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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
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.
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
£914.00 unfair bank charges recovered from NatWest after 1st letter
£255.00 unfair bank charges recovered from RBS after 1st letter
Welcome Finance cannot supply original agreement, N1 issued for charges, PPI & interest total over £3k
Woolwich 2 defaults removed, 1 ccj removed. My credit file is now clean
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.
LBA Issued against Halifax (2 accounts) 02/02/07
Still waiting for info on Halifax CC (due 16/02/07)
Contemplating action against NatWest (more than 6 years)
Contemplating action against Direct Auto Finance (PPI mis-sold)
Partner
Rec'd info (incomplete) from Halifax 02/02/07
Any opinions or arguments I state are purely my own personal opinions and are given purely in the spirit of debate, argument and personal information. If you are in any doubt as to your legal position you should always seek professional advice. Of course, always look for free professional advice from appropriate organisations.
If you are in Kent, check out the law clinic run by the University of Kent at Canterbury and also at Medway.
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.
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
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
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
LBA Issued against Halifax (2 accounts) 02/02/07
Still waiting for info on Halifax CC (due 16/02/07)
Contemplating action against NatWest (more than 6 years)
Contemplating action against Direct Auto Finance (PPI mis-sold)
Partner
Rec'd info (incomplete) from Halifax 02/02/07
Any opinions or arguments I state are purely my own personal opinions and are given purely in the spirit of debate, argument and personal information. If you are in any doubt as to your legal position you should always seek professional advice. Of course, always look for free professional advice from appropriate organisations.
If you are in Kent, check out the law clinic run by the University of Kent at Canterbury and also at Medway.
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
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
If my post has helped you, please click the scales! :grin:
Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
Yes Car Credit - PPI mis-sold - help?
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.
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Re: Yes Car Credit - PPI mis-sold - help?
).
(As Seen on TV) 