Funding Corporation... Please help

TjW

We bought a car from ACF a couple of years ago, (Fools I know).
Anyway, I was looking through the paperwork in October and realised we were paying PPI. I phoned up to cancel it thinking it would knock 30% of our monthly bill. However, I was told that the majority of the PPI was taken from our monthly payments when we first bought the car so it would only knock a really small percent off.

I'm currently writing to them about reclaiming the PPI but don't hold out much hope as the box was ticked when we signed for it and it's basically our word against theirs.

The big problem is that we have just received an account statement. Where we cancelled the PPI it shows a reschedule rebate credit of £1,371.96 but next to it is a reschedule interest debit of £1,090.73, which obviously explains why it only got reduced a small amount. Is this acceptable or can we somehow get it taken off as we have been ripped of left right and centre by this shoddy company :mad:

Please someone help as it's a constant struggle to pay this off

di3004

TjW wrote: »

We bought a car from ACF a couple of years ago, (Fools I know).
Anyway, I was looking through the paperwork in October and realised we were paying PPI. I phoned up to cancel it thinking it would knock 30% of our monthly bill. However, I was told that the majority of the PPI was taken from our monthly payments when we first bought the car so it would only knock a really small percent off.

I'm currently writing to them about reclaiming the PPI but don't hold out much hope as the box was ticked when we signed for it and it's basically our word against theirs.

The big problem is that we have just received an account statement. Where we cancelled the PPI it shows a reschedule rebate credit of £1,371.96 but next to it is a reschedule interest debit of £1,090.73, which obviously explains why it only got reduced a small amount. Is this acceptable or can we somehow get it taken off as we have been ripped of left right and centre by this shoddy company :mad:

Please someone help as it's a constant struggle to pay this off

Hi there
Despite you signing the application for PPI, that does not mean you were not mis sold, there is quite a bit involved when it comes to the reasons of being mis sold.
Like any other financial complaint, you can write to them and tell them your not happy, check below for more info, which may be of some help to you.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If your not happy with the rebate side of it then let them know and of course if mis sold mention that as well, because if successful they would have to put you back in the position as if PPI were not taken out in the first place.

Check the above link for more info, which includes a mis selling checklist, and template letters, you can use or a guide.

Good luck, keep at them, if they do not resolve in your favour by 8 weeks then if eligible take to the financial ombudsman service (FOS).;)

TjW

Thank you. I have just sent the second letter to them. It was the salesman who ticked all the boxes then told is they were just necessary for the loan to go through which is why we signed for it.
It's so annoying as it has been adding £100 a month onto our payments which is ridiculous and we never would have agreed to that.