Car finance query.

[yogibear8]

Understand about the no win/no fee concern. If it was one of these cowboy companies off the telly, I'd steer well clear, but this is a well established local solicitors so should be a better option. They'll be regulated by the Law Society, etc., so probably ok.

[bernardski]

Ok just bare in mind that if their fee is even 25% of the amount awarded (most charge above this) and they get awarded to you just the full £1800 PPI amount without any interest being added you would then owe them £450. (the reason for considering this action is to help clear debt not to create more debt)

 

The £1800 you wouldn't see as it would be taken off your outstanding balance of around £5000 leaving you still owing around £3200 plus you would then have to find £450 from somewhere to pay to the people who made the claim for you.

 

Now imagine that they get 8% for 4 years interest on top of that figure and you can see how quickly the amount you had to pay them would increase.

 

Just something to have a think about before committing to anything

 

B

[yogibear8]

Cheers, they claim thier fees from the bank/insurance company the claim is against

 

http://www.farleys.com/how-to-reclaim-ppi-for-free.html

[yogibear8]

Just preparing the ground to surrender the vehicle, cancelled Insurance and cleared it out, when I recieved this form Advantage.

 

Following your emails last week I have reviewed your account with my manager to see if there is anything else we can do.

 

He has advised that due to the fact that the account term is due to finish in October 2011, we can remove the extra interest that would normally be applied to the account after this period, and allow you to pay off the existing balance as it is at £150 per month.

[bernardski]

Bit of a nightmare!Not 100% on this but it may be worth posting off a SAR to get some info so that you can get a rough idea of what you can reclaim in charges and PPI if it is possible to do so.It may be worth sending a pm to postggj with a link to this thread and asking if he could take a look at it as he is said to have a good understanding of this type of agreement!B

[yogibear8]

Cheers for that. Think I may have overburdened postggj with the bumph I sent him, so I'll give the guy a break. Have to put this to the solicitor when we meet.

[bernardski]

Any update with this?

[yogibear8]

Hi. Spoke to the solicitor re PPI and he said that, although it looks very likely it WAS mis-sold, he couldn't take it on. There is likely to be a 'blame game' with the finance company and the broker blaming each other with me as pig in the middle. However I have sent in a reclaim request to get the ball rolling.

 

Wasn't in a position to make this months payment, so it looks 99% certain that I will be handing back the vehicle. I assume they will take me to court for the balance of the debt (even though it is all bloody insurances) so at least I should be able to barter in court with an affordable deal.

 

Would the fact that my wife is co-signatory on the loan and still working have any impact on my position?