Yes Car Credit

AverysBob

Hi Im new to the website but very interested in improving my frankly poor financial affairs. My first problem I'd like advice with is this;

About 18 Months ago I had lost my job and was in the process of suing my employer. I found a new job that required the use of a car but fearing that I would be refused credit as I had moved addresses a couple of times and didnt have a permanent Job (I had not yet started my new job and was temping as a delivery driver) I made a really stupid decision. I went to yes car credit and bought a car. I am now paying 240 per month over a 4 year period. This means that I am paying 11,520 for a car that is worth about 4K.

Firstly I would like to ask if I am totally locked into this load or is there any hope at all for me?


Also This sum of 240 also includes compulsory insurance for if I damage any parts of the car but it requires that I have the car serviced every 6 months. I have failed to do this and as a result my insurance must be void. Am I legally allowed to cancel this unwanted extra fee?

Any advice would be truly appreciated

mummytofour

You need to call them up, they are cowboys tho so will prob treat you like pants and give you a HUGE settlement figure.

micheleen

You may get more specific advice here . It's a forum dedicated to problems with Yes.

carman_3

I have to add that the saynotoyes website helped stop me from being made bankrupt by Yes Car Credit.

I was issued with a statutory demand by a company called GoDebt who are used by Yes to bankrupt customers. It was only with help and advice from them that I managed to escape it.

Yes Car Credit have gone from bad to worse since they have been took over by Provident.

Treaks

Hi There,

I have a car from Yes Car Credit, from what I see in the agreement you can simply give the car back after 24 months.

You will not incur any further charges unless you have taken out any of the insurances, then you will be responsible for paying for these.

You will have hopefully also bulit up your credit a little bit and can now get a car from a reputable car company.

But check your agreement with them properly and give their head office a call.

Good Luck

YorkshireBoy

Treaks wrote:

I have a car from Yes Car Credit, from what I see in the agreement you can simply give the car back after 24 months.

You will have hopefully also bulit up your credit a little bit and can now get a car from a reputable car company.

I'm no expert, but when you 'give up' the car after making 1/2 the payments, does the lender mark your CRA file with an 'arrangement to pay' or other negative entry?

If so, this would be bad for your credit history wouldn't it?

Treaks

I dont know. Why would they do that any how?

Would they not just put settled on your file?

You've not defaulted or missed any payments.

Can anyone here shed some light on the situation?!!

micheleen

If someone has to use Yes Car Credit I'd say their credit history is already shot.

Treaks

Not technically true....mine once was crap. Now it is fine, I have not been refused credit and have several credit cards (good ones) e.t.c.

Which is why I am also considering giving back the car and getting a better deal else where.

Catch_A_Fire

Treaks wrote:

I dont know. Why would they do that any how?

Would they not just put settled on your file?

You've not defaulted or missed any payments.

Can anyone here shed some light on the situation?!!

The file should show as 'S' settled (possibly with a note showing it as a voluntary termination), however, it is fairly common for companies to register this wrongly as 'V' Voluntary Repossession. N.B. voluntary termination and voluntary repossession are entirely different, the former is used cancelled phone contracts and the like where the agreement has not been broken.

I would check my file after returning any HP (or similar arangement) vehicle to check that it has been registered properly (allow 30 days or so for the information to be passed on) and register a Notice of Dispute (CRA submitted Notice of Correction along the lines of "The individual has raised concerns about the accuracy of the information shown, we have contacted the credit provider concerned....") if necessary.

Hope this helps

carman_3

Treaks wrote:

Hi There,

I have a car from Yes Car Credit, from what I see in the agreement you can simply give the car back after 24 months.

You will not incur any further charges unless you have taken out any of the insurances, then you will be responsible for paying for these.

You will have hopefully also bulit up your credit a little bit and can now get a car from a reputable car company.

But check your agreement with them properly and give their head office a call.

Good Luck

Yes, you can hand the car back once you have paid half at the 24mth stage. But, they don't tell you when you first sign that if do this you have to pay for the PPI, GAP and warranty for the full 4 years!

Two extra years! even though you no longer own the car. This can add upto many thousands of pounds for insurance's you will not need

Slightly unfair I think