**Martin Lewis: Car Buyers Owed Thousands**

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Post on Nov 13, 2024

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Martin Lewis: Car Buyers Owed Thousands - Are You One of Them?

Have you recently bought a car? If so, you might be owed thousands of pounds thanks to a recent ruling by the Financial Conduct Authority (FCA). Martin Lewis, the Money Saving Expert, has been highlighting this important issue, and it's worth checking if you're entitled to a refund.

What's the issue?

The FCA has found that car finance companies have been unfairly charging customers for Guaranteed Asset Protection (GAP) insurance. This insurance covers the difference between what your car is worth and what you owe on your finance agreement if your car is written off or stolen. The problem is that these companies have been mis-selling GAP insurance, often adding it onto finance agreements without properly explaining the benefits or risks.

Who is affected?

This issue affects thousands of car buyers who have taken out car finance agreements, particularly those who took out loans between 2011 and 2020. If you bought a car during this period and took out GAP insurance, you could be entitled to a refund.

How to check if you're owed money

1. Review your finance agreement: Look for any mention of GAP insurance.
2. Check the terms and conditions: See if the benefits and risks of the insurance were clearly explained.
3. Contact your finance company: If you believe you were mis-sold GAP insurance, contact your finance company directly and request a review of your agreement.

What to do if you're owed money

If your finance company acknowledges that you were mis-sold GAP insurance, they should offer you a refund. If they refuse, you can take your complaint further by contacting the Financial Ombudsman Service.

Martin Lewis' advice

Martin Lewis has been actively campaigning on this issue, urging car buyers to check if they're owed money. He stresses the importance of being proactive and making a claim if you believe you were mis-sold GAP insurance. He also advises consumers to keep detailed records of any correspondence with their finance company.

Don't miss out on this potential refund!

This is a crucial issue for car buyers who have taken out finance agreements. By following these steps, you can check if you're owed money and claim your refund. Remember, knowledge is power, and Martin Lewis's advice is invaluable in navigating these complex financial issues.

Further Resources:

• MoneySavingExpert.com: Find comprehensive information and guidance on GAP insurance and car finance.
• Financial Conduct Authority: Visit the FCA website for more information on the mis-selling of GAP insurance.
• Financial Ombudsman Service: If your complaint is not resolved with your finance company, you can contact the Financial Ombudsman Service for independent advice.

Remember: This article is for informational purposes only and does not constitute financial advice. Always seek professional guidance before making any financial decisions.