Paid Off Finance But Refused To Pay Insurance

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Paid Off Finance But Refused To Pay Insurance
Topic Started: May 16 2007, 09:03 AM (145 Views)
FallenAngel	May 16 2007, 09:03 AM Post #1
Posts: 1 Group: Members Member #1,264 Joined: May 16, 2007	Hi All I took a car loan through YCC in MArch 2005 and like many had the insurances are mandatory for the finance to go through speech. I took the insurances begrudgingly and later found out I'd been mis sold. By then my financial circumstances has been improved so I decided to pay off the loan and wrote for the settlement figure. I was way above what I had anticipated and it was like red rag to a bull when I saw what they wanted for the mis sold insurances. On principle I decided not to pay them, and just sent a cheque for the balance owed on the car together with a letter stating I'd been mis sold the insurances and was not going to pay for them. The cheque was cashed and I got a nice letter acknowledging it. Months later I got a letter from DAF/YCC saying I was not mis sold, and that the insurances were part of the contract and would remain so. As the insurances were not paid off the contract was still in force and they were charging interest on it as if I'd never paid the car balance off. i.e. the same amount of interest per month should I still have had Ł7k outstanding with them. I have spoke to them about this on many occassions and now I need a new car - I cannot trade this one in even though I have paid for it and I am being hammered for interest. The contract still shows as live on my credit rating and I am still getting calls trying to recover the Ł600 insurances. When I challenge the operator they say they will go away and look into it but noone ever comes back to me. Can anyone tell me what I should do about this? Fallen Angel



Bakedalasker	May 16 2007, 09:48 AM Post #2
www.saynotoyes.co.uk Posts: 2,351 Group: Members Member #30 Joined: May 29, 2005	Hi Fallenangel, welcome to our forum, Send a complaint to the FSA. You brought the car at the time YCC were regulated by the FSA. The argument about YCC making their clients take out insurances is well known. It will be interesting to see what the FSA do. Also in the letter you got from them is there any indication that it was indicated as full and final? The fact that they have cashed in your cheque could be accepted as full and final anyway. I will look into this for you to see if we have an argument. Meanwhile have a look at our template forum and send them our harassment letter. This letter will stop them phoning you. You need to get them to put everything in writing now.



jenni	May 16 2007, 04:26 PM Post #3
www.saynotoyes.co.uk Posts: 1,476 Group: Saynotoyes moderating team Member #333 Joined: March 6, 2006	when you say you paid for the car do you mean everything up to the 48 months amount? do you also still have the YCC car? as baked said the FSA will be interested to hear of this mis-selling of insurances in 2005. I know from experience they come down on firms that do this who are regulated very hard
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