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| Approved Car Finance/ Cooperate Funding; Naive Victim | |
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| Topic Started: Aug 23 2006, 04:09 PM (328 Views) | |
| groovyglo | Aug 23 2006, 04:09 PM Post #1 |
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Approved Car Finance/cooperate funding-VICTIM -------------------------------------------------------------------------------- I am desperate for some serious advice. I was going through a really bad patch being self employed last year and was offered a contract on condition that I had a car. So I found out about approved car finance and was so determined to get a car, I did not read the small print. Nothing was explained to me about insurance, but I was given the impression that without the ppi or gap insurance I would not be able to get the car. In my haste I signed and accepted on 29/10/05. The terms were not explained to me and I was not aware of what the policy was all about which really was my fault because I did not read the documentation until I got home and took some time out after a few months. I was really shocked. This was for a BMW X reg Credit sale Insurance Total Cash Price £12000.00 £5,406.50 £17,406.50 Less Advance payment £ 5.00 £0000 £ 5.00 finance charges £7,915.88 £3,806.14 £11.722.02 Arrangement fee £ 250.00 £000 £ 250.00 Total Charge for Credit £8,360.88 £3,806.14 £12,167.02 Credit facility fee £ 195.00 £00000 £ 195.00 So the total amount payable was £29,573.52 at an instalment value of £606.74 after which I was not made aware of my rights to claim under the insurance policy and had to take the car in to BMW 2 months after purchase due to a mechanical fault. I was advised by friends and family that it didn't make sense to pay so much for a car. I took their advise and requested to return the car because at that the time as well I realised that I would not be able to keep up with the payments. As my hours had been reduced on my contract. I was never advised what the best step was and I guess I never sought any proffessional advice. I just kept on demanding they collect the car. They finally collected in June after making numerous requests. I have now received a phone call from some legal department representing cooperate funding informing me that the vehichle has now been sold and that I owe them £21,000.00. The lady was insisting I make an arrangement with her over the phone when I informed that I need to receive this in writing she insisted that an arrangement be made over the phone. I informed that I was at work and until I RECEIVE A LETTER IN WRITING INFORMING OF HOW THE AMOUNT WAS ARRIVED AT I would not be prepared to make an arrangement. She continued to harass me over the phone and so I cut the call. Please advise me as to what would be the best step. It appears I still have to pay for the gap and payment protection insurance plus interest even though I no longer have the car. I am not sure how to address this issue. 
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| john | Aug 23 2006, 09:40 PM Post #2 |
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These kind of practices should be outlawed. How can someone owe so much after returning a vehicle. It shows how much money they are trying to make from a single person. Imagine how many other people are in the same boat and how much money this generates. They must love it when a car gets returned so soon into a contract. It's stories like this that make my blood boil !!! John |
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| Bakedalasker | Aug 24 2006, 01:28 PM Post #3 |
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£21,000!!!!!!. This is the type of story that needs to be made public. Forget about it being made outlawed, those who can do this have not shown much interest have they. Once the public knows is type of thing can happen once you step through those sub prime contractor doors. Naivitity perhaps but owing such an amount for nothing after 6 months, perhaps people will start believing its more of a trick job. Then they will be sceptical and staw away. My advice to Groovyglo is give Stephensons solicitors a call. Looking at your post I would say you have a good case of mis-selling, especially being self employed and being sold PPI. All is not lost so get onto Stephensons. Good luck, keep us informed. |
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| jenni | Aug 25 2006, 09:55 AM Post #4 |
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an X reg BMW for £29,000 thats criminal!!! Have just looked on Parkers Price Guide and fair enough I don't know what model you had but I looked at a 5series BMW and that only cost £29000 when new. By the obvious problems with your vehicle it was obviously far from that sort of condition. What these companies do is criminal and they all need to be stopped! Speak to Trading Standards as well about this (you can email your local office) and see what they say about it especially as you had mechanical problems with the vehicle after just 2 months Keep us informed about what happens. It is good to know that we as YCC customers weren't the only ones being taken for a ride by these so-called "helpful" companies |
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| instokeuk | Aug 26 2006, 10:02 AM Post #5 |
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groovyglo, do as jenni says,also contact bbc watchdog and if possible contact you`re local mp,it is about time that the goverment became involved in this and passed new laws outlawing practices like this-really hope you come out of this owing nothing to them |
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| groovyglo | Sep 1 2006, 03:01 PM Post #6 |
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Thank you for the advice, I have contacted Stephensons solicitors. they requested copies of my agreement which I immediatley sent to them and they have contacted back informing that they will be investigate this further after having seen my aggreement. Will keep you all posted. Thanks again! Gives me some hope! |
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| groovyglo | Nov 7 2006, 10:04 PM Post #7 |
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How Can I Fight This Case With Out Paying A Large Amount Of Legal Fees? Stephensons solicitors have written to the funding corporation on my behalf and as expected they have denied the points regarding the optional nature of insurances on the agreement.. Stephensons who have been absolutely great so far argued that the key issue was whether the payment protection Insurance is a charge for credit under regulation 4© of the 1980 regulations and that the PPI was not optional. The taking out of the insurance was a condition of the advance and as such it would amount to a charge for credit. They also stated that the primary purpose of schedule 6, paragraph 2 of the 1983 regulations is to ensure that borrowing is brought clearly to the debtors attention. If the PPI has been misclassified as credit, rather than a charge for credit the agreement misleads the borrower disguising the true cost of the credit and is therefore irredeemably unenforceable. My dilema at the moment is that I am not eligable for public funding and the case costs are estimated at approx. £7500, If I were to pay privately. I really do not want these people to get away by intermidating with Bailiffs for a car I only had for six months and no longer have and actually asked them to take it back which they did. Does any one have advice of how I can fight this case by paying less or getting some kind of legal credit. |
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| Bakedalasker | Nov 7 2006, 11:07 PM Post #8 |
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Groovyglo, thank for this post, it made interesting reading knowing another outfit out there act like YCC and there are the same arguments against them. This £7500 bill Stephensons quote is if you end up going to court and loosing. I personally have heard of no one going this far and loosing provided they have proper representation. From what I'm seeing, go it alone and you loose, get legal representation its a different game in your favour. You need to check this bit out but if Stephensons represent you they will claim your cost back from the other side. Thats all I can say on this for the moment. Do keep us informed though. thums |
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| groovyglo | Feb 1 2007, 12:45 AM Post #9 |
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Bakedalasker, thankyou for your advise. I have spoken to Stephenson solicitors and they have asked me to wait while they test the YCC case. They advised that until cooperate funding start threatening to take me to court I should just wait as they still have my file. They are aware that there is an investigation going on about Mis sold ppi and they were written a letter by Stephensons solicitors. I have not received any correspondence except to notify me that they sold the debt to caboot debt agency. That was after the solicitors contacted them. When Caboot contacted me demanding £21000.00, I explained that the account was in dispute, they informed that they were not aware of that and would get back to me. That was over two months ago and I've not heard from them since. Unless they are planning some kind of massive attack on poor me, can not be sure with these big, companies.... they always have something up their sleeve thats why they are sooooooo big! 
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| Bakedalasker | Feb 1 2007, 07:32 AM Post #10 |
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Thanks for your post Groovyglo. The test case against YCC is a group action. When you start such an action you have tosit down with your adversaries and tell them what you want etc. Well this has happened and YCC have rejected all of Stephensons claims. So its of to court we go. There is alot of interest in this case. It could be the make or break for justice we have been fighting for. We have had some interesting visits ot the site lately. So who have a high interest in the case and others who it might affect if we win our day. I am not talking about the victims of YCC here. While Approved are not threatening you with court action then just sit back and wait to see what happens. Does look like Approved are as bad organised as YCC, not advising their DCA your account is in dispute and solicitors are involved. That must have impressed Caboot. Keep in touch and keep watching. |
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5:23 PM Nov 25
