Thread: Direct Auto Finance - Result!! sort of! please advise

I moved this from where it was listed under the Re name. I am hoping someone can give me some advice and quick.
Thank you.

Re: Yes Car Credit/Direct Auto Finance PPI
Possible result!!!! Not sure should take it though....any advice please.
Here is the letter I received today from one I wrote to them above. Mind you our loan will be paid off in Feb 09.

We have set out our position in this matter and have reponed to your revious correspondence.

However to clarify the following points reaised we would again, confirm as follows
1. you have provided no particulars of the conversations, which are alleged to have taken place.
2. you have only raised these issue severalyears later.
3. you signed contemporaneous documentation stating that the insurance products were optional
4. we believe that the policy has been sold fairly.
We have conducted ourselves lawfully and in a manner which complies with UK laws. The agreement was constructed in line with the relevant legisttion ffective at the time. Our process was specifically designed to give customers the option of raising any queries or concerns with different departments a system of checks and balances.
Your position is not supported by any eveidence. We have no reason to believe that our standard procedures were not followed at the time the agreement was entered into, or that the optional nature of the insurance products was not fully explained to you. Our position is borne out by the documents signed by you.
However, we are always keen to bring complaints to amtually agreeable conclusion and therefore are willing to write off your remaining balance to close the account. A completion letter will be sent to you in due course.

Now, i for one think i should just continue this with the FSA/Courts as I will still have paid for a policy that I never wanted and was mis sold. If they write off the remaining few months of the loan will make little difference to them as at 29.9% interest the car was paid off ages ago in principle. I feel they did wrong and at the end, although I would not have to pay the remaining 9 payments at £270 a month, I would still be better of continueing the fight. What do you think? Also, it is possible to claim back for all the £30 letters they have sent me when a payment was late etc?

I look forward to some guidance and help as i will need to sort a reply asap!!!

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Hi. I also wrote to DAF to ask for my PPI refunding and recieved almost exactly the same letter ecept in my case they did not offer me anything but i think this is because I bought my car in DEC 2004 just before they became regulated by the FSA meaning i can not take my case through them. There is a thread on this section by Brooklyn who is in the same position as myself. Can I ask when you purchased your car?

We bought our car in January 2005 literally days after they signed up with the FSA regs. if you look under another thread I had called
Re: Yes Car Credit/Direct Auto Finance PPI Here I have a copy of the letter I sent them with all the details of he situation.

We only have 9 months of payments to make on the car and have paid nearly £3k with interest etc for the PPI. My way of thinking this is that if I agree to their suggestion and take their offer that I have still lost out in reality and they have lost nothing in the end as the car itself has been paid for more than likely several time over!! I mean we have 9 payments left at £270 that is including the interest at 29.9% and the remaining PPI is included in that as well.

Jut need to figure out which way to go now.

If I was in your position I would go for it. If they mis-sold the PPI then its all your money. Tell them you want your £3k back and if they dont give in go to the FSA, its free.

Thank you for the advice. After giving it some thought. I am going to write to them and find out what the remaining balance is on the principle of the car. I will only accept payment off the loan as long as it also contains the difference as well of the PPI that we should never have had! They owe us a total of 3K including 8% interest, although perhaps I should charge them the same 28.9% they charge us!!! Anyway, unless they agree to the full amount I will be taking it to the FSA, where I have no doubt we will win and may end up costing them more! They are sending the settlement papers to us in the post according to her last letter so not sure if I should write to her once I have those papers or write to her before? Any advice please? Thank you

Well, been nearly two weeks since we got the initial above offer letter which stated as follows as an exerpt..

"Howeverm we are always keen to bring complaints to a mutually agreeable conclusion and therefore are willing to write off your remaining balance to close the account. A completion letter will be sent to you in due course"

We still have not received said completion letter and obviously we would not be accepting it as resolution/payment in full. I am now getting ready to write yet another letter to them to have in the post today. This time will only be giving them 7 days to reply as this has gone on long enough. I just want this resolved but will not be taken for a mug!!

Here is my question(s)

1. When they say they will be writing off the remaining balance, I assume this means without the interest amount calculated into the total as the loan would be effectively paid off early? Is this correct?

2. If above is the case then how do I figure out exactly what is still owing by the figures on my contract? We made May's payment and so have 8 payments left. Junes payment will be made on the 28th. Will list them for car....
Cash price - 6134.00
amount financed - 6134.00
Total Charges - 3742.48
made up of
finance charges - 3442.48
admin fee - 300.00
Balance payable - 9876.48
APR - 28.9%
total number of payments 48
amount of each payment - 205.76

First payment to be made one month after the contract signed so starting in Feb. 2005, contract was signed on Jan 22 2005.

What I am trying to do is work out the exact amount still effectively owing on the car as we will not settle for less the £3000 they owe us plus interest for the mis-sold PPI. I have to get this letter in the post today and I just cant seem to get the figures to work out.

I would be very grateful for any assistance or if someone knows what the figure would be off the top of thier heads lol. Thank you ever so much!!

Please, does anybody have advice on the above please?? I really do appreciate all of your assistance and it has been incredibly helpful. x

Thank you alanalna, think I am just going to have to send the letter without as it really has to go today. I have reworded it a bit now and made it clear that we will not be accepting any amount less than what they owe us in full. Thank you again