PPI direct auto finance - advice needed!

puppy15

I would like to try and reclaim PPI from Direct Auto from 2004. I have the original agreement. From memory, I didnt have a choice on taking out PPI and thought it was pretty much standard. It comes to £2,830 so I dont want to ignore it. I paid off the debt in full.
I've looked up other posts and see that lots have people have tried and failed against this company as they have ceased trading and FOS etc werent that helpful. I cant find a phone no for them and think the address in Horsham probably doesnt exist now.
Can any one offer any advice - have you had any success against this company for PPI and how did you do it??:wall:

di3004

puppy15 wrote: »

I would like to try and reclaim PPI from Direct Auto from 2004. I have the original agreement. From memory, I didnt have a choice on taking out PPI and thought it was pretty much standard. It comes to £2,830 so I dont want to ignore it. I paid off the debt in full.
I've looked up other posts and see that lots have people have tried and failed against this company as they have ceased trading and FOS etc werent that helpful. I cant find a phone no for them and think the address in Horsham probably doesnt exist now.
Can any one offer any advice - have you had any success against this company for PPI and how did you do it??:wall:

Hi and welcome

Was it set up and sold by Direct Auto?
You pursue your complaint with whoever set up and sold you the policy.

Do you know if the business were regulated by the FSA at all, at the time you taken out the policy?

If so and the business have gone bust, claims can be made through the finanical compensation scheme (FSCS), you can contact these first to rule this out with the FSCS and ask if they are listed with them.....
http://www.fscs.org.uk/contact-us/

If not contact the FOS again and ask if your able to pursue the insurer/underwriter instead of the business, because this have been suggested by the FOS themselves for this reason, and they would have been regulated.

Contact the FSCS first though and see if they can help, if not then contact the FOS and ask for your best avenue on this matter, good luck.

puppy15

Thank you so much for the quick response

It was through Yes car credit (ie a company of direct auto). All of the paperwork has direct auto referrenced. As it was 2004, I dont think they were FSA regulated as from what I've read that came in, in Jan 2005

I will follow your suggestions and let you know how I get on....

di3004

puppy15 wrote: »

Thank you so much for the quick response

It was through Yes car credit (ie a company of direct auto). All of the paperwork has direct auto referrenced. As it was 2004, I dont think they were FSA regulated as from what I've read that came in, in Jan 2005

I will follow your suggestions and let you know how I get on....

Hi and your welcome.

Even though paperwork it generally that of the actual lenders, some get confused on this, but if a broker was involved in setting this up, then its them that are responsible.

Good luck with this and look forward to hearing from you.;)

Common_Sense_2

if it was sold in 2004, then the FSA regulations only came into force on 14/01/2005, therefore the FOS would not be able to look at any complaint and the FSCS wouldn't be able to help you either (it's paid for out of a levy from the FSA regulation).

FOS may look at your complaint if the lender was a member of the General Insurance Standards Council (GISC)

di3004

Hi there as Consumerist says, but you can still ring up the FOS for advice on the best direction to take, if they are unable to investigate, they may advise another avenue, for instance one of mine due to this reason - it was suggested to take the underwriter/insurer route, as the FOS are also trying to make them liable as well, they would have been involved when your finance was approved, but it can take some time, mine is still ongoing with the adjudicator at the FOS.

puppy15

Hi Guys

Thank you for the replies coming through. As you've rightly pointed out the FSCS cam back to me with the following response:

These rules state that to be eligible for compensation the advice to commence an insurance policy must have been received on or after the 14 January 2005. Therefore, we would only look into complaints relating to the sale of these products from that date. Any insurance product arranged or sold before 14 January 2005 would not come under the remit of the FSCS.

Your e-mail indicates that advice to take out the PPI insurance was given before this date (May 2004) and I regret that the FSCS is therefore not able to help you with your complaint.

To the point!

So, Im not sure where to go next. There isnt an address listed for the company. The paperwork states there are three different under writers so I guess I could look at that route as there is no reference to GISC anywhere. We're talking about £2,800 so keen not to give up

Im keen to hear from anyone who's dealt with the company! :wall:

di3004

puppy15 wrote: »

Hi Guys

Thank you for the replies coming through. As you've rightly pointed out the FSCS cam back to me with the following response:

These rules state that to be eligible for compensation the advice to commence an insurance policy must have been received on or after the 14 January 2005. Therefore, we would only look into complaints relating to the sale of these products from that date. Any insurance product arranged or sold before 14 January 2005 would not come under the remit of the FSCS.

Your e-mail indicates that advice to take out the PPI insurance was given before this date (May 2004) and I regret that the FSCS is therefore not able to help you with your complaint.

To the point!

So, Im not sure where to go next. There isnt an address listed for the company. The paperwork states there are three different under writers so I guess I could look at that route as there is no reference to GISC anywhere. We're talking about £2,800 so keen not to give up

Im keen to hear from anyone who's dealt with the company! :wall:

Hi there

And sorry to hear that, but I would now ring the FOS and ask on your best direction here, they will possibly recommend the insurer/underwriter direction as another avenue to take, but do give them a call first to have this confirmed, good luck and please let us know how you get on.
http://www.financial-ombudsman.org.uk/contact/index.html

I have had a claim made through the FSCS, but the loan for that claim was taken out in Nov 2005, so they were governed by the FSA at that time.

There are ways around this.;)

louiseathome

Hello,

I haven't posted on here before but was having a look to see if anyone has had any luck with Yes Car Credit or Direct Auto Finance and found your post. Ive been dealing with a claim for my partner with them and had no luck as the policy was taken out before 2005. So I then put a claim through the underwriters who are NIG Skandia but still no reply so have now the FOS dealing with it. Im not holding much hope as so far haven't had anything back from NIG but will wait and see.

di3004

louiseathome wrote: »

Hello,

I haven't posted on here before but was having a look to see if anyone has had any luck with Yes Car Credit or Direct Auto Finance and found your post. Ive been dealing with a claim for my partner with them and had no luck as the policy was taken out before 2005. So I then put a claim through the underwriters who are NIG Skandia but still no reply so have now the FOS dealing with it. Im not holding much hope as so far haven't had anything back from NIG but will wait and see.

Hi and welcome

Good luck on your claim with the FOS, hope they resolve this for you.;)

Did YES Car Credit/Direct Auto finance confirm they were not regulated when you taken out the policy then?

louiseathome

Hi,

Yes they wrote a reply saying they were not regulated so I would be unable to claim. So at first I left it at that then I saw you could claim through the underwriters I thought I would give it a try.