Yes Car's Auctioned Off

Welcome to www.saynotoyes.co.uk. We hope you enjoy your visit.

You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free.

Join our community!

If you're already a member please log in to your account to access all of our features:

Yes Car's Auctioned Off
Topic Started: Feb 6 2007, 01:44 PM (87 Views)
whistleblower	Feb 6 2007, 01:44 PM Post #1
www.saynotoyes.co.uk Posts: 2,649 Group: Admin Member #1 Joined: May 13, 2005	Yes Car's debt to be auctioned off Telegraph Last Updated: 12:21am GMT 05/02/2007 Provident Financial, the sub-prime lender, is auctioning off the remains of Yes Car Credit, the used car business it took off the road more than a year ago. It is estimated that Provident is still owed around Ł100m by consumers who bought cars through Yes, which was closed after racking up heavy losses. The business, which dealt primarily with customers who had patchy credit records, also had reputational problems after a BBC documentary exposed dubious working practices in one of its depots. Prospective bidders are vying for the right to collect the remaining outstanding loans, which were used to buy thousands of cars across the country. Most of the loans were struck at interest rates of close to 20 per cent. Debt collection specialists such as Cabot Financial are believed to be looking at the business, along with a handful of private equity firms. Dresdner Kleinwort is running the auction. advertisement The move comes as part of the group's efforts to restructure its business, which have already led to the departure of the company's chief executive, Robin Ashton, who received a Ł500,000 payoff. The restructuring comes ahead of the demerger of its international operations, which is scheduled to take place later this year. Provident recently announced the appointment of Christopher Rodrigues, the former chief executive of Bradford & Bingley, the mortgage bank, as the chairman of the international arm, which has about Ł500m of outstanding loans. An update on the demerger will be given at the group's full year results on March 7.... Telegraph
	<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 ****************************************


Buzz	Feb 6 2007, 04:32 PM Post #2
www.saynotoyes.co.uk Posts: 1,399 Group: Members Member #2 Joined: May 17, 2005	Think I might put in an offer. Anyone got change of a pound? Buzz :lol:
	]


1 user reading this topic (1 Guest and 0 Anonymous)


« Previous Topic · Provident Financial News @ Information · Next Topic »