Yes Car Credit

Snippy30

I was wondering if anyone could give me some advice on the following.We purchased a car in March 2004 from the aforementioned company,however in january 2005 I came into some money and decided to ask for a settlement figure to pay off remaining balance.The remaining balance was approxiamately £5800 for the car(which I sent a cheque for) and £680 in insurance premiums (g.a.p warranties etc) which I didnt pay at the time as only had enough to pay for the car.Up until today i had completley forgot about paying for thes insurances when Yes Car Credit phoned to tell me I now owed £1800 due to them applying apr 29.99% on the full amount of the loan.I have no objections to paying the interest on the £680 i owe them but surely they cant apply interest onsomething that i have allready paid off ie the £5800 for the vehicle.Thanks in anticipation.

trigger_mike

Why do people buy from yes car credit, didn't you see the watchdog show last year about them?!

chuckles1066

trigger_mike wrote:

Why do people buy from yes car credit, didn't you see the watchdog show last year about them?!

are they still in business? I'm sure I read somewhere that they went bellyup?

Andybez38

trigger_mike wrote:

Why do people buy from yes car credit, didn't you see the watchdog show last year about them?!

Didn't she say she bought the car from them in 2004. So perhaps bought the car before the program went out warning people.

mrcow

What a sham!

I think they can apply the interest if it's in your signed agreement.

It's the same way that credit card companies work, (ie. you get charged interest on the entire amount borrowed, even if you pay some (or most!) of the balance of). It stinks of unfairness to me, but in terms of challenging it, I really don't know how far you'd get.

Yes did go out of business in December last year (thank goodness!), but they are still collecting owed monies.

You seriously need to fish out all your existing paperwork and see if it's mentioned in the t&cs.

Some options that you may want to look into:

1. Make them a settlement offer (you could work out the interest that you are happy to pay as a full & final settlement). If you are going to do this, I'd start off lower than you are actually prepared to pay as it gives you room for some negotiation.
2. Complain to BBC Watchdog. They love (!) Yes car credit!
3. Take your paperwork to the CAB and see if they can help with where to go to complain. I'm surprised that Yes haven't been sending you statements etc (were they meant to?).

Please bear in mind that every day you leave this, the interest is building up, and you need this sorted ASAP.

Good luck

Edit: Sorry....just got to say how angry I feel about this. This company really is scum. They predate on those people who don't have as many finance options open to them and fleece them for monies that they don't have. I am so glad that they went out of business. It's sad that so many people lost their jobs when they went under, but seriously, they should hang their heads in shame for such dire business practices.

Rant over!

Snippy30

Thanks everyone i will be scrutinising my t&c's as much as possible.Will work out interest on the amount i owe and make them an offer,they may well accept with going bust.:o

daveboy

If my memory serves me correctly, Yes Car Credit didn't go out of business as such....it was run by another company who decided it wasn't viable to continue with it.

If it had gone out of business....one of two things would have happened, either everyone with outstanding credit owing would have been asked for the money (if that's possible), or it would have been written off.

Maybe I'm wrong.

I was just glad to see the end of the green and yellow, poorly dressed woman on the TV. That advert should have been enough to turn anyone away!

I hope the OP is successful in doing one over on them, they deserve it too in my opinion.

Cumbrian_Male

Snippy30 wrote:

I was wondering if anyone could give me some advice on the following.We purchased a car in March 2004 from the aforementioned company,however in january 2005 I came into some money and decided to ask for a settlement figure to pay off remaining balance.The remaining balance was approxiamately £5800 for the car(which I sent a cheque for) and £680 in insurance premiums (g.a.p warranties etc) which I didnt pay at the time as only had enough to pay for the car.Up until today i had completley forgot about paying for thes insurances when Yes Car Credit phoned to tell me I now owed £1800 due to them applying apr 29.99% on the full amount of the loan.I have no objections to paying the interest on the £680 i owe them but surely they cant apply interest onsomething that i have allready paid off ie the £5800 for the vehicle.Thanks in anticipation.

If I remember correctly GAP ins. is to cover any shortfall between an ins. write off settlement and the outstanding finance.

Now if you paid off the finance part of it, you wouldn't need the remainder of the GAP policy. You did ask them to cancel it when you settled the finance. :rolleyes:

I would write back stating as you cancelled the policy you were EXPECTING a refund on the insurance. That should put them on the back foot.

Failing that THIS trading update on Provident Financials website gives contact numbers. Check https://www.saynoto0870.com for alternates.

If you get no joy there ring 01274 733321 which is the Provident Financial switchboard. Ask to be put through to Customer Services or Corporate Communications.

I work for Provident Financial.

Snippy30

Cumbrian_Male wrote:

If I remember correctly GAP ins. is to cover any shortfall between an ins. write off settlement and the outstanding finance.

Now if you paid off the finance part of it, you wouldn't need the remainder of the GAP policy. You did ask them to cancel it when you settled the finance. :rolleyes:

I would write back stating as you cancelled the policy you were EXPECTING a refund on the insurance. That should put them on the back foot.

Failing that THIS trading update on Provident Financials website gives contact numbers. Check https://www.saynoto0870.com for alternates.

If you get no joy there ring 01274 733321 which is the Provident Financial switchboard. Ask to be put through to Customer Services or Corporate Communications.

I work for Provident Financial.

Hi There and many thanks for the good advice

we did call yes car credit and state that we were not prepared to pay for the insurance as we didnt need it anymore and they told us that the insurance was sold to us as part of the loan contract and could not be cancelled. We were told if we wanted to cancel it we had to do it within 14 days (they did not tell us this at point of sale but told us it was a condition of the finance) the conversation turned quite nasty at this point as my wife was adamant she was not going to pay thr 600 for insurance. Wife put phone down as it ws like hitting her head against a brick wall.

We did write to them about it but heard nothing back. We know by rights we should have been let off with the £600, but we got nowhere and then they shut down. The worst of it is that the full balance is still showing as oweing on my wife's credit rating and they will not remove this nor their interest in our vehicle (which we now want to sell) until we pay the £600 the robbing you know whats. I feel like we are being held hostage here I only wish there was something I could do.

Cumbrian_Male

Try these guys.

https://www.saynotoyes.co.uk

Maybe someone on the forums there will have more info that could help you.