Car finance redress scheme faces legal challenge over payouts

[Slay40]

The FCA car finance redress scheme is already facing a legal challenge, with campaigners saying some drivers could miss out on hundreds of pounds. Martin Lewis says people should not let the challenge stop them from getting complaints in now, even if the case may slow payouts down.

Car Finance Redress Challengewww.moneysavingexpert.com

[Amy96]

Get the complaint in first and worry about the court case later

[WhatUQuant]

Sounds like this could drag on for ages now.  No money this year then?

[MJF_Fan]

If the scheme underpays people then it should be challenged

[VoidSentinel]

I hope claims firms do not end up taking the biggest slice

[Debbie80]

Short answer: you can hardly claim financial loss when the total amount payable matched or exceeded market value at the point of contract. If the bank offered you a better deal than the high street, you won. That is the reality. Do not let the idea of a lucky dip blind you to the fact that you likely got a decent rate. Save your energy for things that actually affect your bottom line, like insurance premiums.

[Gateway Mia]

Riding for a fall, tell me more

[FinnHalliday]

Let's be realistic about the leverage here. If everyone rushes to file a claim, the pool of money available for genuine victims shrinks immediately. It is a zero-sum game funded by an initial pot. By gaming the system for a few extra quid, you are actively taxing the people who were genuinely treated unfairly. Check the terms of your original contract and stop looking for a windfall that doesn't exist.