PPI on its own?

[bloomingflower]

Hi

Please could someone tell me what we apply to our claims?.. is it the PPI Premium on its own? and/or do we also include the Mechanical Breakdown and GAP Insurance Premiums? and how do we work out what Interest to apply?

I am claiming from Yes Car and the PPI was paid in monthly instalments,the interest was 19.9% APR

Im sorry for sounding like a dimwit This is all new to me

Thankyou for any replies

Flower

[hellhasnofury]

Originally Posted by bloomingflower

Hi

Please could someone tell me what we apply to our claims?.. is it the PPI Premium on its own? and/or do we also include the Mechanical Breakdown and GAP Insurance Premiums? and how do we work out what Interest to apply?

I am claiming from Yes Car and the PPI was paid in monthly instalments,the interest was 19.9% APR

Im sorry for sounding like a dimwit This is all new to me

Thankyou for any replies

Flower

Hello Flower

Welcome to the forum,

Have you sent for a Subject Access Request and received back all of the infor that you need.

Was the ppi a up-front premium that you pay for monthly or just a monthly payment????

Do you have your credit agreement and what does it state on it, if you have it type up what it states please

What are these and what are they for Mechanical Breakdown and GAP Insurance Premiums? Did you ask for them,

If you read about the ppi forum, you will get the jist of how to reclaim back your ppi, but it has to be mis-sold.

The process is

1. Subject Access Request get your info. Work out the figures to reclaim and the interest
2. prelim letter ask for it back
2. Letter before action ask for it back again
4. Take to FOS for investigation or take them to court.

If you need help just ask

[bloomingflower]

Hi

Many thanks for your reply HHNF.We took out a credit agreement with Yes Car back in August 2004 and along the way we got into financial difficulties with regards to keeping up with the repayments and our last repayment was made on the 1st Sept 2005. The total paid on the agreement was £1674.20

Repo proceeds began on 22nd Sept 2005 and the car was eventually taken back in April 2006, we are not sure if they had a Court Order to do this??..
The "cash price" was £3900(amount financed) Total charges were £1626.24 (made up of finance charges and Admin fee) so total amount payable was £5,526.24 for the car itself...

Then we go onto the extras.. PPI, £1037.40 Mechanical Breakdown £650and GAP Insurance £350=£2037.40 (less down payment £150=£1887.40
So this figure of £1887.40 plus interest of £786.68 Grand total of £2,674.08.. and these insurances were being paid by monthly instalmemnts

The overall Grand Total for credit agreement was £8,200.32??!!!
We have our credit agreement,in which I sent off for back in June 2007,and it is just a photo copy of the original without T+Cs on the back,and a statement attached)

To be honest,looking back we regret taking out that agreement, and we must of been in such a vulnarable situation at the time and we were stupid to say the least. We didnt have a clue that PPI was an optional extra. we were told that we had to have these insurances in order to have the car. (The girl rep didnt say it was optional) If it was ,I doubt very much we would of wanted to take them out,what with it increasing the agreement by such a humungous amount.

Can anyone give some advice where to go from here.... and whether we have a claim against DAF/Yes Car..as DAF/Direct Legal & Collections are now chasing us for the amount of £5,656.12.. :o

Flower

[hellhasnofury]

Originally Posted by bloomingflower

Hi

Many thanks for your reply HHNF.We took out a credit agreement with Yes Car back in August 2004 and along the way we got into financial difficulties with regards to keeping up with the repayments and our last repayment was made on the 1st Sept 2005. The total paid on the agreement was £1674.20

Repo proceeds began on 22nd Sept 2005 and the car was eventually taken back in April 2006, we are not sure if they had a Court Order to do this??..
The "cash price" was £3900(amount financed) Total charges were £1626.24 (made up of finance charges and Admin fee) so total amount payable was £5,526.24 for the car itself...

Then we go onto the extras.. PPI, £1037.40 Mechanical Breakdown £650and GAP Insurance £350=£2037.40 (less down payment £150=£1887.40
So this figure of £1887.40 plus interest of £786.68 Grand total of £2,674.08.. and these insurances were being paid by monthly instalmemnts

The overall Grand Total for credit agreement was £8,200.32??!!!
We have our credit agreement,in which I sent off for back in June 2007,and it is just a photo copy of the original without T+Cs on the back,and a statement attached)

To be honest,looking back we regret taking out that agreement, and we must of been in such a vulnarable situation at the time and we were stupid to say the least. We didnt have a clue that PPI was an optional extra. we were told that we had to have these insurances in order to have the car. (The girl rep didnt say it was optional) If it was ,I doubt very much we would of wanted to take them out,what with it increasing the agreement by such a humungous amount.

Can anyone give some advice where to go from here.... and whether we have a claim against DAF/Yes Car..as DAF/Direct Legal & Collections are now chasing us for the amount of £5,656.12.. :o

Flower

Hello Flower,

You claim back all of it. not just you actually paid. £2,674.08 plus charge them their contractual interest from the date the loan was taken to the day you ask for it back. What was the interest rate?

Did you sent a request for a copy of your ca under section77/78 of the cca. Under this section, they must send you a copy of the agreement, terms and condition that were applicable at the time and a statement of the account. Does the ca have all of the prescribed terms on it. Can you post it up or pm (removing all personal information) for someone to look at it.

What position are you with the debt they are chasing you for. Do you have a breakdown of charges etc. They took the car so did they knock any of that off the amount. How much had you paid them???before they took the car. Are you making payment to them now??

I do think it would be appropriate to question them regarding this matter, maybe write to them and get this info.

Please get back with the answers.

Sorry can you just stick to this thread, it will be easier to follow.

[bloomingflower]

HI HHNF

Many Thanks for your reply, I really appreciate it
In answers to your qusetions of the following.....

Q 1 -You claim back all of it. not just you actually paid. £2,674.08 plus charge them their contractual interest from the date the loan was taken to the day you ask for it back. What was the interest rate?

Answer-The Interest rate was 19.9%
---------------------------------------------
Q 2-Did you sent a request for a copy of your ca under section77/78 of the cca. Under this section, they must send you a copy of the agreement, terms and condition that were applicable at the time and a statement of the account. Does the ca have all of the prescribed terms on it. Can you post it up or pm (removing all personal information) for someone to look at it

Answer- Yes, I have a photocopy of the agreement and statement in which they sent me, but not the T+Cs (sorry,HHNF,Ive been trying to figure out how to post up the agreement, can you tell me how to do this please( Im a dimwit )
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Q3-
What position are you with the debt they are chasing you for. Do you have a breakdown of charges etc. They took the car so did they knock any of that off the amount. How much had you paid them???before they took the car. Are you making payment to them now??

Answer- After they took the car back,they just sent me a letter saying that £5,656.12 was still owing,the total amount payable for the car itself (without all the insurances)was £5526.24( price for car was £3,900,plus finance charges 0f £1326.24 and admin fee of £300) and as far as I know they havent deducted any money off the account..The total paid on the agreement was £1674.20 before they took the car back, as I could not make any more payments due to hardship.
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Thankyou for your help

Flower