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I stupidly signed a credit agreement through Approved Car Finance back in Nov 2004.
The car value was 6900 with part exchange of 200. Therefore total loan amount was 6700 + 3368 interest @19.9%. Added to this was 250 admin fee and credit facilty fee of 195. Added onto that was GAP insurance 262.99, PPI 3122.63 and motor warranty 495.00 + 2093.77 19.9% interest. Totol £16737!!!
At no point was the insurance discussed with me or advised it was optional. I was covered by my employer at the time for sickness, accident, life and redundancy. I was led to believe that the total amount payable was £10713 not the 16737!
Added to the mix, is the fact I apparantly signed a bill of sale at the same time as signing the CCA, which again they did not explain to me. However, when complaining to The Funding Corporation regarding PPI they have now admitted that the bill of sale is void however I am still bound by the CCA agreement.
I have replied to their initial complaint response. Reiterating that I was mis-sold the PPI.
I am awaiting a response from this company, however I very much doubt they will uphold my claim and refund me the premiums paid.
I tried to cancel in 2006 the insurance policy on receipt of a settlement figure. I contacted them to advise that I was not told that PPI was optional and I did not want it. Told me that I would get a 50 against a policy of 5K rebate if I cancelled. Therefore constructively preventing me from cancelling. Having read all the PPI successes I contacted them again and advised who I spoke to and on what date. However, they are denying that I tried to cancel and that I only called to query the settlement figure. I advised that two people at work heard the conversation of what was said. They say that this is insignificant proof as we are relying on memory of events 2yrs ago! What a joke. The person I spoke to actually pretended to be a customer services manager! Coincidently, the confirmation of my complaint sent this year was from the same person!
They have advised that I am unable to report it to the fos as the agreement was signed in 2004! I have complained to the FSA, however have not had any response.
I do not believe that the Funding Corporation will admit anything, so I believe the only way to proceed will be to commence legal proceedings. I am fully upto date with payments and do not want to give them opportunity to harrass me as they do to others.
I have paid just over 10k so far and have approx 6k left! There are 24 months left of installments!
Can anybody point me in the right direction of how to commence legal proceedings????????
I stupidly signed a credit agreement through Approved Car Finance back in Nov 2004.
The car value was 6900 with part exchange of 200. Therefore total loan amount was 6700 + 3368 interest @19.9%. Added to this was 250 admin fee and credit facilty fee of 195. Added onto that was GAP insurance 262.99, PPI 3122.63 and motor warranty 495.00 + 2093.77 19.9% interest. Totol £16737!!!
At no point was the insurance discussed with me or advised it was optional. I was covered by my employer at the time for sickness, accident, life and redundancy. I was led to believe that the total amount payable was £10713 not the 16737!
Added to the mix, is the fact I apparantly signed a bill of sale at the same time as signing the CCA, which again they did not explain to me. However, when complaining to The Funding Corporation regarding PPI they have now admitted that the bill of sale is void however I am still bound by the CCA agreement.
I have replied to their initial complaint response. Reiterating that I was mis-sold the PPI.
I am awaiting a response from this company, however I very much doubt they will uphold my claim and refund me the premiums paid.
I tried to cancel in 2006 the insurance policy on receipt of a settlement figure. I contacted them to advise that I was not told that PPI was optional and I did not want it. Told me that I would get a 50 against a policy of 5K rebate if I cancelled. Therefore constructively preventing me from cancelling. Having read all the PPI successes I contacted them again and advised who I spoke to and on what date. However, they are denying that I tried to cancel and that I only called to query the settlement figure. I advised that two people at work heard the conversation of what was said. They say that this is insignificant proof as we are relying on memory of events 2yrs ago! What a joke. The person I spoke to actually pretended to be a customer services manager! Coincidently, the confirmation of my complaint sent this year was from the same person!
They have advised that I am unable to report it to the fos as the agreement was signed in 2004! I have complained to the FSA, however have not had any response.
I do not believe that the Funding Corporation will admit anything, so I believe the only way to proceed will be to commence legal proceedings. I am fully upto date with payments and do not want to give them opportunity to harrass me as they do to others.
I have paid just over 10k so far and have approx 6k left! There are 24 months left of installments!
Can anybody point me in the right direction of how to commence legal proceedings????????
Hello and welcome
What a nightmare for you. They are just trying to cover up their tracks, so it is important to do all contact by letter, sending by recorded delivery and keep everything, unless you record telphone conversations with them.
So you have sent your preliminary letter asking for return of the monies.and your are waiting for their response. Do you have your credit agreement, if not send a section 77 under the CCA. You will find the template letter in
Creditors and DCAs - Letter Templates & Budget Planner you need letter N, costs £1 send it recorded delivery and watch the clock tick. They must comply within the statutory time limits. Even if you do have it, it is very important that they have it.
Can you explain to me the comment regarding that they agree the bill of sale is void???????
Keep at them, let them know that you are not going to go away and it they do not refund you back this mis-sold you will instigate legal proceedings against them.
You need to send them a letter before action before starting court, but I would give them some time to hang themselves first.
If and when you issue a N1 via the court, you can show the court that you have been more that reasonable in giving them time and the opportunity to resolve the matter.
There is lots of information in the ppi stickies and on the general site regarding taking claims to court, take time to read the info and time to prepare you case against them.
If you advise, help, just ask
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
The Funding Corporation ar sticking to their guns on this one and are not backing down when it comes to the PPI.
I have sent them an initial complaint letter and have sent my reply as final warning. I am awaiting the response.
I have a copy of the CCA, so could you please advise what the next step I can take towards legal proceedings?
I have spoken them today to query the APR calculation, at this point the woman got very sheepish. I have asked for a full Breakdown on how they have calculated it. As from what I understand, if the total amount of credit is incorrect then the credit agreement is unenforceable.
Sorry the bill of sale is void as they quoted the principle sum on the bill of sale inclusive of interest. They are then relying on the credit agreement as back up. They have told me it is a credit sale agreement and I am unable to terminate and return the car.
I work for a BBC1 consumer affairs programme called "Don't Get Done, Get Dom", in which presenter Dominic Littlewood attempts to resolve issues that have arisen between consumers and companies.
Having read your story, we would be extremely keen to hear from you to see if there is anything we might be able to do to help.
If you would like to talk to us, please get in touch at:
I've sent my SAR request yesterday. Spoke to them the other day and they told me I signed an affadavit when I signed the agreement. What a load of nonsense.
The BBC have sent an email. So hopefully they;ll be able to help.
I think I have a few grounds to go on. My initial complaint is the PPI, but because they are greedy and are not budging on the PPI. Although I am not making it up - they said I am just trying to get out of paying.
I am awaiting on my complaint follow up that was sent over two weeks ago! And of course the SAR that they have 40 days to comply with.
I've sent my S.A.R - (Subject access request) request yesterday. Spoke to them the other day and they told me I signed an affadavit when I signed the agreement. What a load of nonsense.
The BBC have sent an email. So hopefully they;ll be able to help.
I think I have a few grounds to go on. My initial complaint is the PPI, but because they are greedy and are not budging on the PPI. Although I am not making it up - they said I am just trying to get out of paying.
I am awaiting on my complaint follow up that was sent over two weeks ago! And of course the SAR that they have 40 days to comply with.
Has anybody got any advice on how to help?
Hello Bham,
My advice would be to pace yourself, this will not happen overnight and may drag on for a while. You mention that you spoke to them the other day, they told you that you had signed an affadavit when you signed the agreement. Maybe ask them for clarification of that comment by letter. They will state anything over the phone, but I doubt they would state this in any letter
Do you have your credit agreement?????? There is a something in the forum regarding the total charge for credit, I will see if I can find it for you.
Unfortunately these companies dig their heels in, because they will have to pay you money back. You have to show them that you know what you are talking about and that you are not going away.
I have seen that the BBC are putting posts on threads on the the ppi forum and I do hope that they will be very helpful to you. But you must still be prepared to do this yourself, just incase they don't pick you. :grin:
Can I ask what you put in your first letter to them?????:grin:
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
In my initial email to them, I requested for the PPI to be ab initio and requested for a full refund of all premiums paid. The sales advisor (just remembered was a new employee) did not discuss anything about the PPI, or even ask whether I was covered by my employer. The agreement I signed does not have an opt in or opt out. AFC do not have prices displayed on their vehicles. All they kept stating was the repayment amount inclusive of PPI. If they had told me I would pay an extra £95 a month for having PPI, I don't know of anybody who would accept it.
Also recently remembered that I provided payslips that show that I had not been permanantly employed for 6 months prior to the agreement being signed. Therefore I would never stand a chance of claiming against the PPI. I have sent my SAR this week to get all the evidence. But I am sure they will say they no longer have the copies. The company is a sham and they prey on people to make extornionate amounts of money!
I read the agreement enforceabilty thread you kindly sent! The agreement does not show anywhere the total rate of interest for both the principle amount and the insurance products.
Hihow did you get on with these. I'm in a similar position regarding the Bill of Sale in fact they have admitted that it is incorrect but still rely on the Credit AGreement to enforce the debt. I've referred my matter to Financial Ombudsman who seems to be going at a snails pace so would be interested to know if your credit agreement was still enforceable or not
Missold PPI/Funding Corporation
@19.9%. Added to this was 250 admin
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Originally Posted by bham1980
