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Hi all, I've joined the group today as I'd like some advice. About a year ago i successfully claimed back my bank charges from HSBC, £2800 which i was over the moon about! Somebody has now told me you can claim back payment protection on car loans if mis sold. I have been having a look at this forum for a couple of hours now but still not sure if it applies to me!
I brought a car in June 2002, i was 23 but they wouldn't sell it to me unless my dad was guarantor as i had a bit of a bad credit history. The car was £8680.25 with the acceptance fee and some other fees, the interest was 19.6%(high i know but i didn't think at the time!) making the interest £4344.55. At the time of taking this car loan which was with GE Capital we were told we had to take out the payment protection which was 39.07 a month over the 58 months i would be paying for the car making it £2266.06, they put this payment protection in my dads name, we said at the time if he is my guarantor i will be paying the car repayments back so if something happens so i cant pay it falls to him and only then if he couldn't pay he would need protection and the chances of us both being ill or being made redundant was so remote we didn't want it. We were then told without it we wouldn't be excepted so we took it. Which to this day I'm still annoyed about!
So my question is do i have a chance and if so where do i go from here??
Thank you
Hi all, I've joined the group today as I'd like some advice. About a year ago i successfully claimed back my bank charges from HSBC, £2800 which i was over the moon about! Somebody has now told me you can claim back payment protection on car loans if mis sold. I have been having a look at this forum for a couple of hours now but still not sure if it applies to me!
I brought a car in June 2002, i was 23 but they wouldn't sell it to me unless my dad was guarantor as i had a bit of a bad credit history. The car was £8680.25 with the acceptance fee and some other fees, the interest was 19.6%(high i know but i didn't think at the time!) making the interest £4344.55. At the time of taking this car loan which was with GE Capital we were told we had to take out the payment protection which was 39.07 a month over the 58 months i would be paying for the car making it £2266.06, they put this payment protection in my dads name, we said at the time if he is my guarantor i will be paying the car repayments back so if something happens so i cant pay it falls to him and only then if he couldn't pay he would need protection and the chances of us both being ill or being made redundant was so remote we didn't want it. We were then told without it we wouldn't be excepted so we took it. Which to this day I'm still annoyed about!
So my question is do i have a chance and if so where do i go from here??
Thank you
Hello and welcome,
I do think you have a good case for mis-selling, but you need to do a bit more homework.
A few car dealers have been fined by the FSA for mis-selling ppi to customers. These ppi policies would have been commission based and a good incentative for the car dealership to apply them. GE Money also have to take some responsibiliy for this as well as they pay the commission as an incentative to the car dealer.
When did you stop paying for the car???????
I would suggest that you start with the cardealership and then ge if needed. Send the cardealership a SAR for information, you will find the template letter for this in the stickies on the ppi forum.
It costs £10, send it recorded delivery and wait for them to comply, they have a timescale of 40days + 2 days postage, if they don't they breach the data protection act 1998.
Be prepared for all sorts of denials, as they will be as unhelpful and defensive as they can, but we can deal with this as it comes
Also be mindful that this may take some time, but It will be worth it in the end.
Get the SAR as soon as possible, post up info when it comes, and in the meantime any questions, just shout
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
Hi thanks for the info, unfortunately the company i purchased the car from are no longer in business what do you suggest? due to circumstances i had to reduce my payment amounts each month so i am still paying for the car i have about £1000 left to pay. I started my own business a few years ago which didn't work out and i had to declare myself bankrupt, as my dad was guarantor the car was not included he called them and explained the situation and asked if he could reduce the payments from £250 a month to £150 a month they refused and unfortunately i could not afford the £250, after many months and phone calls (i was just paying 150 a month) they referred my case to a debt collector for the arrears and it went to court with my dad getting a CCJ and then being told i can pay £150 a month. which i have been doing ever since. So the money i now pay goes to a company that brought the debt and not GE. I don't know if this makes any difference?
Thank you i appreciate your advice.
Credit Protection?
, £2800 which i was over the moon about! Somebody has now told me you can claim back payment protection on car loans if mis sold. I have been having a look at this forum for a couple of hours now but still not sure if it applies to me!
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Originally Posted by suspekt54
