Yes Car Credit - PPI mis-sold - help?

[bigem27]

Hi There, I dont know if anyone can offer me any advise. Rang up Yes Car Credit yesterday and asked if PPI that we took out in 2004 was optional and was told that it was. Thats not what we were told when we purchased the car . We were told it was a legal requirment for the loan. We cqnnot cancel the PPi were told but I thought i'd see if anyone has been in the same boat with this or other car finance companys.
Any ifo greatly appreciated - Cheers Ems x x x

[progenic7]

Hi if the PPI was optional as it is in 99% of cases and you were told it wasnt optional then you have a case already.
The car company will probably argue that usually when you take a car loan out the car goes straight into negative equity for the first 3-4 years of a 5 year term. The PPI in car terms usually has something called GAP cover bolted onto it, this covers the shortfall if you ever write the car off. As the insurance will only pay the current market value of the car, then the Gap cover or ppi (as is probably termed in your case) steps in and pays the remainder.
If your ppi is just that and doesnt have gap bolted onto it, then they have no arguement at all, if it does then they have an arguement, however the case remains that its optional !

Send a CCA request and also ask for any other inforamtion they hold on you, it should state exactly what cover you have and how and why it covers you.
Unless ofcourse you have all that information to hand, then just check through it. PPI and GAP are both insurances that the agent receives a commission on, so its in their interests to sell it to you !
Usually its added to the total loan period and you end up paying interest on that aswell.

hope this helped

[Bicester1]

Hi

Sounds like you were mis sold! Have a look at this http://www.consumeractiongroup.co.uk...your-loan.html

and also this

http://www.consumeractiongroup.co.uk...claimants.html

Hope this helps.

Best wishes

Bicester1

[carinas]

hi,

you'll get some great advice from this site, but i have found another site which could help you a little more as it is aimed directly at Yes car credit customers. The web site is www.saynotoyes.co.uk theres a lot of people on there in the same boat as you. Good luck

[law student]

Hello,

It would seem we are in the same boat, I am about to go to Direct Auto Finance to recover details of my account with them, I can tell you straight off that the PPI with them is a lump sum payment at the start of the contract (I repaid early and got no refund of PPI at all - as per the t&cs as I was to find out ).

Like yourself I was told I could not have a loan unless I took out the PPI or coughed up a larger deposit (which they knew I did not have). I was in a very stable job but I had a poor credit history and was in desperate need for private transport.

I am just about to seek a full data disclosure from DAF if I can find the right address for their data controller.

Perhaps we can keep each other informed of our progress and swap information and then put this on CAG for the benefit of all our fellow customers who got stitched up.

[bigem27]

Thanks Law Student, I would like to keep a trck of our progress. Having looked at the website Carinas mentioned www.saynotoyes.co.uk I had a read through and there are loads of people in the same boat but no one that I can find seems to have made any major progress yet. However that does not deter me as a lot pf people including myself have been completelt screwed over by this "company". If enough people start complaining to the FSA & the OFT were gona make some headway.

[reidnet]

It is worth complaining to the FSA, Though they will not take on Individual cases, they will collate all the complaints against companies and will Investigate. They will never tell you the outcome of an Investigation but they always release info on their website if companies have been investigated and the outcome.

Like GE Money GE Capital bank last week...Fined £610,000.00 with conditions attached for mis selling Insurance..

Ian

[law student]

Ok, will approach FSA. Got no help from FOS, and have requested codes of practice from Finance and Leasing Association. OFT have been very helpful and upon receipt of my data request I will be contacting them again to see which way to go - although they did say that a succesful claim would be by no means easy - perhaps if we can get the data from FSA on YCC's behaviour etc this may be enough to throw doubt on their side of the argument in relation to your word v. their word problem.

As I get more will let you know

[reidnet]

I think the more complaints the FSA get from consumers can only help them in their task, Well today I have just submitted my claim to court against GE Money.. Lets see what happens now..lol

Ian