Car finance reclaims - what next?, the mortgage dilemma!, easy free £25, free hot chocolate, new cheapest energy fix

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20 October 2026 | View in browser

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The top tips this week Martin: The Mortgage Dilemma! - What next for rates? - Book deal in early as insurance - The biggest factor dictating your rate - Best-buy comparison tool Top breakdown cover £57/yr Martin: Car finance reclaims - what next? Very easy FREE £25  Or FREE £100 Amazon  Free £4 Knoops hot chocolate New cheapest energy fix Smyths 'up to 50% off' toy sale FREE £75 shares (SpaceX, Nvidia, etc)  Video. Card debt? An important alert 'I got £18k + £3k/yr after tracing pension' Martin: "Ofgem's plan will cost consumers" Video. HALVE car insurance costs?  Plug-in solar - is it worth it?  Coupons: free £6 cider & £3 muesli  £397 M&S beauty £75 in Advent cal Pod. Are Premium Bonds right for me? Shift debt to 0% while you still can Disney+ hikes prices AGAIN Add MSE as a 'Preferred Source' Best buys: £300 bank switch, 5GB Sim '£2.90/mth' MMD: Is it fair I don't give wedding gifts?

10 tips for sorting a cheap mortgage for first-time buyers & remortgagers Martin: The Mortgage Dilemma! Fixes under 5% are now limited, and more rises are possible. What do you do?  Martin: While the days of super-cheap mortgages feel like a different time, there were still five-year fixed rate mortgages below 2% on offer in early 2022, meaning for many, the end of those deals is in sight. If so, unfortunately, as our mortgage comparison shows, you're likely to face a substantial rise in the rate you pay.  Similar is true for many people coming off existing deals. Rates have rocketed over recent years, and we've seen that accelerate this year - hitting remortgagers and first-time buyers alike. So let me take you through the lay of the land and what to do. Below I've 10 tips for sorting a new mortgage. For more, I'll be talking you through it and taking questions tonight (Tue) at 7.15pm on ITV's The Martin Lewis Money Show Live (watch back after on ITVX). What comes next for mortgage rates? The markets are factoring in the Bank of England increasing the UK base rate four times over the next year, taking it from the current 3.75% to 4.75% - though some economists think that's overdone. So do remember (remember, remember), the first rise is predicted on the 5 November.  New fixed deals already factor in some of that predicted rise. Look at the recent times in the graph above and you'll see that while the base rate hasn't moved, the rate you can fix at has shot up about 1% over the last six months. That's because the market's view of future rates, called 'swap rates', is mostly what fixes are priced on. So market sentiment about the future has a real impact on prices today. And this takes some getting your head around. It means if the UK base rate rises, as expected, we wouldn't expect to see fixed rates rise that much, as most of the rise is already baked in. If it rises by less than expected, then we could even see fixed rates edge down, as sentiment over future rates drops. If it rises more than expected, they'll rise. The current cheapest fixes are 2yrs at 4.78% and 5yrs at 4.95%. Variable and tracker mortgages will rise if rates rise, but there's room for that with the cheap ones. If you get a variable rate mortgage or one that tracks the base rate, then they are more closely - or exactly - tied to base rates. Currently, the cheapest tracker is 0.25% above base rates for two years (so currently 3.99%) or 0.6% above for five years (so 4.35%). What that shows, though, is if you hope rates will come down in a couple of years and don't need the security of a fix, a cheap tracker now has room to rise and still undercut fixes.  For far more on this, we asked four mortgage brokers: Is now the time to fix or go for a tracker? Quick links: | Mortgage Calc | Free 1st-time buyers' help | Free Remortgage help | Find a broker 10 tips for sorting a cheap new mortgage deal Not all apply to both first-timers and remortgagers (those with existing mortgages looking for new deals). So it's colour-coded... - First-time buyer tips have a FTB at the start. Better, read our full 1st-time buyers' 53-page PDF booklet. Plus, if you're saving for a deposit for your home, do look at our Top LISAs guide, as you may be able to get up to £1,000/yr extra towards it. - Remortgage tips have a RMTG at the start. Better, read our full Remortgage 58-page PDF booklet. 1) With rates rising, SIX MONTHS before your deal ends, see if you can grab a new one as 'insurance'.  RMTG When your current deal ends, do nothing and you'll usually automatically go on your lender's Standard Variable Rate, which currently average around 6.5% (and will rise if base rates do) - so you don't want that. No surprise then, a few weeks ago this 'mortgage deal ending within six months? Check this!' clip from This Morning grabbed millions of views.  Many lenders let you lock in a new fix months before it's needed. For deals with new lenders, it's up to six months ahead. For product transfers (switching deals with your existing lender), three months is common. Product transfers are an easy start point as they set a good benchmark, so you know what others need to beat, and they can have lower fees. But check both. The key to these offers is that it means you've got a deal in the bank in case rates get even worse. If rates fall so cheaper fixes are available, you can usually just ditch the deal for a new one, as long as it's 14 days before the start date (though do check). Full help & questions on fees in how to book in an early deal - and this is really something to speak to a mortgage broker about. PS. First-time buyer? You should be thinking about sorting your mortgage six months before it's needed too. 2) Quick financial checks so you don't damage your mortgage chances.  FTB RMTG Ideally, several months before getting a mortgage deal (or ASAP if you're past that) start trying to make yourself more financially fanciable to lenders. See the full 18 boost your mortgage chances tips. Key ones include: - Ensure you're on the electoral roll (registered to vote) as lenders use this as an ID check. Don't worry, to stop marketing just opt out of the 'open register'. For more, including what to do if you're a foreign national, see our electoral roll help. - Limit credit applications. In the few months before getting a mortgage, don't switch bank & minimise new credit applications. - Stay out of your overdraft. Some lenders aren't too tolerant of you being overdrawn in the last three months. - Always pay your bills on time, obviously.  - If you're a new borrower or looking to get a new home, see our How much can I borrow? calculator. 3) Understand the single biggest factor that dictates your mortgage rate.   FTB RMTG This is all about your Loan-To-Value (LTV). It is a measure of how much you are borrowing as a proportion of your home's current value. And the LOWER your LTV, the lower mortgage rates tend to be, so the cheaper the deal. - FTB: Your LTV is dictated by your deposit, eg, a 10% deposit is a 90% LTV, as that's the amount you'll borrow. - RMTG: It's about your mortgage-to-home value, eg, a £175,000 mortgage on a house now worth £350,000 is a 50% LTV (so if your home's value's risen since you last got a mortgage, your LTV is likely lower).  The gain from a lower LTV can be at every 5% threshold, but there is often, though not always, a bigger impact at 90%, 85%, 80%, 75% and 60%. Once you're borrowing under 60%, it tends not to improve. Crucially, remember a 9% deposit, while equivalent to a 91% LTV, only gets you a 95% LTV mortgage. You need to go beyond a threshold to hit it, so pushing a little more deposit can make a real difference. Use our mortgage comparison to see the impact for yourself, but as an illustration... Of course, some of the cost decrease in that chart is due to the fact you're borrowing less. Even if we strip that out though - so we look at someone borrowing a fixed £200,000 at progressively lower LTVs (ie, on higher value homes) - the change from 95% LTV to 60% LTV would save you over £500 a year.  OVERPAYING your mortgage can help lower your LTV and save £1,000s. RMTG If you've savings, consider overpaying your mortgage right now. With higher mortgage rates, overpaying is more lucrative, and it can help you reach a lower LTV threshold quicker, reducing your interest. Though if you're on a very cheap mortgage deal, you may want to save instead until remortgage time, then use it to reduce the borrowing. I got through the full pros, cons & calcs in my Overpaying your mortgage - can you save £1,000s? note from a few weeks ago. 4) Get prepped by understanding your current deal properly. RMTG If you're switching deals, as well as knowing your LTV, gathering the following information about your current deal will help you to work out whether the new deals you're looking at are any good: - What's the rate? Plus, note monthly repayments. - How much do you still owe? What's your outstanding mortgage balance? - What type is it? Fix, tracker or Standard Variable Rate? - When's the intro deal over? Eg, when does your fix end? - What's the term (when must it all be repaid)? In 10, 20 or 25 years? - Will you be penalised to switch deals? Does your fix or tracker have an early-repayment charge? 5) Do a comparison to find out which deals are available. FTB RMTG  Some sample rates are below, but for a proper view, see our mortgage best-buy comparison tool:   Example cheapest remortgage rates (1) 2-yr fix (60% LTV) 4.99% 5-yr fix (60% LTV) 5.06% 2-yr fix (80% LTV) 5.22% 5-yr fix (90% LTV) 5.36% 2-yr tracker (60% LTV) 4.06% 5-yr tracker (80% LTV) 4.75% 2-yr fix (90% LTV) 5.38%  10-yr fix (75% LTV) 5.26% 6) Yet what really matters, is the best rate YOU'LL get. Two KEY factors determine this.  FTB RMTG Finding the cheapest mortgage deal on a comparison is straightforward, but a more difficult consideration is whether you'll be accepted for it. This is especially important if you're a first-time buyer or remortgaging to a new lender. Affordability score. Lenders carry out strict checks to see if you can afford mortgage repayments on top of your other expenses. They 'stress test' how you'd cope if interest rates went up (there's no firm rule about how high lenders must stress test by, but typically lenders test something above their current Standard Variable Rate, typically 6-7%), meaning you'll need extra leeway in your finances. Our free MSE Credit Club Mortgage Affordability Score will help estimate how you're doing. If you're struggling with affordability, as lenders use a mix of the information you provide (credit data, and sometimes bank statements or Open Banking data), it may be possible to help yourself by cutting back on non-essential spending and reducing your outgoings in the six-month run-up to your application. Credit score. A poor credit history can scupper a mortgage or remortgage application. So check your credit file (for free) to ensure there are no errors, then minimise other credit applications, and pay down debts if you can. The MSE Credit Club will help you through this, including your credit file, a credit-score assessment and bespoke tips on what you can do to improve your situation. Also see our 28 tips to boost your credit score guide. Renter? See how paying rent on time can boost your creditworthiness.   Yet even if you've done everything right with your credit report and minimised outgoings, know that lenders' acceptance criteria differ, so not every lender will accept you (see point 8). 7) Try to go at least £100 beyond any LTV threshold to ease acceptance. FTB RMTG  If you've worked hard to get enough together to reach the next LTV band - for instance, 90% or 75% - try to push at least £100 beyond it, or even up to £1,000 if you can. This isn't to reduce the cost, but anecdotally it can make it more likely you will be accepted for a deal, as to mortgage underwriters it might no longer look as if you're scraping to get to the limit (and lenders might not require quite as high creditworthiness). 8) Mortgage brokers are crucial right now - both for finding a deal and easing acceptance. FTB RMTG A mortgage broker is a regulated adviser who can guide and recommend individual mortgage products to you. That's good for those who aren't sure what they're doing, yet even if you do, brokers also have details of most lenders' acceptance criteria, which are not usually public. So they can help match you to the best deal that will accept you and discuss it with the lender. Additionally, there are sometimes 'broker-only' top deals, and even some product transfers. See our full find a good broker help. And currently, with a volatile market and interest rates rising, a broker can help you get ahead of the game by securing a rate before it's gone - and a good one will monitor afterwards in case better rates come along before your new mortgage stars. 9) Do your numbers - our Ultimate Mortgage Calculator should help.   FTB RMTG Making sure you know what you're getting into, and what'll cost less, is important. We've got a number of powerful tools as part of our Ultimate Mortgage Calculator, including... Basic mortgage calculator |  Compare two mortgages Compare fixed-rate mortgages | How much can I borrow? Saving for a deposit | Overpay v Saving calculator  10. First-time buyer struggling to get a mortgage?  FTB While I'd always prefer people to push for a 10% deposit for a better rate, there are 95% LTV mortgages out there as a standard start point. And a few mortgages require even less of a deposit. For example, there's Lloyds' £5,000 deposit mortgage at up to 99% LTV, and Skipton's 'pay rent on time' deal at 100% LTV. It's worth speaking to a mortgage broker.  When it comes to building up a deposit, some may be able to get help from family, many can get help from a top Lifetime ISA, and others will just have to rely on patience. Though here are a few more options...  New, 'Your First Home' (England only). The Govt has announced plans for a Your First Home scheme for first-time buyers in England buying a new-build from a participating developer - even if you've just a 2.5% deposit. It'll work similarly to the old Help to Buy equity loan scheme, in that the Govt will provide you with an equity loan of up to 20%, interest-free at first, enabling you to access cheaper mortgage rates. Price and income caps are expected. Full details and the launch date are expected in The Budget next week, and we'll bring you more when we know. There is also currently the First Homes scheme for first-time buyers earning less than £80,000/yr (£90,000/yr if in London) where you may be able to get a discount on a new-build property. Shared ownership can help those with a smaller deposit. Here, you own part of a property, and pay rent on the share you don't own (that share is often owned by a housing association, though rents can be expensive). You can then buy a greater share as and when you can afford it. Lots of lenders offer shared-ownership mortgages, though they tend to be more expensive than standard mortgages. A full rundown is in our Shared ownership guide. Can your parents be guarantors? This is where they are on the hook if you can't pay, rather than giving you cash upfront for a deposit. If they have a property (with a good LTV or mortgage-free) or other assets, they may be able to be a guarantor. While it's still your property, their name is on the mortgage. There are two types. a. The guarantor promises to make your mortgage payments in the event you fail to do so. b. The guarantor is a joint applicant and their income forms part of your affordability assessment. The second type is far more common (sometimes referred to as 'joint borrower, sole proprietor'). Many lenders offer these guarantor mortgages, though the rates tend to be more expensive. See how guarantor mortgages work. Got a family member willing to save with the lender? If you've got a small or no deposit, a few lenders offer a 'Family' mortgage, provided someone will put the equivalent of 10% of the property price into one of their savings accounts as security, and that money will be locked away for a set period (eg, five years). If you don't repay, the helper's security can be kept for longer by the lender, even permanently if the property is repossessed. Mortgage rates are typically more expensive than normal mortgages (eg, if they gave you money for a deposit instead).

 

 

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Very easy FREE £25 for opening (not switching to) a new bank account. Newbies opening the free current account at app-only bank Starling* via this link (must apply on phone) who spend £25+ on its debit card within 30 days, get paid £25 within 30 days of that. After, if you like, you can cancel it. It does an ID check on application, not a full credit check. Ends 2pm Mon. Or FREE £100 Amazon for opening a new account with a few more hoops to jump (no need to switch). Santander newbies who open its Edge* current account via this link, and by 30 Nov pay in a total £1,500 (do-able in bits, and you can withdraw each straight away), make 10+ payments on the debit card, and put £1+ in its linked 8% regular saver, will be able to claim a £100 Amazon voucher within 120 days. The account costs £3/mth, so you could just use it until then, though it's a strong 2nd account for household bills as it pays 1% cashback (max £10/mth) if you pay them using Direct Debits. If you've bigger bills, its Edge Up* (£5/mth fee) is better and has the same offer, as does Edge Explorer* (£17/mth fee), which gives mobile phone, travel & breakdown cover too. Full alternatives in Top switchers' deals. Wed only. FREE £4 Knoops hot chocolate. Free chocolate - 'nuff said. From midday, if you're in a city where the luxury hot-chocolate chain is open, you're in luck as it's giving free drinks at all of its 25 UK stores. See free hot chocolate. New cheapest energy fix: Massively undercuts any other, but only 2,500 avail. It's a nightmare time for energy, wholesale rates keep rising, and the Energy Price Cap is predicted to rise 25% in January. This new E.on Next 12mth fix for new & existing Direct Debit customers is 1.2% below the current Price Cap (including MSE cashback), making it an avg 5% cheaper than the next cheapest fix. It's avail for dual-fuel and elec-only and has £50/fuel exit fees. Prices vary depending on region & use, so check how it stacks up for you via our Cheap Energy Club comparison. Smyths 'up to 50% off' toy sale. Pre-Xmas toy sales tend to be a good time to buy before the festive rush. FREE £75 in shares (SpaceX, Nvidia, etc) if you put £200+ in an investment account. 5,000 left. New eToro* customers who join via this link & deposit £200+ in its investment (not ISA) account for 12mths, get £75 of free shares. You can just leave the £200 in its cash account for 12mths, or you can invest it. What free shares? You choose from SpaceX, Nvidia, and more, or a US S&P 500 tracker fund. You can sell them & reinvest elsewhere, but can't withdraw the value for 12mths. Their value can rise or fall, and normally we say single shares are risky - but these are free. What can you invest the £200+ in? eToro has a big choice of shares & ETFs, so whatever you like. Yet it does have quite strong investor-gamification marketing, so keep a cool head. Full eToro free £75 shares help. Related: Martin's Investing for beginners Martin video. Do you have credit or store card debt? An important alert. Watch Martin's card costs could rise warning video clip and see shift debt to THREE YEARS 0% - but for how long? updated from last week's email. 'I got an unbelievable £18,000+ and £3,000 a year after tracing my pension - huge thank you.' Success of the week. Julie emailed in: "A massive thank you, Martin, for your incredible show [on how to find lost pensions]. I decided to act and look into a scheme I had in the '80s. Since I hadn't paid into it directly, I fully expected it to be a small, nominal amount. The pension tracing took just over a month, and the final figures were absolutely unbelievable. I've received an £18,460 lump sum and will be receiving £2,769 a year! This will make a huge difference to me. Thank you so much." If we've helped you save or reclaim (on anything), let us know.

 

 

DID YOU MISS? - Now you can earn Tesco Clubcard points at 100s more retailers - Far more people now eligible for Disabled Person's Railcard - check if you are - Don't miss out on a Christmas food delivery slot - bookings now open at Asda, Sainsbury's, Ocado & more - Go quick. FREE WILLS if you're 55 or over - check if a solicitor near you still has availability - Ends Wed. 25p Irn-Bru, 50p Lotus Biscoff & more via 10% off code

 

 

Five key tips to slash roadside assistance costs How to get FULL service breakdown cover for just £57/yr! That's homestart, roadside recovery and onward travel for you & partner Your car breaking down is a nightmare at any time, but when it's dark, cold and wet, it feels much worse. Yet even if you've already got breakdown cover, the problem is firms like to drive up the price year on year, even when you don't use it. Our Cheap breakdown cover guide is designed to combat that. Many can save £100s. Here are the five key tips...  Tip 1. Forget the big names, you can get decent full-service cover elsewhere for under £60/yr. Two providers that use local recovery operators rather than running their own fleets are far cheaper than the big brands - while generally getting decent feedback including on response times.  - AutoAid* at £57.30/yr (via this link) has been one of our top picks for 20+yrs. It covers you for any vehicle you drive, and you can add your spouse or live-in partner for free on the same terms under the 'Enhanced cover' option. It includes roadside assistance (fixes your car), national recovery (takes your car on if it can't be fixed), home start (fixes it at home) and onward travel (takes you on if your car can't). Car over 10 years old? There's a £25 call-out fee. Plus if it's over 16 years old you need to add extra cover on the AutoAid page, and pay £79.20/yr (plus any call-out fees). - Eversure Gold* is £57.50 a year (via this link). We used to say it's the newer policy, but its now been in our top picks for over five years. We don't have as much feedback as with AutoAid but what we do have is good. Older car? Crucially, it doesn't charge call-out fees for older vehicles, though it won't cover cars aged 16 years or more. Tip 2. Want to stick with AA or RAC... HAGGLE!!! The success rates for haggling with breakdown cover providers are higher than for any other sector. In our latest poll of those who tried, 89% succeed with the AA and 88% with the RAC. Full haggling help in breakdown cover haggling tips & techniques. And it works... ...Dawn emailed: "My RAC renewal came in at £482. I'd always just paid it, but the increase was £90! I read your breakdown insurance article, checked the AA, saw the same cover for £108 and was very angry. I rang the RAC, and said I didn't want to renew. It offered me a 50% reduction but I refused. After some polite chatter, the lady then came back with £145 for the same cover I normally have. Thank you for the very helpful info.    Tip 3: If you want a new RAC policy, save up to £120 if you buy via a cashback site. This used to work for both the AA and RAC, but right now only the RAC is available, as the AA doesn't seem to sell via cashback sites any more. Yet for the RAC, sign up to a new policy via a cashback site and you get a chunk of the introducer fee the site gets for sending you to the breakdown firm, so it costs you less. It only works for new customers, though if you're with the AA and not happy with the price you could switch. Examples of the cashback levels: - Basic cover: £60/yr, but cashback can be £20, so the total cost is £40/yr. - Full service: £160/yr, but cashback can be £45, so the total cost is £115/yr. We tend to be wary of going for deals just for cashback (as it's never 100% guaranteed), yet if you want the RAC - as there's limited choice and the cashback here is such a big chunk - it's often the cheapest route. See RAC cover.  Tip 4: Tesco shopper? Use Clubcard vouchers to get cheap RAC cover. If you're a Tesco shopper, you can turn your Clubcard vouchers into cover for half the normal cost. For example, you can get basic cover (no home rescue) in exchange for £30 of vouchers, or full service for £80 of vouchers. Tip 5: Usually pay for family travel insurance &/or mobile phone cover too? Get a packaged account. While they're called packaged bank accounts, in reality they're more like a bundle of decent insurance - typically travel, mobile & breakdown cover - with a bank account attached. You pay £10 to £20/mth, and get cover that - bought separately - could cost up to £500/yr. Even better, right now switch to Club Lloyds Silver and you get a £200 switch bonus. As the account costs £11.50/mth the bonus covers the fee for 17mths. You get family UK breakdown cover (no home start), European family travel insurance and mobile phone cover for account holders. Full alternatives in top packaged bank accounts. PS Driving in Europe? Make sure you've cover there too. See cheap European breakdown cover for options and info.

 

Martin: "Ofgem's got a new plan to protect energy providers' profits! It'll cost consumers." A consultation about the switching on the 'Market Stabilisation Charge' doesn't sound a big deal, but it could be - and we don't want it to slip under the radar. In a nutshell, it means if wholesale energy prices drop sharply, the cheap fixes and switchers' deals offered will be a lot more expensive, in order to protect energy firms' profits. See why in Martin's 'Ofgem wants to dampen competition' news. Related: Compare energy deals Martin video. How to HALVE car insurance costs by timing it right? Watch Martin's time-it-right trick clip from his show last week, or better, watch the whole slash motoring costs show on ITVX. Speedily cut costs: Compare+ Car Insurance Plug-in solar panels - what are they and are they worth it? These cheaper, smaller, portable panels can now legally be sold. So how do they work, are they worth it, and where do you get them from? See our updated Plug-in solar guide. Free £6 Strongbow cider, free £3 muesli, free £2 tofu & more supermarket coupons. See 40+ coupons. And pls be Drinkaware. Tonight (Tue) 7.15pm ITV1, or after on ITVX: The Martin Lewis Money Show LIVE  Mortgage Mayhem? How to beat the rate rises! Mortgage deals now last under two weeks as there's so much volatility. Overall, rates are up, pushing up the cost of buying & owning a home. Tonight, Martin'll tool you up with what you need to know to protect your pocket. He's joined by an economist & mortgage broker to answer your questions too, plus important info in News You Can Use. Do watch! £397 of beauty in £75 M&S Advent calendar. Mega popular with MoneySavers - it was originally just online for Sparks members, but it's now available to all, and in stores. Peek inside the M&S beauty Advent calendar.

 

 

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Martin's Car Finance Update  News. Regulator, the FCA's Motor Finance Mass Redress Scheme, will face legal challenges in court in February So, should you complain, wait, or bypass altogether and go to court?  In March, the regulator, the FCA, announced a groundbreaking new £9bn Mass Redress scheme for people who'd been mis-sold motor vehicle finance between 2007 and 2024. Groundbreaking as, while if you put in a complaint it'd be quicker, the 'mass redress' bit means even those who don't complain will be notified they're due compensation if missold. Yet, suddenly, the brakes were applied... First a small firm that promotes group legal claims said it'd challenge the scheme in court on the basis the payouts weren't big enough. After that went public, three lenders announced they'd go the other way and look to exclude or limit compensation. Last week we 'stop pressed' that the court date's now set for 16-26 Feb 2027. So it's all being dragged out more! Here's my Q&A... Q. Will the Mass Redress scheme still happen? I hope so, but nothing's guaranteed. If - and it's a big if - a court challenge succeeds, it could mean a delay as the scheme needs to change, or the whole scheme may be pulled. That wouldn't automatically mean you haven't been mis-sold, but instead of mass redress, it'd move to an individual system, where you'd need to complain to the firm and, if it didn't agree, go through the courts or the ombudsman.  That'd be hugely frustrating, and a poor consumer outcome. I view mass redress as an important tenet of consumer justice. Without it, those who struggle to complain through illness, lack of education or professional skills may be left out in the cold. Q. If I haven't complained yet under the Mass Redress Scheme, is there any point (spoiler: YES!)? There's just as strong a chance things will go ahead as planned, only later. If so, putting a complaint in means if you were mis-sold, you could be paid out far quicker. It also means the lender can't say "sorry we couldn't find your info to contact you". There's no risk to using our totally FREE complaint tool - do it for each firm you think you had finance with, even if it's now paid off or you no longer own the vehicle. See our full Am I eligible checklist?, but here's a brief summary...  - It's for car, van, motorbike & campervan (not caravans) finance from 6 Apr 2007 to 1 Nov 2024. - It's for Personal Contract Purchases (PCP) & Hire Purchase (HP) - not leased cars, and mainly for personal use. - If your finance was interest-free, as this is about unfair commission on interest, you aren't covered by the scheme. - You can complain on behalf of someone who's passed away. See how to complain for a deceased relative. And do note, the only way to know if you were mis-sold is by complaining, as the whole point is they didn't tell you what they were doing! Read more about this in the 3 car finance mis-selling types. Q. I had car finance but don't have a clue who it was with? There's a free Car finance checker app tool, with info on most car finance records since 2007 (most, but not all, firms' policies), including info on any joint agreements.  Q. I've already complained - what do I do now? The mass redress scheme was designed to get your money back easily, without the complexity and cost of court. Yet while firms must respond at the moment, calculation and payment of payouts are on hold. In other words, as long as you've had a reply & your complaint is logged... it's twiddle your thumbs time. Q. With all this delay, would I not be better off going to court? It is perfectly possible that if you go to court and win... - It could be quicker. We hear some courts are currently placing some cases on hold pending the redress scheme review, but others are proceeding with claims and often finding in favour of the consumer, but it can take a year for anything to go through courts at the moment. Of course, there is also a chance the lender will settle. - The headline payout could be bigger. I suspect the amounts the FCA agreed for payouts under the mass redress scheme was a compromise to try and get the scheme out the door without legal challenge - so they're smaller than a typical court payout. Yet most people would need a claims firm or lawyer for court action, which costs typically 30% + VAT of the payout. The regulator said to us: '"Our scheme is likely to be simpler and more certain than taking a claim to court - where after legal fees are deducted, you could end up with less."  Yet as I said back in my Oct 2025 blog: "If the lenders start to push back on this, or challenge the FCA's mid-ground in court, then if they go militant, it may be time to consider suggesting people go to court instead. I hope we don't get to that, and the firms realise the best thing to do is get on with this, accept this middle-ground, pay people out, and all move on." And lenders are challenging in court, so while for most the Mass Redress scheme is still the easy route, the dial has shifted a touch more towards a more militant approach of going to court. Though, as the legal challenge is only four months away, there's a strong argument to wait for the outcome as soliticitors tell us the statute of limitations works slightly differently for these types of claims, so currently the risk of a court time-out is limited. More help in Car Finance Mis-selling reclaiming.

 

Are Premium Bonds right for me? | Should we get our child a pension? | How many credit applications kill a mortgage? Answers to these listener questions & more in this week's Martin's Question Time podcast. Do give it a listen, via BBC Sounds | Apple | Spotify etc. Shift debt to 0% while you can! | Car Finance update | ISA & inheritance taxMartin's leading this week's Big Topics podcast with an urgent warning for anyone carrying credit card debt: now is the time to act. Plus, an update on car finance mis-selling, and Martin tackles a common inheritance tax question. Listen via BBC Sounds | Apple | Spotify etc. Disney+ hikes prices AGAIN by up to £24/yr - can you cut costs? See our Disney+ tricks. Please add us to Google's 'Preferred Sources' so you still see MSE high in search results. Google now lets you choose preferred sites for results, including AI overviews and AI mode. Please click this special Source Preferences link, then tick the MoneySavingExpert box, and you're done.

 

 

MSE NEWS - Top story: Real living wage to increase to at least £14.10 an hour - 'Ban extortionate premiums on pay-monthly car insurance,' urge campaigners

 

 

MONEY MORAL DILEMMA I don't plan to marry, so is it okay not to give gifts when I go to weddings? I have a child and own a house with my partner, but we don't plan to marry as it's not something I want. While I'm more than happy to celebrate when people I know marry, I don't get them a gift. That's because, while some people - including Martin, back in 2011 - say wedding gifts are a form of social banking, it isn't something we'll benefit from - the 'flow' of money would only ever be away from us. Wedding gifts are also seen by some as 'payment' for the cost of your attendance, but this isn't how any other celebration works, so again I don't feel obliged. Is that fair? Enter the Money Moral Maze: Is it fair that I don't give wedding gifts? | Suggest a Money Moral Dilemma (MMD) | View past MMDs

 

QUICK DEALS - Baileys: £13 for a 1L bottle (normally £22) at four supermarkets - Bella Italia: £5 pasta (normally £15ish), this Sunday only - The Baby Show: 500 FREE tickets for Olympia London, 23-25 Oct - Co-op: £5 southern fried chicken & two packs of fries (normally £10) - Ask Italian: £15 'bottomless' pasta when purchasing a drink, this Sunday only See more of the latest deals & vouchers.

 

 

MARTIN'S APPEARANCES (WED 21 OCT ONWARDS) Wed 21 Oct - Peston, ITV1, 10:45pm  Thu 22 Oct - Ask Martin Lewis, BBC R5 Live, 12pm

 

 

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