Martin Lewis has confirmed over 1.2 million are seeking compensation for overcharged interest when funding a vehicle on PCP or HP finance between 2007 and 2021.

Lewis said the tool is now averaging over 30,000 complaints a day and he spoke on breakfast TV today to say that millions could be owed around £1,000 each in compensation, with the total bill reaching “billions of pounds”.

The free tool was launched in February for consumers to use in logging a complaint about discretionary commission agreements (DCAs) in their car loans.

The FCA launched its review after the Financial Ombudsman Service ruled in two cases that lenders' DCAs, combined with a lack of full disclosure to the customer, had put car buyers at a disadvantage and were unfair. The FCA's review hopes to quickly determine if this is a widespread issue.

In his latest Money Saving Expert newsletter, Lewis said: "The numbers of complaints are beyond anything I expected, and I expected far bigger numbers than most firms did.