British Credit Trust

squiggle1979

Hello,

I took out a car loan with British Credit Trust in 2008. A year ago I cancelled the PPI on the loan to bring the payments down, which they did without any problems.

I dont know why, but I have left it till now to try and reclaim payments that were made for nearly 3 years. As I was verbally told by BCT when I took the loan out that I HAD to have PPI to get the loan.

I sent them a letter asking about reclaiming, and have received the following response:

"We have reviewed our records and would advise that any insurance products relating to your finance agreement were not sold by British Credit Trust. Our records confirm that the policy would have been sold to you by Auto Credit Finance Ltd; who would be responsible for the advice given.

As such, Auto Credit Finance Ltd will be held responsible for any complaint invistigation regarding the sale of this policy. Unfortunately, we do not hold an address for this company; however, they may have a website or you may possibly hold their details somewhere within your loan documentation."


Now im sat here thinking, A: I have never heard of Auto Credit Finance, I only ever spoke to BCT. B: I have never paid them anything, payments were all made to BCT. C: I cannot find any information on my paperwork or online relating to Auto Credit Finance.


Where do I go from here, as far as I am concerned BCT Sold me The PPI, BCT took my money. Surely they must have had some contact with this company?

Any thoughts on this would be great

Regards

Ian

amersall

Hi there,they sold you the loan,and as such should deal with the ppi issue,but acf may have been the ones that gave the finance for bct.

FOS may be able to help you with this give them a ring and ask what you should do as you cannot find this other company on your paperwork.

Someone who has dealt with company may post with more advice.

Derwent

ACF used to be Yes Car Credit (and then Direct Auto Finance).

squiggle1979

Thank you for the advice and info, I will give both a ring Monday, and let you know what is said, thank you again :-)

amersall

Good luck.

Common_Sense_2

BCT operated via a network of finance brokers. The brokers were responsible for selling the PPI to customers before the loans were started.

They did have a small sales team which sold PPI to customers, but that was always after the loans had begun (negated the "i had to have the PPI to get the loan" complaints as they already had the loan!)

squiggle1979

Just a quick update, contacted the FOS, they told me to fill in their form and send all documents/letters i have for them to look into it. After looking closer at my contract it did say "Thank you for taking OUR Gap & PPI".

Anyway, received a letter from the FOS saying they will be back in touch within 4 weeks, so in around a weeks time i should have some more info to update.

Thanks again everyone.

squiggle1979

Update.

Received a reply from FOS, they have been told from BCT they did not sell me the PPI..... They have found that it was Auto Credit Finance Ltd, they have written a complaint to ITC Compliance Ltd who are ACF representatives. They have also enclosed a PPI questionnaire form that I have filled in and sent to them, so its now another waiting game for upto 8 weeks....


Again This is a company I have never dealt with!!!!!

amersall

Hopefully it will be soon at an end!.
Fingers crossed x.

magpiecottage

Autocredit Finance Ltd was dissolved just over a year ago. It was only a Representative of ITC from 4 January to 31 December 2008.

squiggle1979

Hi Magpiecottage,

So do you mean as acf is now dissolved I wont be able to claim my payments back? And also why do you think the FOS told me to contact ITC?

Im getting more and more confused......