good old YCC!

[Kazzy77]

Hi All...

Below is a post \I have made on the saynotoyes forum but as I have had so much help with my HSBC claim thus far, I wanted to see if anyone could help me here....

My hubby and I were desperate for a new car as our one blew up on a moterway so we went to YCC back in October 2004.

In our desperation (we have 3 young children and were really skint at the time so need to buy on HP) we didnt really care about what we were signing but since then, as we have gotten on our feet a little, I have felt cheated by the deal we made.

Firstly, we were told the PPI was compulsory and the £800 deposit we paid for the car was applied to the credit agreement, not the conditional sale. Is that correct?

Either way, the cash price of the car was £5555, finiance charge £2015.56 and admin fees of £300. Does that sound right? A week later i saw the same reg/mileage/make/model car in the local paper being sold privately for £3000.
GUTTED!!!

The credit agreement was:
PPI = £1147.69
Mech Breakdown Insurance = 550
---------------------
total: 1697.69
less our deposit & part exchange = £850
--------------------------
shortfall required by way of credit = 847.69
add: interest = 353.27
balance = £1200.96
-----------------------------
total amount payable £2050.96

apr 19.9%

we didnt want the PPI or Mechanical Breakdown insurance but were told it was complusory but werent offered the GAP (whatever that is)

Do we have a claim? We are 1 month away from being able to send it back so if we want to do anything to reclaim anything, now is basically the time!

ALSO,

Im pretty sure it didnt have any checks done. It was filthy with mud and they drove it into the warehouse while we were looking around having just been brought in. We took it home within a few hours and all they did was chuck a bucket of water over it in that time.

I feel so stupid for buying it but we were desperate. i feel so conned. Can anyone tell us what we can claim for? Im happy to take them to court but need to know if we have a case at all.

Please advise

Kaz xxx

[edinburghbeerbucket]

Originally Posted by Kazzy77

we didnt want the PPI or Mechanical Breakdown insurance but were told it was complusory but werent offered the GAP (whatever that is)

Hi Kazzy,

GAP insurance covers the difference between what your insurance company pays out in the event of an accident, and the amount outstanding on the car's finance.

Not sure about all the legalities of your case, but I used to sell PPI (for my sins!) and I can assure you it's never compulsory.

There are very strict guidelines which the person selling the PPI must follow, including taking you through a "demand and needs" statement to make sure it's appropriate for you, and explaining their complaints procedure to you. If you didn't hear phrases like "we're authorised and regulated by the financial services authority for the sale of general insurance" you can certainly claim that the PPI was mis-sold to you.

By the sounds of it, your best first action would be to write to the company and demand that the cost of the PPI is removed from the loan immediately. If this yields no response, send a letter to the Financial Ombudsmans Service (FSO) and copy it to YCC's head office.

Hope this helps.

Adam.

[Kazzy77]

thank you adam.

I didnt hear the statement you quoted at all. We were told we had to have it because of our credit and when we asked axactly what it was they just said it was payment protection insurance and that was it!

we let our desperation get the better of us and didnt question anything enough unfortunately. valuable lesson learned!

I will say that any work we have needed doing has been honoured by the warrenty. from day one the computer had gliches (cos they didnt carry out the important checks) but those things were put right. they still are a little screwy but it does move. I like the car and am still happy with it. its just the PPI issue have have a mahor problem with.

I have been told elsewhere that they should have put our £800 deposit plus the £50 part exchange (on a car that had blown up lol) towards the car loan and not towards the insurance. Is this true?

next month we are in the position to hand back the car having paid 50% but i want what has been paid to the PPI back in full and the rest cancelled. If I am unable to approach this the same way i have for my bank charges (prelim letter, lba and court) then I will do as you have suggested.

Has anyone been able to claim back their money through the courts successfully in our position?

Im actually worried about handing the car back at all after the horror stories i have heard about people getting defaults. My main concern is my credit rating. Im doing a lot to clean it up and its looking better now than ever so I can look at getting a mortgage. I still want my money back though and am willing to go to court to get it.

if anyone could give me any info on anyone else being successful in court with this and whether the £800 deposit should have gone to the car loan or the insurance, i would be very grateful.

KAZ xx

[Tel916]

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