Help needed in reclaiming[atleast] the PPI, back from Yes Car Credit

[Wulfen40]

Hello Everyone,

Back in March 2003 I purchased a car from YCC.

Like other posts and threads that I have been reading on here,

I had no option but to have the usual PPI, Mechanical Breakdown Cash Premium and GAP Insurance.

Until recently I now know that I can possibly reclaim that money back, possibly with interest.

I have read a few threads on here (mainly ukdarren's thread)

but was a tad disheartened to see no confirmation from them whether they had a resolution (out of court settlement?)

Especially seeing the stress that they went through for a year.

I have also noticed that some of the experience persons on this site mention that they have helped many people reclaim their money back from DAF.

Although I have yet to see threads where claimants have been successful (I probably missed them mind you!)

Have all claimants had to go through the court process?

 

Personally, I was in financial difficulty and YCC was the only way I could get a car.

My credit rating was shot to pieces at the time.

I purchased a Rover 218 16V Hatchback.

I was told the car had the usual 125 point check by a qualified mechanic (etc, etc)

 

Problem being, within 6 months of having the car, the head gasket blew,

I contacted YCC and they told me my insurance did not cover that kind of fault.

I had no choice but to cover the cost of repair out of my own pocket.

This same fault happened to my car three times,

on the third occasion I could not afford to cover the cost of repair,

so my car sat rusting for 6 months until I sold it for scrap.

Of course I had to make all of my payments over the 4 years of the contract that I took out with YCC.

What was interesting, was when the head gasket blew for the second time and

I took it to my local garage, the mechanic informed me that the head gasket was a manufacturing design fault on this car

and that Rover had either discontinued this particular model or redesigned the head gasket.

(Something about the aluminium was too weak to be used as a seal between the main engine casing and the head gasket)

 

Now, it is my intention to look into when Rover either discontinued or redesigned this particular model that I bought from YCC.

If it is the case that this happened prior to when I purchased this car, would I be in the position to claim back all monies back from YCC, seeing that they could have (possibly) sold me a duff car, knowing full well (possibly) that it would continually break down with the head gasket continually blowing?

I had a continual nightmare with this car and spent a lot of money getting it repaired.

I know I would probably have to prove that YCC sold me a car knowing that it was a discontinued model for those reasons previously mentioned.

 

I also wondered how YCC worked out the finance charges.

first of all,

what it is it and how do they come to this figure?

Can I claim that back, because for the hell of me,

I cannot work out how they come to this figure (as at one point I thought it was the APR for the amount of the car for the 4 year contract)

So far, I have written a SAR to DAF at the address in Bradford (with £10 cheque) requesting the usual.

They replied back to me in just over a week, sending me my original credit agreement and weirdly, saying if I want a DSAR,

I should write back to them requesting for one (weird, didn't I already ask for one? Delaying tactics?) My cheque was also returned.

I intend to resend the letter back to DAF requesting the SAR that I originally asked for in the first letter

(I sent 3 SAR letters to two of the DAF addresses and one to the Provident address)

DAF in Bradford are the only ones to have replied to me incidentally.

Problem being, I work abroad, so I am away for pretty much 9 weeks out of every 12 weeks.

Although my other half would be happy to send letters etc on my behalf.

Now I am in a position to write, print and sign, before scanning the letter and emailing that back to my other half to print, and then post.

Would that be an issue do you think?

Has anyone on this site used a claims firm to recover their money from YCC and been successful?

If so, did the claim firm recover their costs from the other side,

or did they deduct their share from what any claimant recovered back from DAF?

I would be very grateful if any experienced persons on this fine website would be in a position to give me any guidance on the war

and peace that I have written above!

Lol!

 

 

Kind Regards

Wulfen40

[dx100uk]

I would await the SAR

 

you wont find many successful claims as most are prob subject to confidentiality clauses

that's all I can say

however, don't let that deter you:wink:

 

cant see why you cannot reclaim all those insurances

 

there is no need to lose upto 50% of your reclaim to a CMC

they have no more clout than you.

 

dx

[Wulfen40]

Good Morning dx100uk,

 

 

Thank you for getting back to me as I really appreciate your help and advice.

 

 

I will resend the SAR back to DAF and wait out on the paperwork and see what I get back.

 

 

Are you saying that in all cases that go to court, DAF are subjecting all claimants with confidentiality clauses?

 

 

Has DAF paid out prior to court action to anyone? Or is it always going down the route to court?

 

 

Also, can I claim back on the finance charges as well as ALL of the Insurances?

All Details below

 

 

1. Cash Price £4,973.00

2. Less Vehicle Deposit (Blank)

3. Amount Financed £4973.00

4. Total Charges £2077.72 (Made up of Finance Charges £1,927.72 and Admin Fee £150.00)

5. Balance Payable £7050.72

6. Total Amount Payable £7050.72

7. APR 19.9%

8. Monthly Instalments 48

9. Amount of each Instalment £146.89

 

 

10. PPI Cash Premium £1505.95

11. Breakdown Insurance £ 550.00

12. GAP Insurance £ 350.00

13. Total Insurance £ 2405.95

14. Less down payment £ 325.00

15. Shortfall of Credit £2080.95

16. Add Interest £ 869.61

17. Balance Payable £2950.56

18. Total Amount Payable £3275.56

19. APR 19.9%

20. Monthly Instalments 48

21. Insurance Instalment £ 61.47

 

 

I will definitely not bother going the CMC route, I will do it all myself.

 

 

Monthly Payments in Total were £208.36 according to the sale agreement

 

 

Thank you dx100uk

 

 

Wulfen40

[dx100uk]

nothing to do with courts.

 

so 61.47PCM

 

use the staint sheet for each payment.

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

 

dx

[Wulfen40]

Thank you dx

 

 

I have downloaded the StatInSheet xls and I will fill it in due course with all the payments I made every month at £61.47. Can I also include my deposit of £325.00 on this sheet too, seeing that they have seen fit to take this off my insurance total?

 

 

Today I will send off the DSAR to FAS again and hopefully get a reply within 21 days as they said they would treat my request with the "uptmost priority"

 

 

Once I have received it I will let you know what I got back from them. I am just a bit unsure what to do at that stage.

 

 

I do intend to keep you abreast of what is happening with all of this.

 

 

Many thanks dx!

 

 

Wulfen

[Wulfen40]

Hello All,

 

I resent my SAR request on the 17th July and

 

on the 8th August I received a letter back from DAF with a CD which has apparently has all of my data on it.

The letter also said that there was no recordings of telephone conversations

(which is a shame as I know I did in fact call them a few times over the problems with my car that I was having)

 

At the moment I am unable to open the CD as my partners laptop is being upgraded to a up to date version on the mac.

She will then download the contents of the disc into email form before sending it to me to have a look

 

In the meantime, I have been looking at my service/ credit agreement...

 

On both sides of the sheet

(The vehicle and its finance and Additional Insurances) the both show the APR as 19.9%..

 

can someone please tell me how the finance charges (on the vehicle and it finance column) show

(4) Finance Charge as £1,927.72 as surely this figure

(from the (3) Amount financed £4,973.00 would in fact be an APR of 38.7% ??

 

The same goes for the other side of my sheet on Additional Insurance.

That (16) Add Interest of £869.61 calculation is in fact set at an APR of 41.7% rather than 19.9%

 

Did I work this out wrong or am I right that the illustrated APR of 19.9%

and the actual calculations for Finance Charges and Added Interest actually calculated at a far higher APR?

 

I have attached my credit agreement

 

 

Many Thanks for your help

 

 

Wulfen

[Wulfen40]

Lol! Totally understandable... am I right about the APR rates dx? What do you think? I am hoping to get the details of my disc by the end of the week, once my partner has got her upgraded laptop back.

 

 

W

[dx100uk]

cant make head nor tail of those figures

 

nothing adds up

[Wulfen40]

That is a shame, from what I can gather from these figures is the following...

 

 

1. Nothing explains what the finance charges consist of, from what I can make it, it is the APR on the cost price of the vehicle I bought (at 19.9%)

2. The added interest to the additional insurances is meant to be at 19.9%

 

 

But looking at these figures dx, the actual APR is so much higher than the advertised APR rate on the credit agreement...

 

 

So in my mind, I have been deceived because of this... isn't this deception on their part?

 

 

I have no doubt that you show this to a judge or any lay person, would they then not agree with me?

 

W

[theoldrouge]

the finance charges are the interest, which have been charged at 19.9%

 

the figures are correct as far as I can see taking into account your deposit and admin fee

 

so you should base your reclaim on that figure

[Wulfen40]

Hello rouge, thank you for your input, I am starting to think I am a bit of a thicko, lol, could you be so kind as to show me how the APR is 19.9% as I keep getting a much higher figure!

 

 

Thank you!

 

 

W

[theoldrouge]

this is the one I use -APR Calculator

 

Loan amount (£) 4073

Starter / admin charge (£) 0

Monthly repayment amount (£) 146.89

Number of monthly repayments 48

Extra final charge (£) 150

 

Results

 

APR 19.9%

[theoldrouge]

if you really want to check-

 

the APR equation that is used in the United Kingdom:

 

p = E ( a / (1 + r / 100) ^ t

 

In this equation "p" represents the principal borrowed,

 

"a" is the amount of a single repayment,

 

"r" is the interest rate and

 

"t" is the time since the loan began.

 

The "E" is meant to represent the sigma symbol which instructs that all calculations after this must be added together.

 

This is because in the United Kingdom each piece of interest is added together to get the final result.

 

So if it is a 12-month loan,

there will be 12 additions performed.

If it is a 48month loan,

there will be 48 additions performed.

 

its easier to use a ready made calculator:-)

[dx100uk]

so spreadsheet post 4 time

 

dx

[Wulfen40]

Good grief.... that blew me away rouge hahaha! Nope, I tried to work it out as you said but all I did was confuse myself even more... Lol!

 

 

Ill take your word for it! I suppose when I use my compound interest sheet I will set it at 19.9%...

 

 

Thanks for doing all the calculations though! Appreciated very much! As long as it worked at to 19.9% then that just confirms I was not diddled...

 

 

Thanks mate!

 

 

W

[Wulfen40]

What was that dx? Are you on about the spreadsheet for the compound interest calculation?

[dx100uk]

you cant reclaim PPI @ their rate

 

post 4 and the stat int sheet

 

their int is already included in the £61.64

 

dx

[Wulfen40]

Yep got you now! Sorry dx, having a moment there.. lol

 

 

I will do the calculations on that sheet at the stat int rate of 8%. Hopefully my partner will send me the details of what I paid each month from what is on that disc.

 

 

Out of interest dx, on my credit agreement it says

 

 

£1505.95 Payment Protection Insurance Cash Premium

£505.00 Mechanical Breakdown Insurance Cash Premium

£350.00 GAP Insurance Cash Premium

 

 

Does that mean I treat all the above as PPI then? Total being £2405.95 ?

[theoldrouge]

Thanks for doing all the calculations though! Appreciated very much! As long as it worked at to 19.9% then that just confirms I was not diddled...

 

nope as far as the interest rate goes no diddling going on:shock:however as regards the insurances then thats another story:-)

[Wulfen40]

Hopefully I can recover all my insurances at the statutory rate of 8% then rouge as dx says! At least I can recover some of my money back!

 

 

Thanks rouge for looking at the APR for me though!

 

W

[dx100uk]

Yep got you now! Sorry dx, having a moment there.. lol

 

 

I will do the calculations on that sheet at the stat int rate of 8%. Hopefully my partner will send me the details of what I paid each month from what is on that disc.

 

 

Out of interest dx, on my credit agreement it says

 

 

£1505.95 Payment Protection Insurance Cash Premium

£505.00 Mechanical Breakdown Insurance Cash Premium

£350.00 GAP Insurance Cash Premium

 

 

Does that mean I treat all the above as PPI then? Total being £2405.95 ?

 

all you do is enter on the spreadsheet £61.64

on every date you made the full payment

 

nothing more needs to be done

 

dx

[Wulfen40]

Thank you dx, I will do that once I receive the dates of the payments I made, I will then post the sheet on here once I have it completed

 

 

W

[dx100uk]

I would suspect it ran consecutively from the first payment date on the agreement?

 

no need to await the statements

if you made all the payments on time?

 

dx

[Wulfen40]

Well not exactly dx, I think I made all of the payments on time each month for a couple to three years then I paid the rest off in a lump sum, I am not sure exactly when, hence I am awaiting the details on my disc!

All payments were made on time, I just paid it all off early, I think about a year or just less before it was due to finish

[dx100uk]

then you'll need to do the calc in link 1 below

 

and workout what % the PPI was of the total PCM.

 

then that % of any 'bulk' payment was PPI.

 

dx