Mechanical Breakdown Insurance ??

[echowitch]

Anyone know what this is, and can I claim it back ? As surely any car bought comes with a warranty as standard, and this Mechnical Breakdown Insurance is like PPI ??

 

http://img215.imageshack.us/img215/4484/agreement.jpg

[dx100uk]

yep go get 'em

 

plenty of threads on here as to how to go about it

 

dx

[echowitch]

/MrBurnsMode Eeeeexxxcellent

 

Clearly I shall have to tell the wife to look after the munchkin and get to doing some hardcore reading

 

So an LBA with a threat of court action telling them to cough up or I add interest on a good starting route ? Or just demand the interest as well anyway ?

[dx100uk]

no

 

nothing to do with courts

 

make a spreadsheet

 

follow one of the other many threads on ppi reclaiming.

 

Compound interest calculator

 

dx

[Dibbothe3rd]

just keep in mind that the mech breakdown was most likely not correctly explained to you and mis sold.

 

I found on mine, that it only covered me for 24 months, yet I was paying for it over 48 months and from reading other threads on here, it turns out that the insurances are front loaded ie paid at the beginning of the agreement and therefore I was getting stung for interest.

 

im in the process of reclaiming it but have yet to hear a peep out of them.

[echowitch]

Thats why Im thinking of sending an LBA, give them a set period to respond and pay up, (probably 14 days,) and then begin court action action. Its had the quickest response from Credit Card companies who like to use the "blah blah terms and conditions we can do what we want" approach to writing letters. But they crap themselves when you start legal action against them.

[echowitch]

The only issue I have noticed is that this agreement dates back to 2003

[echowitch]

Im planning on sending the below letter to Welcome to claim back my PPI/MBI and overpayments.

 

Any suggestions, tips ??

 

---------------------------------------------

 

Dear Sir,

 

 

I purchased a car from Yes Car Credit, that was financed by Welcome Car Finance on the , included within this purchase was several insurances:

 

Payment Protection Insurance

Mechanical Breakdown Insurance

Insurances Finance Charge

 

The sales person stated that all insurances were compulsory and subject to the purchase of the car. I have been informed that this is not the case and all insurances were optional despite the claims made by the sales person. In addition to the PPI being mis-sold as compulsory, the Mechanical Breakdown Insurance was also claimed as a compulsory addition, which was never adequately explained. As both of these insurances were supposed to be single payments, they are thus not subject to a finance charge, yet Welcome Finance charged one without giving adequate reason or explanation for this charge.

 

Welcome claim that my original agreement has been replaced with a second agreement. I have no knowledge or paper work for this, and you have failed to provide any evidence of this. I did previously request in the past a change of the monthly payment to be paid at a lower amount over a longer period but that was under the same agreement and most certainly not under any new agreement.

 

I have calculated the amounts owed to Welcome for the Finance of the vehicle and how much I have paid. I have discovered that over payment has been made to Welcome. This is after deducting all of the illegally added penalty charges your organisation has added to my account. Especially including the charges for payments failing to go through on perfectly valid cards that would then go through on a second or third attempt. These charges fraudulently enrich Welcome Finance at my expense for equipment that is faulty, and is known to be faulty by Welcome branch staff.

 

As a result I expect the below to be completed within the next 14 days.

 

 

Expected Resolution

 

* Refund of misold PPI equal to £

 

* Refund of Mechanical Breakdown Insurance equal to £

 

* Refund of Insurances Finance Charge equal to £

 

* Refund of overpaid amounts on the agreement equal to £

 

Failure to completed the above will result in me beginning legal action against Welcome to recover the funds. If I have to do this then I will add 8% interest. I will also be making a formal complaint to the FSA with regards to the credit/debit card payment failure charges as fraudulent charges.

 

Yours Sincerely

[dx100uk]

per i'd do a spreadsheet

you are intitled to claim the 8% from the off now, not wait until court.

 

restitution is the name of the game.

 

dx

[echowitch]

I have the spreadsheet, I was just wondering about the wording of the letter.

 

I thought I might give them the option of coughing up now and they save them the 8% charge (which in my case works out to be another £500+ on top.)

[echowitch]

So other than needing to add in the account numbers and amounts, the letters ok ??

[dx100uk]

i'll say again

under fos guidelines you are entitled to claim the 8% as restitution because you were diprived of using YOUR money.

 

they are also under no timescale other than 8 weeks.

it will be treated as a std complaint

 

you can demand what you like there is no presedence though for them to comply.

 

i'd also post you spreadsheet to make sure its correct.

 

dx

[echowitch]

I can email you the spreadsheet if you pm me your email address.

[dx100uk]

no put it up here

just temp remove any id from it

 

goto one one of the many free online pdf converter websites

convert the file/image to pdf format.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

browse to your pdf file and upload it

hit close this windows at the bottom below upload it box

 

dx

[echowitch]

Or I code just copy/paste it from Excel to here

 

Date Amount Running Total Interest

 

26/02/2003 £281.74 £281.74

 

 

26/03/2003 £281.74 £563.48

 

 

26/04/2003 £281.74 £845.22

 

 

26/05/2003 £281.74 £1,126.96

 

 

26/06/2003 £281.74 £1,408.70

 

 

26/07/2003 £281.74 £1,690.44

 

 

26/08/2003 £281.74 £1,972.18

 

 

30/09/2003 £281.74 £2,253.92

 

 

25/11/2003 £281.74 £2,535.66

 

 

19/12/2003 £281.74 £2,817.40

 

 

27/02/2004 £189.43 £3,006.83

 

 

28/04/2004 £100.00 £3,106.83

 

 

30/04/2004 £40.00 £3,146.83

 

 

27/05/2004 £189.43 £3,336.26

 

 

27/05/2004 £189.43 £3,525.69

 

 

27/05/2004 £189.43 £3,715.12

 

 

30/06/2004 £190.00 £3,905.12

 

 

30/07/2004 £189.43 £4,094.55

 

 

27/08/2004 £190.00 £4,284.55

 

 

30/09/2004 £190.00 £4,474.55

 

 

29/10/2004 £50.00 £4,524.55

 

 

25/11/2004 £140.00 £4,664.55

 

 

30/11/2004 £50.00 £4,714.55

 

 

30/12/2004 £190.00 £4,904.55

 

 

31/01/2005 £189.43 £5,093.98

 

 

28/02/2005 £189.43 £5,283.41

 

 

05/05/2005 £60.00 £5,343.41

 

 

31/05/2005 £130.00 £5,473.41

 

 

30/06/2005 £190.00 £5,663.41

 

 

02/08/2005 £189.43 £5,852.84

 

 

05/09/2005 £189.43 £6,042.27

 

 

11/10/2005 £189.43 £6,231.70

 

 

28/10/2005 £189.43 £6,421.13

 

 

28/11/2005 £189.43 £6,610.56

 

 

20/12/2005 £189.43 £6,799.99

 

 

25/01/2006 £189.43 £6,989.42

 

 

24/02/2006 £189.43 £7,178.85

 

 

25/03/2006 £189.43 £7,368.28

 

 

25/04/2006 £189.43 £7,557.71

 

 

25/05/2006 £189.43 £7,747.14

 

 

25/06/2006 £189.43 £7,936.57

 

 

26/07/2006 £189.43 £8,126.00

 

 

31/07/2006 £94.71 £8,220.71

 

 

29/09/2006 £90.16 £8,310.87

 

 

18/10/2006 £189.43 £8,500.30

 

 

29/11/2006 £189.43 £8,689.73

 

 

29/12/2006 £189.43 £8,879.16

 

 

07/02/2007 £189.43 £9,068.59

 

 

08/03/2007 £189.43 £9,258.02

 

 

05/04/2007 £189.43 £9,447.45

 

 

05/06/2007 £189.43 £9,636.88

 

 

31/07/2007 £189.43 £9,826.31 £48.74

 

31/08/2007 £189.43 £10,015.74 £47.19

 

28/09/2007 £189.43 £10,205.17 £45.80

 

31/10/2007 £189.43 £10,394.60 £44.17

 

06/12/2007 £189.43 £10,584.03 £42.40

 

13/02/2008 £190.00 £10,774.03 £37.17

 

22/04/2008 £189.43 £10,963.46 £35.75

 

20/05/2008 £189.43 £11,152.89 £34.19

 

21/06/2008 £189.43 £11,342.32 £32.92

 

31/07/2008 £189.43 £11,531.75 £31.06

 

29/08/2008 £189.43 £11,721.18 £29.71

 

30/09/2008 £189.43 £11,910.61 £28.24

 

24/10/2008 £189.43 £12,100.04 £27.14

 

26/11/2008 £189.43 £12,289.47 £25.64

 

31/12/2008 £189.43 £12,478.90 £24.05

 

27/02/2009 £189.43 £12,668.33 £21.46

 

26/05/2009 £189.00 £12,857.33 £17.54

 

27/05/2009 £0.43 £12,857.76 £0.04

 

 

Total Interest £573.21 Total Overpaid £3,020.80

 

Total Overpaid+Interest £3,594.01

[dx100uk]

doesnt look right.

are you hitting them

with 8% from date of charge to date of claim?

 

you'll need 4 columns

 

dx

[echowitch]

Yep 8% from date of charge to date of claim (it was worked out a few days ago.) The first date of claiming 8% is the first date of charge after the actual finance and charge are paid off.

[echowitch]

Right, the letter demanding the PPI went off weeks ago and I've heard nothing from them.

 

Any other steps I can try before starting court action ?

[dx100uk]

they have 8 weeks

then off to the fos

 

dx

[echowitch]

Cool cheers Off to the FOS it is then

[dx100uk]

download their complaint form

fill it in

copy all comms you have with the muppets and post it off to the fos

 

dx