Yes Car Credit

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Yes Car Credit
Topic Started: Mar 8 2006, 01:46 PM (146 Views)
whistleblower	Mar 8 2006, 01:46 PM Post #1
www.saynotoyes.co.uk Posts: 2,649 Group: Admin Member #1 Joined: May 13, 2005	Yes Car Credit As announced in the trading update of 14 December 2005, following a strategic review of Yes Car Credit it was concluded that the business was no longer viable. Increased competition from motor dealers for sub-prime finance customers together with regulatory changes that had reduced sales of insurance products resulted in operating conditions that were very different from when the business was acquired. Accordingly the motor sales and financing activity of Yes Car Credit ceased in December 2005, all branches were closed and the majority of employees made redundant. Provision was made in the 2005 financial statements for the cost of closure, including redundancy costs, losses on the disposal of vehicle stock and fixed assets, the cost of exiting property leases and additional impairment provisions to customer receivables to allow for the estimated impact of closure on collections performance. The net amount of customer receivables outstanding at the end of 2005 was Ł235 million. We have a team focused and incentivised on successfully collecting out these receivables and during the early months of this year collections have progressed well. We estimate that costs of collection will broadly match the revenue earned and so there will be no material profit or loss over the period during which the receivables are collected. Provident Financial
	<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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