Hot Goss Alert! The Money Saving Expert, Martin Lewis, is dropping some major bombshells about a potential money bonanza for millions of Brits who’ve splashed the cash on motor finance for their wheels. Lewis, the guru of all things money, is waving the red flag after the Financial Conduct Authority (FCA) unleashed a bombshell revelation that could make the notorious PPI scandal look like yesterday’s news.

Dubbing it ‘the new PPI,’ Lewis is on high alert as the FCA digs into the nitty-gritty of how complaints related to commissions in the motor finance world are being handled. Recent ombudsman cases have spilt the tea that firms might be giving the cold shoulder to valid complaints.

In a jaw-dropping move, the FCA is gearing up for a full-blown review of complaint handling, leaving Lewis to suggest, “They wouldn’t do this unless it was likely to find they were doing it wrong.” Brace yourselves for a potential redress scheme where all the firms are ordered to shower affected customers with money, or redress rules that dictate payouts based on a secret formula.

According to Lewis, we might be looking at paybacks reaching the big leagues – interest on loans (big), commissions (also big), or the entire loan (huge)! It’s a potential cash windfall, with Lewis estimating thousands coming back into the pockets of those affected, especially if you bought a car on motor finance before the wild year that was 2021.

But hold onto your seats – it’s not a done deal yet. Lewis emphasizes the importance of filing complaints pronto, as the FCA’s freeze on firms handling complaints means any grievances submitted now won’t be dealt with. Still, if you suspect you’ve been duped into motor finance shenanigans, Lewis advises submitting a complaint ASAP as a ‘marker’ for future action.

While Lewis and his money-saving squad are still crunching the numbers, early calculations hint at a potential PPI-scale payout – think in the ballpark of the eye-watering £40 billion payouts from the PPI saga. It’s so big it could be the financial version of Quantitative Easing – where the Bank of England gets involved, buying bonds, jacking up their prices, and throwing a curveball at long-term interest rates.

In the meantime, Lewis promises to drop a full guide in the coming weeks, walking you through the step-by-step process of making your claim. Keep your eyes peeled, spread the word, and let the gossip wheel spin – it’s payday on the horizon for those who’ve been rolling with motor finance since before 2021! 🚗💸 #MoneyTalks #MotorFinanceSaga #CashWindfallWatch