scandal.
The money expert said the mass redress scheme was "unprecedented" and urged those affected to put in a complaint as soon as possible.
The Financial Conduct Authority (FCA) released details of its compensation scheme for millions of people mis-sold car loans following a lengthy consultation period.
Around 12 million drivers are now in line for a payout, after a systemic issue which saw them mis-sold car finance deals usually due to hidden commission arrangements.
Each will receive an average payout of £830, the regulator has confirmed, and should be contacted before the end of 2026.
Mr Lewis explained if a complaint is put in now you are more likely to be paid back this year. If you do not complain the lender may not have your details to contact you either, he added.
“The only way you can know if you were mis-sold, the only way you can know if you have got a complaint, is to complain. Which is why I'm telling you to get your complaint in now so you can find out,” Mr Lewis said in a video posted to X.
Those affected do not necessarily need to put in a complaint, but the FCA has confirmed that those who have already done so will likely receive compensation sooner.
People who believe they may have been affected but are not contacted have been given until 31 August 2027 to complain to their firm.
“If you’ve complained and it said you had a discretionary commission arrangement, that’s one of those big categories of misselling, you’re in the complained group,” Mr Lewis said.
The £9bn car finance mass redress scheme's just been CONFIRMED. This is Martin’s instant help video on how to complain, & what if you already have complained, to see if you're due an AVERAGE £830 (some get more some get less)
Free complaint tool: https://t.co/nivrD7gRYd pic.twitter.com/TTZSft1PcU
“If they’ve just responded to you to acknowledge your complaint, but not dealt with it yet, you are in the complained group,” he added.
But he explained if you did complain and you received a response that you did not have a discretionary commission arrangement, you won’t count as being in the “complained group.” He urged those in that situation to put in a new complaint as there are now different categories.
However, Mr Lewis explained that it may be possible to get more money by taking your case to court,
He said: “This mass redress scheme covers more people, it is likely to be simpler and easier. But there is a chance you would get paid more money if you went to court. The problem is if you go to court you would likely need help to do so, in which case you are going to give away 30 per cent of what you won, So you need to make that decision.”
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