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| Offered Settlement; I've been offered less to settle | |
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| Topic Started: Jan 25 2006, 06:13 PM (183 Views) | |
| kingabunyip | Jan 25 2006, 06:13 PM Post #1 |
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Hi everyone. I bought a car from ycc in Feb 2004. I couldn't afford the payments so after 2 months I arranged a repossesion which I was billed for even though I told them I could the car off. The original total with all the extras was £9876.00 for a 4 year old mondeo I had only made 1 payment of £176.50 The repossession cost £235.00 The car was then sold for £2810 ( I was charged £5485.00 ) :wacko: I was recently contacted by Go dept and asked to pay £6889.50 with a 50% discount if I paid a lump sum (£3444.25). I was then sent another letter offering me a final settlement of £2300.00 if paid within 5 days, I spoke to Lucy Edwards on the phone and I told her that the only way to get the money was a loan. She phoned my back later to see if I'd got the loan (which I didn't). She has now said ycc would except £1400.00 lump sum paid with credit cards and another £400 in three months time to close the account which makes £1800.00 in total, a large decrease from £6889.50 :rolleyes: So I'm just wondering, do I pay and thank my lucky stars and pay up and be done with it or what? I know I went into the agreement with my eyes open, its just that its a lot of money for a car I haven't got and only had for 2 months. Cheers guys 
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| whistleblower | Jan 25 2006, 06:25 PM Post #2 |
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Welcome to saynotoyes smile My first question is, did finance balance include PPI, Warranty and Gap. |
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<a href="http://www.dpbolvw.net/click-2359542-10365649" target="_top"> <img src="http://www.awltovhc.com/image-2359542-10365649" width="120" height="60" alt="" border="0"/></a> Applying for car finance? <a href="http://www.kqzyfj.com/click-2359542-10366647" target="_blank" onmouseover="window.status='http://www.creditexpert.co.uk';return true;" onmouseout="window.status=' ';return true;">View your Experian credit report online for FREE</a> and see what lenders will see <img src="http://www.tqlkg.com/image-2359542-10366647" width="1" height="1" border="0"/>  <FONT COLOR=RED>Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No! </FONT> Are you having problems with Yes Car Credit or a debt collection agency? Make your complaint direct to the Office Of Fair Trading and BBC1 Watchdog below:. James.MacDougall@oft.gsi.gov.uk or telephone 08457 22 44 99 watchdog@bbc.co.uk or telephone - 020 8535 1000 ****************************************** Advice & opinions of the 'saynotoyes' team are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts ****************************************** 
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| kingabunyip | Jan 25 2006, 06:29 PM Post #3 |
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Hi whistleblower. The finance included PPI £1350.80 GAP £350.00 Mech Breakdown Ins £550.00 Total £2250.80 |
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| whistleblower | Jan 25 2006, 06:31 PM Post #4 |
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And to clarify. You owned the car for no longer than 8 weeks. |
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<a href="http://www.dpbolvw.net/click-2359542-10365649" target="_top"> <img src="http://www.awltovhc.com/image-2359542-10365649" width="120" height="60" alt="" border="0"/></a> Applying for car finance? <a href="http://www.kqzyfj.com/click-2359542-10366647" target="_blank" onmouseover="window.status='http://www.creditexpert.co.uk';return true;" onmouseout="window.status=' ';return true;">View your Experian credit report online for FREE</a> and see what lenders will see <img src="http://www.tqlkg.com/image-2359542-10366647" width="1" height="1" border="0"/> <FONT COLOR=RED>Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No! </FONT> Are you having problems with Yes Car Credit or a debt collection agency? Make your complaint direct to the Office Of Fair Trading and BBC1 Watchdog below:. James.MacDougall@oft.gsi.gov.uk or telephone 08457 22 44 99 watchdog@bbc.co.uk or telephone - 020 8535 1000 ****************************************** Advice & opinions of the 'saynotoyes' team are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts ******************************************
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| kingabunyip | Jan 25 2006, 06:50 PM Post #5 |
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I picked the car up mid Feb and it went back some time in June so it was closer to 4 months not 2. I've just been looking through the paperwork I was sent from Go dept and there is an account sheet from ycc stating the amount has been writen off and the arrears are zero and the account balance is zero. What does this mean? (so many questions!! eek ) |
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| whistleblower | Jan 25 2006, 07:31 PM Post #6 |
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Ok, I strongly believe that Godebt should not profit out of any Yes Car Credit business at all. Having said that lets look at the figures. Monthly payments of £ 180 per month (approx) x the four months you owned the car would equal £720. Plus the charge for repossession £235 Total of £955 At present they are asking for a balance of £1800 to clear the account.  You have two options. You either go to court, with the support of Citizens Advice and fight the battle there. This will probably be on going for quite a time and of course there is no guarantee that you will come out without having to pay any money. Or if you want to put the situation behind you and move on, pay the balance. I have to say, it's not a massive amount of money to repay back, bearing in mind that you owned the car for four months and the debt is now two year old. As I mentioned at the start, paying any funds to Godebt concerns me.  Before you make a decision, I would recommend you talk to Citizens Advice tomorrow, they have a dept set up to deal with Yes Car Credit (godebt) customers and have legal arguments in place to assist at court. So, please contact them tomorrow and see what further advice they suggest and let us know the outcome wink |
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<a href="http://www.dpbolvw.net/click-2359542-10365649" target="_top"> <img src="http://www.awltovhc.com/image-2359542-10365649" width="120" height="60" alt="" border="0"/></a> Applying for car finance? <a href="http://www.kqzyfj.com/click-2359542-10366647" target="_blank" onmouseover="window.status='http://www.creditexpert.co.uk';return true;" onmouseout="window.status=' ';return true;">View your Experian credit report online for FREE</a> and see what lenders will see <img src="http://www.tqlkg.com/image-2359542-10366647" width="1" height="1" border="0"/> <FONT COLOR=RED>Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No! </FONT> Are you having problems with Yes Car Credit or a debt collection agency? Make your complaint direct to the Office Of Fair Trading and BBC1 Watchdog below:. James.MacDougall@oft.gsi.gov.uk or telephone 08457 22 44 99 watchdog@bbc.co.uk or telephone - 020 8535 1000 ****************************************** Advice & opinions of the 'saynotoyes' team are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts ******************************************
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| kingabunyip | Jan 25 2006, 07:32 PM Post #7 |
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OK thanks aaa |
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| whistleblower | Jan 26 2006, 08:35 PM Post #8 |
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Have you made any contact with Citizens Advice. |
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<a href="http://www.dpbolvw.net/click-2359542-10365649" target="_top"> <img src="http://www.awltovhc.com/image-2359542-10365649" width="120" height="60" alt="" border="0"/></a> Applying for car finance? <a href="http://www.kqzyfj.com/click-2359542-10366647" target="_blank" onmouseover="window.status='http://www.creditexpert.co.uk';return true;" onmouseout="window.status=' ';return true;">View your Experian credit report online for FREE</a> and see what lenders will see <img src="http://www.tqlkg.com/image-2359542-10366647" width="1" height="1" border="0"/> <FONT COLOR=RED>Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No! </FONT> Are you having problems with Yes Car Credit or a debt collection agency? Make your complaint direct to the Office Of Fair Trading and BBC1 Watchdog below:. James.MacDougall@oft.gsi.gov.uk or telephone 08457 22 44 99 watchdog@bbc.co.uk or telephone - 020 8535 1000 ****************************************** Advice & opinions of the 'saynotoyes' team are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts ******************************************
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