Go Debt

[katesage]

Just a quick query

 

A friend of mine has been in 2 yrs plus of negotiations on a debt from YesCarCredit.

A familiar story I understand, he couldn't keep up payments on YCC finance due to a back injury, despite paying PPI, his self employed status prevented claim.

YCC repossessed car, sold it for 2k when it was worth 6k, then no communication for 6 months, then YCC demanded 6.5k.

Unsurprisingly my friend declined to pay and his debt was eventually transferred to Go Debt.

 

He has been negotiating with Go Debt for over 2 yrs.

 

He offered 1k, (spread over 6m) they declined.

They offered 1.5k lump sum, he declined as he couldnt afford.

 

There was one period where they didnt respond to his letters for 14months.

 

But now they are demanding the full 6.5k, not interested in offers and threatening court.

He is now in a position to offer 1.5k but can't get them to agree.

 

They have sent him a form to fill in, detailing his financial circumstances, he has written back refusing to fill this in and has 'demanded' they take him to court as he has had enough.

 

2 specific questions.

Can they ask him to fill out the statement of financial circumstances?

Can they force him to pay 6.5k when they previous offered was 1.5k and their communication in between has been terrible?

 

My friend has a copy of the signed CCA from Go Debt and all looks to be in order, so no options there:(

[lookinforinfo]

Kate, they can't force him to send them a financial statement, but if he goes

to Court he will have to complete one there. They have the right to decide

how much they will or won't accept in settlement.

 

However, your friend may be able to use the Consumer Credit Act. Has he

sent them a CCA request yet? Did he pay at least one third of the payments?

[rbrears]

was he self employed when he was sold the ppi? If so his angle should also be that he was told he was covered - he wasn't - YCC should pick up the tab.

[bathgatebuyer]

My thought there too - how was he sold the PPI? Did they know he was sef-employed? Or did the put the PPI down as a mandatory part of the agreement?

[katesage]

Thanks for confirming that it's the court that can ask him to fill in a financial statement, he doesnt mind doing it for the court but does not want to fill one for Go Debt, until they take him to court.

 

In amongst his paperwork from YCC and Go Debt is a proper signed copy of the credit agreement, so I assume this means its pointless sending a CCA.

 

He had paid less than a third of the value of the vehicle when it was repossessed.

 

I will check further on the PPI angle.

 

Thanks again xxx

[lookinforinfo]

Just gone back and read your first post. Seems strange that they left him in peace for over a year..........

 

Often companies do that when they have failed to comply in time with a CCA

or an sar. I expect it 's asking a bit much to remember how long it was before

the documents arrived? Too long and they should not be pursuing him unless

a Court Order has been made.

Two more things about the CCA request.

1] In addition to getting a copy of the original agreement, he should also have

been sent a signed statement detailing all the payments to date, and the

number of missed payments and the amount still outststanding plus if there

are any other documents mentioned in the agreement [like their T&Cs] they should have been included. If not, the CCA has not been fully complied with.

2] all the details on the agreement have to be correct-like the "APR"-which

may be wrong because of the complication of PPI being added and "the Amount of Loan" may also be wrong because of the PPI.

 

When he received the sar details-were they on time-ie delivered within forty

days? One of the details that are included is a breakdown of what charges

have been applied to the account. Some may well be unlawful and should be

reclaimed-thus bringing down the loan [don't forget to reclaim the interest]

 

Two further things. It does seem inequitable in a way that they did not pursue him for 14 months [why? didn't they want the money?] can they then

expect to claim interest on the principal for all that time?

 

What car was it that dropped £4000 or so in a year? And did he get any

confirmation that the car was sold at auction for that price [the sar should have included that].

He must be facing a horrendous bill-even more than the original -and he

couldn't afford that.

 

The only other defence he can try is to ask the Court to demand Go how much they bought the debt for [and it must be less than £1500]? Then notwithstanding the conditions of the

assignment of contracts, pursuing your friend for £6500 is extortionate.

[katesage]

Thanks for all those replies.

 

1. He has a copy of the CCA and it is in perfect order. signed dated etc

 

2. No PPI, he thought he had paid it, but has checked and was not.

 

3. He only had the car for a year, so was under the 1/3 way through term.

 

4. He was told in a letter from Yes Car Credit received 6 weeks after repossession that it had sold for 2k. no explanation.

 

He is trying to settle with Go Debt now. A few weeks ago they offered him £1500 lump sum to settle.

 

He counter offered £1000 spread over 6 months.

 

They declined and are now pursuing aggressively the 6.5k.

 

They have sent him a statuatory demand and are threatening to have his home sold! They claim to have checked Land Registry.

We know that he has to respond within 18 days to the SD, but wondered if any one can clarify the grounds under which we can apply to have the statuatory demand set aside.

[katesage]

Hi Everyone

 

UPDATE!!

 

Excuse all previous innacuracies! I finally got the Go Debt file off my friend Paul.

 

1. He had a finance loan of £10500 to purchase a £4605 car. The extra is made up of comprehensive insurance, interest (?) (some insurance!)

 

CAR £4605

Finance Charges £1922.04

Payment Protection Insurance Cash Premium £1733.16

Mech breakdown Insurance Cash Premium £650

Gap Insurance Cash Premium £350

Interest @ 19.9% £1119.40

 

2. The CCA is signed by Paul, BUT undated and unsigned by Yes Car Credit.

3. The handover documentation states that he bought the vehicle on 31/7/03.

 

I have learned that some contracts from 2003 are unenforceable, does anyone have any further info on that?

 

It looks like he paid a £1733 one off PPI payment, presumably we can go for miss selling and why wasnt he covered when he had his back problem??

 

Basically, they offered Paul settlement of £1500 in early January, he counter offered £1000; which they declined.

 

They then did a credit search on him and discovered that he had bought a flat in December.

 

They are now demanding £4000 final settlement as "he is now a homeowner"

 

They are on the verge of serving him with a statuatory demand.

 

he is currently in weekly written communication with them, so surely the debt is in dispute?

 

the bigger question is how to tackle the original problem of Yes Car Credit. This finance agreement 'seems' extortionate.

 

I have learned that when a vehicle is repossessed as his was, it is termed an 'abandoned' vehicle and the entire loan and insurance is repayable. Does anyone have any suggestions as to how to calculate what a fair repayment would be?

 

Thanks everyone

[sequenci]

 

 

 

2. The CCA is signed by Paul, BUT undated and unsigned by Yes Car Credit.

 

eek, i would need to check. it's improperly executed. it might be enforceable with the leave of the court, however. i'll do some quick investigating and report back. where was it signed (this is pretty important)

 

I have learned that some contracts from 2003 are unenforceable, does anyone have any further info on that?

 

previous agreements may have had the total charge for credit listed incorrectly, thus rendering the agreement null and void.

 

It looks like he paid a £1733 one off PPI payment, presumably we can go for miss selling and why wasnt he covered when he had his back problem??

was it a condition of sale? there is a possible argument here.

 

They are on the verge of serving him with a statuatory demand.

 

you may be able to get it set aside.

 

he is currently in weekly written communication with them, so surely the debt is in dispute?

 

no valid cca = reasonable dispute in my eyes.

 

the bigger question is how to tackle the original problem of Yes Car Credit. This finance agreement 'seems' extortionate.

 

how so?

 

I have learned that when a vehicle is repossessed as his was, it is termed an 'abandoned' vehicle and the entire loan and insurance is repayable. Does anyone have any suggestions as to how to calculate what a fair repayment would be?

 

how much of the agreement was paid? was it repossessed with or without a court order?

 

calulation would be:

 

The Full HP Price

 

Less:

 

- All sums already paid

- The sums realised on sale of the goods by the creditor

- the option to purchase fee (if there is one)

- An early settlement rebate if the outstanding debt can be paid before the agreement was due to expire.

 

btw - did your cca request include a statement of account?

[katesage]

eek, i would need to check. it's improperly executed. it might be enforceable with the leave of the court, however. i'll do some quick investigating and report back. where was it signed (this is pretty important) Thanks sequenci:) . It was signed in 3 places on the CCA agreement. Twice at Point 5 (witnessed) Once at Point 9 (the end)

Under that signature are 2 boxes for signing and dating by Yes Car Credit, both are empty.

 

 

 

previous agreements may have had the total charge for credit listed incorrectly, thus rendering the agreement null and void. interesting... the total credit charges and Additional Optional Non Cancellable Insurances are fully listed in 2 columns, I cant tell if there are any probs with the way they have been listed?

 

 

was it a condition of sale? there is a possible argum....ent here. Unsure...but it was not used when he was signed off sick with a back injury that required hospitalisation

 

 

you may be able to get it set aside.

OK

 

 

no valid cca = reasonable dispute in my eyes.

OK

 

 

 

how so?

The finance charges of £1772 look ok if you keep the vehicle for the life of the loan, but when the vehicle is repossessed after less than a year and you only get £2305 for the sale of the vehicle, leaving you with a debt of £6500 on paper...seems a bit harsh. Its the enforced insurance premiums that seem to push the costs up, they added £3852 to the purchase cost. Surely if the vehicle is repossessed you cant be held to account for all these insurances that you clearly no longer need?

 

how much of the agreement was paid? was it repossessed with or without a court order? Only 10 months or £1486.60, the vehicle was repossessed without a court order.

calulation would be:

 

The Full HP Price

 

Less:

 

- All sums already paid

- The sums realised on sale of the goods by the creditor

- the option to purchase fee (if there is one)

- An early settlement rebate if the outstanding debt can be paid before the agreement was due to expire.

 

 

 

btw - did your cca request include a statement of account? Yes it did

 

Thanks for your help

[pmhcfc]

Hi Kate...

 

I had a car from YCC...They told me initially that I HAD to have their insurance but I couldn't find a clause in the contract that stated this- so I didn't have it - Mis selling of insurance maybe ?? Definately get them on mis-selling of PPI for sure..

 

My monthly repayments were just over £200.00..After about 11 months I realied it was a massive rip off. I wroite to the CEO of YCC at the time and complained, giving them a breakdown to the nearest MINUTE of how much money they were making on just one sale (mine). I still owed £7800 and offered them £4900. THe CEO took this offer in F & F payment!!! I wasn't in arrears or anything. The point I make is that there has to be something wrong for Go Debt to say they'll take £1500 F & F, its just a matter of finding the problem.

 

If you look at section 6 of their T & C's, it states there that the can sell the car without notice etc, so it can't be that...but there has to be something wrong that makes the whole agreement unenforceable in your friends case.

 

Also, some company (without my knowledge) paid £400 into my account last year, some sort of rebate for YCC customers for something that had been charged wrongly...I cant remember what it was for, something about insurance I think ( PPI maybe as I didn't have the car insurance they tried to force on me)...

 

My gut instincts are that yur friends agreement is unenforceable, you just need to find out what makes it so...

[gdk2711]

Hi Everyone

 

UPDATE!!

 

Excuse all previous innacuracies! I finally got the Go Debt file off my friend Paul.

 

1. He had a finance loan of £10500 to purchase a £4605 car. The extra is made up of comprehensive insurance, interest (?) (some insurance!)

 

CAR £4605

Finance Charges £1922.04

Payment Protection Insurance Cash Premium £1733.16

Mech breakdown Insurance Cash Premium £650

Gap Insurance Cash Premium £350

Interest @ 19.9% £1119.40

 

2. The CCA is signed by Paul, BUT undated and unsigned by Yes Car Credit.

3. The handover documentation states that he bought the vehicle on 31/7/03.

 

I have learned that some contracts from 2003 are unenforceable, does anyone have any further info on that?

 

It looks like he paid a £1733 one off PPI payment, presumably we can go for miss selling and why wasnt he covered when he had his back problem??

 

Basically, they offered Paul settlement of £1500 in early January, he counter offered £1000; which they declined.

 

They then did a credit search on him and discovered that he had bought a flat in December.

 

They are now demanding £4000 final settlement as "he is now a homeowner"

 

They are on the verge of serving him with a statuatory demand.

 

he is currently in weekly written communication with them, so surely the debt is in dispute?

 

the bigger question is how to tackle the original problem of Yes Car Credit. This finance agreement 'seems' extortionate.

 

I have learned that when a vehicle is repossessed as his was, it is termed an 'abandoned' vehicle and the entire loan and insurance is repayable. Does anyone have any suggestions as to how to calculate what a fair repayment would be?

 

Thanks everyone

 

YES I DO

ARE YOU STILL HAVING PROBLEMS WITH THEM

ALSO CHECK IF THE DEPOSIT HE PAID WAS OFF THE CAR OF THE INSURANCE (PPI)

LET ME KNOW

[gdk2711]

KATESAGE

You still not resolved your case yet

i may be able to help

[gdk2711]

When did they start hassling him

Has he paid them any money(and when he started)

And why are they taking him to court

as you can go for stature barred if the debt is 6 years old

if they started hassling him after the 6 yr period

if mis-sold ppi its unenforceable

but you have to defend case first and go for a set aside

[cerberusalert]

I doubt whether you'll get a reply, the OP was last online 20th October 2008.