Cabot & old 1990's Yes Car - latterly Welcome Finance - Finance Agreement - still paying today after handing car back to Welcome.

[Bewdley3]

Bit complicated, but here goes.

We bought a Car through Yes Car credit back in the late 1990,s.Total payment was approx £5K(£1500 for car rest interest/ppi etc). Payment was over 4 years.

After just over 2 years the car developed a major mechanical problem that would have been covered on the warranty(3 years). We contacted the warranty company to be told it no longer dealt with Yes & Welcome car Finance had taken over. This was news to us as never received any correspondence from them.   

On contacting Welcome we were told the warranty was now only 2 years & therefore we could not claim. We could not afford to have the work done due to reduced income(health issues). Welcome agreed to take the car back & send us a final statement that we could pay by reduced monthly instalments(never received).

Shortly afterwards  my Wife was diagnosed with mental health issues that stopped her from working & I became her Carer. We contacted Welcome who instead of responding themselves passed the remaining debt to Cabot. who with the help of the CAB arranged payment at £10pm As of now March 2024 we still owe over £8K. Which by my calculations is 70 years left to pay off(I will be 130!!).

Question is there anything we can do, as by my reckoning must have paid off the original total & just left with this huge interest/fees?? My Wife will never return to work & I will remain as her carer?

[dx100uk]

you got conned from day one sadly.

and as usual CAB advised you to blindly keep on paying without questioning the validity of the claim.

by still paying you have been running the statute barred date to infinity.

never ever blindly pay any dca on any debt without questioning it's now enforceable

stop paying now stop being a DCA cash cow

cabot will never get a copy of the Yes Car agreement from the 1990's

Topic moved to the Welcome forum and topic title retitled 

 

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[BankFodder]

Did you claim back the PPI money that you spent?

Have you got any of the documentation relating to this purchase, the warranty, the apparent change from three years to 2 years – or anything else?

Also, presumably you are paying this by a direct debit?

Please can you check this and confirm yes/no

[dx100uk]

unless you engage with this thread other than stop flipin paying. now. there is no more we can help you with.

[just_jue]

I thought that the 'Yes car credit' agreements were all wrong legally as they used any deposit incorrectly and they had to refund all buyers or was that another company?

[AndyOrch]

YCC was closed in December 2005 by parent company, doorstep lender Provident Financial. It had seen business plummet after a BBC documentary exposed poor sales practice, customers being forced to take out expensive insurance policies, unsatisfactory car inspections and staff referring to customers as 'pond life'.

[whitelist]

3 hours ago, just_jue said:

I thought that the 'Yes car credit' agreements were all wrong legally as they used any deposit incorrectly and they had to refund all buyers or was that another company?

 

 

 

You are correct. Back in 2017 had a well know Debt Collection Agency hound me for a Yes Car agreement from 1999, even though Statute Barred..

They closed their collection on this debt as the agreement breached the Consumer Credit Act 1974.

Basically, what Yes Car did to screw more money out of you was allocate any deposit made to the added insurances policies such as GAP, PPI, Nuclear fall out insurance etc and NOT taken off the original purchase price of the car. This made the agreement void as the total amount payable was misstated..

Personally I believe this underhand sales tactics commission led was what brought the company to its knees.

Edited March 13 by whitelist

[just_jue]

Why can't you ask for a copy of the agreement and see if it was filled out incorrectly? If so then claim back for insurance etc.

[dx100uk]

all dead now since 2019 ruling.

as for the OP

they've never bothered to even look at cag since posting their question so we'll never know.

what a waste of time.

dx

 

[Bewdley3]

can not find any of the original paperwork, probably got lost in the two moves of House since then.

I do not think we every claimed back on the ppi..

Yes paying by DD

I was taken into Hospital after being taken ill & only came home a couple of days ago, it has not been a priority to check on the thread.

 

[dx100uk]

On 12/03/2024 at 16:05, dx100uk said:

stop paying now stop being a DCA cash cow

cabot will never get a copy of the Yes Car agreement from the 1990's