Listen: warning millions could still miss out on the average car finance payout

Millions of drivers who could be owed money from the historic mis-selling of car finance risk missing out on their share of an £8.2 billion compensation scheme covering about 14 million agreements. Average payouts are expected to be about £700.

The warning comes as more than a quarter (26%) of consumers admit they sign loan agreements without reading the small print, prompting calls for motorists to give their finances a regular ‘MOT’.

Many drivers are far more concerned about problems with their cars than problems with their finances, according to new research from Equifax UK. Consumers say they worry more about breaking down on the motorway (11%) and damage to their vehicles from potholes (8%) than having a poor credit score (6%) or being mis-sold a financial product (4%).

Aston spoke to Craig Tebbutt, financial health expert at Equifax UK.

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