Car Hire Purchase from 2000- is it too late?

ice_babe

Been having a sort out today and found the paperwork for my Husbands car finance from 2000.

The finance is with a company called finax forthright finance limited. The cost of the car was £4998 and was financed over 48 months at 39.4% apr :mad: I noticed the box for creditcare and motorcare where both ticked at a cost of over £2000 and with the interest of 39.4% hes paid £4315 in ppi + extra warranty. And in total paid over 12k for a 5k car :mad:

I asked my hubby today why he took out the ppi and he said that he had to take it out to get the finance at the time. This is the only and last time he has ever time hes every brought a car on finance. He actually kept the car for 10 years before selling as he had paid so much for it!

I was just wondering if it was worth trying to claim back the ppi?

ice_babe

Anyone please?

amersall

The year of this makes the claim a non starter as they would not have been regulated and a claim would not be upheld I don't think.

You could put a claim into the dealer and see what they come back, it is a very long shot though.

ice_babe

Thats a shame, Shall I put a claim into Forthright Finance?

amersall

Put the claim in and see what they come back with, if they reject due to the year then give FOS a call and ask if they can help you.

http://www.financial-ombudsman.org.uk/contact/index.html

ice_babe

Ok, I have sent the ppi questionaire to Forthright Finance and received a letter back from Halifax? They said they will respond to the complaint within 8 weeks.

Im guessing that HBOS must own Forthright Finance? Does this mean the chances are good that it will go our way? Thanks

[Deleted User]

ice_babe wrote: »

Does this mean the chances are good that it will go our way? Thanks

You'll still need valid and verifiable complaint reasons in order to be successful.

ice_babe

Not sure how we can prove that the salesman said that the loan would only be aproved if the ppi was taken out?

Also would the fact that the ppi was front loaded help our case?

If the company is part of Halifax does that mean they would have been regulated? It says on the paperwork "Hire Purchase Agreement regulated by the consumer credit act 1974"

Thnaks Again

[Deleted User]

ice_babe wrote: »

Not sure how we can prove that the salesman said that the loan would only be aproved if the ppi was taken out?

You can't.

ice_babe wrote: »

would the fact that the ppi was front loaded help our case?

Indeed valid and verifiable.

magpiecottage

From what you say, it would appear that the policy was sold by the dealer and it is the seller that must answer your complaint.

A further problem is that even if the lender WAS held responsible, FOS have no jurisdiction if the lender was not subject to an Ombudsman scheme at the time - even if the lender's parent company was.

ice_babe

Had a reply from bank of scotland. They say that they didnt sell the policy for this agreement. It was sold by Tradcars Direct at the point of sale and have given me there address.

They say they have sent a copy of our letter to tradcars direct and asked them to investigate and respond directly to us.

Should we do anything or just sit and wait? Thanks