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

[Wulfen40]

Yep read that article dx, I will do that once I get my info, thank you so much for your help mate, of course I will still stick a copy of the sheet on here once its done so that you can have a look!

 

 

Many thanks mate...

 

 

For rouge... I found a website where it lets you calculate the APR and after playing with the figures, it definitely showed that I was paying an APR rate of 19.9% for both the vehicle finance and additional insurance columns! Many thanks for the pointers!

 

 

Cheers!

 

 

Wulfen

[silentknight8178]

Hi [removed]

 

 

ive been trawling forums and such.

 

 

I got a vehicle from yes car credit in 2004 roughly and

 

 

have seen lots of comments about the company but

 

 

i cant find where and how to start with relevant address and such.

 

 

I dont have any paperwork i can just remember i got a Y reg silver punto

 

 

and my registered address at the time.

 

 

I also remember having to get the gap insurance, mechanical breakdown.

 

 

Any help on where to start would be greatly appreciated.

[dx100uk]

Hi [removed]

 

 

ive been trawling forums and such.

 

 

I got a vehicle from yes car credit in 2004 roughly and

 

 

have seen lots of comments about the company but

 

 

i cant find where and how to start with relevant address and such.

 

 

I dont have any paperwork i can just remember i got a Y reg silver punto

 

 

and my registered address at the time.

 

 

I also remember having to get the gap insurance, mechanical breakdown.

 

 

Any help on where to start would be greatly appreciated.

 

 

best you start a new thread

 

 

of your own.

 

 

dx

[f16]

silentknight8178,

 

Hi and welcome to CAG.

 

I think you will find Site Team will start a new thread for you.

 

You might want to "Edit" your post above and remove your name.

[silentknight8178]

ive started one sorry about the mishap u can delete this one if u like

[Wulfen40]

Hello dx,

 

Sorry for the delay as the missus was unable to open the disk that DAF sent to us on her mac laptop.

We had since written back to them requesting another one which arrived last Friday in the post, as it was,

I have since arrived back home and it turns out that the disk isn't exactly compatible with mac laptops or such.

 

I have accessed my information and put all the payments mentioned in thread 24 onto my PPI Redress Calculation for single premium policies.

 

 

Interestingly enough according to my transaction list from DAF they made £228.41 in profit on my final settlement!!

 

 

I have also included at the beginning of my calculation the £325 deposit which they have kindly took from my insurance total.

 

Can you please have a look at the sheet dx?

 

 

Just to make sure that I have done it correctly?

 

 

Thanks mate

 

 

Also what is the next step?

 

 

Do I just return it back to DAF asking for that amount back as mis-sold PPI?

 

 

Many thanks

 

 

Wulfen 40

[dx100uk]

pdf please

 

 

or attach the xls file after removing your name

[Wulfen40]

How do I attach the xls file dx? I couldn't work out how?

[Wulfen40]

Hoping that the xls file is now attached

[dx100uk]

don't think you can inc the 325

 

 

of the final settlement

you need to use the PPIPCM% calc in link 1

whatever % of the TOTAL LOAN was for PPI

that same % will be PPI portion of the final settlement.

 

 

any rebate should be shown as a minus figure in the 'i' col [delete the result int calc in 'k']

 

 

whats the last line line 60 about

[Wulfen40]

Seriously I cant add the £325? Even if they used it towards my PPI ?

 

 

I looked in your link 1 for this PPIPCM% Calculation but all I could find there was the staint.xls and a loan analysis calculation.

 

 

I have attached my loan transaction list (with my details deleted) you will see that when I paid my final settlement, they gave me a rebate on the finance charges as well as a rebate on my insurance charges, then it shows that they made a "profit" of £228.41 on the settlement. I am assuming that they made a mistake with the final figure, got a larger sum from me and didn't bother telling me that they owed me £228.41 !

[dx100uk]

cost of PPI/cost of loan * 100 = xx%

 

 

that's the % of any payments you made that was for the PPI element

[Wulfen40]

Hope I got this right....

 

 

Cost of the PPI (£2950.56) / Cost of the loan (£10001.28) * 100 = 29.50%

 

 

Therefore I would calculate 29.50% of the final settlement figure as the PPI element? That would be...

Final Settlement figure of £2013.43 and 29.5% of that would be... £521.36 ? Is that right?

 

 

What about the profit they made on the settlement figure dx? I just ignore that then? Don't think that would be fair on me!

 

 

Cheers mate!

 

 

W

[dx100uk]

looks ok.

 

 

you can only reclaim PPI on ACTUAL money payments you made.

 

 

dx

[dx100uk]

so now the FOS CQ time?

 

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[Wulfen40]

Ah right! Of course, would make sense you can only reclaim the PPI back rather than anything else. Okay not a problem. Thank you for looking at the spreadsheet!

 

 

Do I not complain to DAF first? (Give them 40 days to reply?) or just go straight to fos?

 

 

If so I will complete the questionnaire tomorrow morning and send it off to the ombudsman the same day with all of the relevant documents. Although I notice they are saying depending on how much info I give them, this may take months... or longer due to the large amount of PPI complaints they are already dealing with!

 

 

Thanks for your assistance dx, I will update any news on here.

 

 

Just out of interest, how come in that big thread mentioned on post 1 where it all went to court, would that not be a faster route? Or would it not make any difference?

 

 

W

[dx100uk]

you send

 

 

to daf

 

 

all three

 

 

the FOS CQ

spread

covering letter.

 

 

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

or

http://www.thisismoney.co.uk/money/bills/article-1606652/LETTER-TEMPLATE-Mis-sold-PPI.html

 

 

there no harm in reading around here too

 

 

it is a self help site as well

 

 

dx

[Wulfen40]

Brilliant, I will do that dx, thank you so much for your help mate, I really appreciate it, I will keep updating on here as it goes along!

 

 

W40

[Wulfen40]

Hello All and DX,

 

Really sorry for the long delay as I did do as you asked and sent off to DAF my covering letter, FOS CQ and the spread sheet.

 

 

I sent these on the 17th September 2014 and

 

 

I got a letter back from them on the 25th September 2014 saying they were looking into my complaint.

 

Then on the 31st October 2014, I received a reply from DAF which I have edited and attached below.

 

It is pretty much a mirror image of what ukdarren got when they got their refusal.

 

What is next?

 

 

Do I go to FOS?

 

 

Note being that DAF did mention that this complaint would fall outside the jurisdiction of FOS

as well as saying that my agreement was made in March 2003 and that ICOB did not come into effect until 2005.

Further DAF have never been a member of GISB or its code of conduct.

 

So, would I be better off just taking this matter to the court?

I am quite happy to do this and would I pretty much be looking at the same legislation as ukdarren did in their thread?

 

As to DAF's reply, I would pretty much argue against to what they say for each point...

 

3. My car did break down on three occasions, all were head gasket failures causing a lot of damage.

On all three occasions, I contacted DAF (Or NIG) under the Mechanical breakdown cover of my policy

and every time I was declined assistance or repairs, being told that my insurance did not cover this kind of fault.

I had to pay for all repairs myself on two occasions, the third time I could not afford it and so had to scrap the car.

 

4. The Insurances were never optional,

on the paperwork the insurances are shown as "additional insurances"

and never at any time was I informed that the insurances were optional,

nor was I told I would be given the opportunity to look elsewhere

 

5. What evidence are we looking at,

I did not record my conversations that day and it was a long time ago and I do not remember exactly what was said,

but I remember quite clearly how I was rushed through the paperwork, was intimidated by the whole process.

Told to sign here and here without really getting the opportunity to read and digest the paperwork properly.

 

 

I only realised recently as last year that YCC were in the spotlight for dodgy dealing by pure chance

in a conversation with a friend and my curiosity piqued,

 

 

I looked it up on the internet.

Hey Presto...

 

6. I was in a new job for 1 month full time when I signed that document.

Why does this make me eligible and suitable for PPI?

I was told I had to have it!

Further my new job had a sick and disability payment policy

- how do I know, because DAF photocopied my work contract and included it in my SAR !!

 

7. As above, I already had one!

 

8. This is untrue, as I read the attached "policy" DAF sent with my SAR

and for both sickness and disability (limited) ,

you are only covered for a maximum of 12 months !!

This also covers "involuntary unemployment"

 

9. No it only covered up to 12 months worth as stated above (probably the same as my current employment benefits) So - did I need it twice?

 

10. You never let me find out if my current employment sickness/ redundancy cover was better than yours!

 

11. You told me I had to bring a set list of documentation, that I remember clearly.

You did not tell me what it was for.

I assumed it was for ID and credit checks

 

12. a. and b. I was rushed through these forms and told to sign them.

I was also told I was most unlikely to get a car elsewhere as I was on a low paid job with a low credit score

and this was the only way to get a car.

 

 

I signed the forms, reluctantly, but knowing I had no choice.

All the ticks above in the boxes agreeing to things like Accuracy of Information,

Completion of this Agreement and copy for you,

Vehicle Deposit and part exchange allowance, Choice of Vehicle and Acceptance of it, Inspection of Vehicle,

Restriction of Liability and DAFS, Sale of Vehicle by you,

 

 

Additional Insurance Protection, Promises by the Supplier

- were ticked by someone else and not me.

 

 

This can clearly be seen in another part of the document that I did tick and the ticks are completely different!

 

12 c. I never ticked this box and I did get the leaflet on the insurances

 

12 d. Yes I signed the agreement, because I was rushed and pressured into it

 

13. No I cannot provide particulars of the conversations that took place, but I remember being pressured into it all, for the reasons stated above

 

14. Yes I signed on this page, as I was being rushed through and was being pressured!

 

15. What difference does giving this info to me now? I no longer have the car and the problems I had with it happened 13 years ago!

 

16. Yes but you made a profit of £228.41 when I sent in the final settlement figure.

This is not your money and I accept DAF got it wrong as mistakes can be made,

but you made no attempt to return this excess back to me.

I only found out about it when I got my SAR !!

 

17. I was not fully aware that the deposit could not be taken from the insurances until I first looked into this late last year.

I also know you cannot offset the deposit from the insurance product cost.

As I would be paying more off the car and paying more interest.

Nor was I given the choice to offset the deposit from the vehicle cost.

[dx100uk]

put all the pixs in a word document

then PDF that please

 

 

cant read postage stamps

 

 

dx

[dx100uk]

god so the made you pay for all the head gaskets

 

 

utterly unlawful

what the hell were all the ruddy extras for

to line the sellers pockets!!

 

 

I'd PM UKDARREN

 

 

you need to get this into court yes

if not only for the PPI etc

 

 

butto also get the money back for the repairs.

 

 

I'd go as far to say it negates the whole agreement to be honest

get every single payment back.

 

 

dx

[Wulfen40]

Hello dx,

 

 

Sorted the document out! Sorry about that...

 

 

yes, they made me pay for all of the head gaskets, twice. They tell me to write to their underwriters in relation to this part of my complaint. Only problem dx, I no longer have any records of this old car, the repairs, costs, nothing... I will have no chance in court, it will be purely my word against theirs. That's why I haven't really concentrated on this part.. purely the miss selling of the insurances!

 

 

I would love to pm ukdarren, but didn't they not close their thread down as it was reckoned they signed a confidentiality clause? The last we heard of them was when Irwin Mitchel asked to speak to them as Irwin Mitchel took over from Ascent Legal I think and ukdarren had previously sent in a letter in to settle out of court, we never heard back from them

 

 

W

[Wulfen40]

All I remember was that I pretty much paid over £300 to sort the head gasket out myself, that doesn't include the towing costs by the RAC when I broke down twice, labour costs etc. The third time I just could not afford it, so it sat outside my house for six months then I arranged to get it scrapped. I was still paying for the car for another 3 or 4 months or more until my brother in law helped me out with the cash and paying back early

[dx100uk]

there are things call confidentiality clauses that p'haps play a part here.

 

 

nuff said

[Wulfen40]

noted !!!

 

 

Do I start the court process now then dx? How do I do that? Is that the N1 claim form?

 

 

Should I reply back to DAF in response to their letter, despite them saying that is their final response? Do I need to send them a LBA first?

 

 

W40