I have joined this forum to ask for any help and/or advice on re-claiming from Yes Car Credit
but it is a bit of a complicated one....I think.
I bought a car on finance from Yes Car Credit back in 2003.
It was a joint agreement with an ex boyfriend (no longer in contact and do not wish to be at all!)
The car was later stolen,
burned out I think and recovered by police
(so there must be something on file)
I was in between addresses then and kind of left it there.
A few years later-think it was 2007,
I had a debt collectors letter saying they had been trying to find me
and now that they had I owed them money for the car.
I rang, panicked asking what I should do.
They said they would write off so much of the debt (don't know why)
and that I owed them £3,000 which I paid
(Well, my grandma paid for me as I didn't have any money to do so myself)
then when all the PPI scandal came about I wondered if I had anything to claim back from YCC
I followed some instructions from a forum similar to this and sent off for the paperwork.
Sure enough I received a CD with the original credit agreement on there.
It shows (in section 3.0 - Additional Optional Non Cancellable Insurances)
10.£ Payment Protection Insurance Cash Premium
11.£ 550.00 Mechanical Breakdown Insurance Cash Premium
12.£ 350.00 GAP Insurance Cash Premium
13.£ 900.00 = Total Insurance Premium Cash Price (10+11+12)
14.£ 300.00 Less: Down Payment provided by Customer
15.£ 600.00 Shortfall Required by way of Credit
16.£ 251.04 Add: Interest
17.£ 851.04 Balance Payable (15+16)
18.£ 1151.04 Total Amount Payable (14+17):
19. 20.0 % APR
20. 48 Number of monthly Insurance Instalments
21.£ 17.73 Amount of each Insurance Instalment
(17+20): the first payable one month after the date of this agreement.
Apparently I should not have paid anything to the debt collectors as I had GAP Insurance
which would have covered the car value when it was stolen?
Also as there is a space next to PPI I'm not sure if I had PPI or not,
Is Mechanical breakdown insurance re-claimable?
I just don't know what to do next in order to find out if I am owed anything at all?
If anyone can advise me I would really appreciate it.
I am on the verge of calling a PPI claims company but I've seen the rates are 25% plus VAT!
Thanks in advance for any help you may be able to give me.