Claiming against YCC/DAF

[mirdragon]

My wife keeps advising me to claim against any PPI I may have paid to companies in the past, I mentioned I could not find any details so have not really bothered, but earlier this week I found in some old paperwork I was about to bin a conditional sale agreement for a car we purchased from YCC around the year 2000.

 

On this it states under additional insurances the following

 

10. £1213.40 Payment Protection Insurance Cash Premium

11. £650.00 Mechanical breakdown Insurance Cash Premium

12. £250.00 Gap Insurance Cash Premium

13. £2113.40 Total insurance premium (10+11+12)

14. £600 Less: Down Payment provided by Customer

15. £1513.40 Shortfall required by way of credit

16. £632.32 Add: Interest

17. £2145.60 Balance Payable (15+16)

18. £2745.60 Total Amount Payable (14+17)

19. 19.9 %APR

20. 48 Number of monthly Insurance Installments

21. £44.70 Amount of each Insurance Installment (17/20) the first payable one month after the date of this agreement.

 

Are we only able to claim for the part that was taken on credit or should we be able to claim for the full amount as we had paid £600 as lump sum towards it. Also I was the main hirer and my wife countersigned.

 

I have seen other posts on the forum regarding this company, but can someone confirm if I am still able to claim, must it be the main hirer only that can do this and do we send all the information to

 

Direct Auto Financial Services

P.O. Box 1135

Bradford

BD1 9PU

 

And if we do the Full Access Request, who do we make the postal order payable to

 

thanks

[dx100uk]

yes std PPI claim

 

 

I'd lump in gap & Mac too.

 

 

link 1 below tell you how to calculate it

 

 

dx

[dx100uk]

so £44.70 PCM into the statint sheet at the end of link 1

each monthly payment on its own row

the sheet does the rest

 

 

StatIntSheet v101.xls

[mirdragon]

thanks, so the claim to date, would this be to the date of when the loan ended (48 months later) or today's date as per the formula - as if use the payment end date, the total figure is actually less that what was paid, but if use today's date and fill in 48 payments then it's more

 

did i also read your reply back correctly that it meant i could only claim for the bit that was taken on credit and the £600 deposit I would not be able to claim for.

 

thanks

[dx100uk]

you leave the claim to date as is

it auto increments

 

 

you are entitled to 8% till the day they settle

 

 

you enter the data as post 3

dunno what you are going on about with the credit etc

the agreement says £44.70PCM was takem each month you paid

 

 

dx

[mirdragon]

thanks - i've entered the payments as per post 3 (48 times)

 

not good at writing - what meant was i can only claim for the monthly payments I was making and not for the deposit towards the PPI as well

[dx100uk]

was it?

 

 

how do you know

[mirdragon]

I'm only going from the form I have in front of me and as per my op - it says total insurance to pay was £2113.40 minus £600.00 (Down Payment by Customer) which gave £1513.40 to pay by credit (plus the interest £632.20)

 

I'm not sure of what percentage of the deposit was used against each aspect of the insurance that was taken out.

 

So when I request to make the claim is it only the £44.70pcm x 48 months I can claim against or the £44.70pcm x 48 months + £600 deposit

[dx100uk]

ah yes they did that didn't they sorry

there a large thread by UKDARREN here about that.

 

 

as the £600 was taken against the ins

then place that as £600 and date it the day you took the agreement out.

 

 

then 48x44.70 on each months date you actually paid for the car.

 

 

tidy sum coming your way..

 

 

dx

[mirdragon]

thanks for help,

 

i will request SAR first to get exact dates of when this was taken out, but I believe it was around June 2000 as we got our new car in August 2004.

 

Just hope the bradford address is still valid for all this

 

thanks

[dx100uk]

should all be onyour agreement?

you appear to have everything you need to claim already

 

 

don't forget the fos cq you need to fill out too

 

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[mirdragon]

thought would provide an update as finally received a letter back from DAFS

 

they say as we had a payment of £107.02 towards the GAP, this claim can not be processed

 

This is the final few transactions on the account

 

01/09/04 - Balance £1945.68

08/09/04 - Insurance settlement £2000, balance £54.32 credit

22/09/04 - Gap Receipt £107.02 balance £161.34 credit

23/09/04 - Refund of Overpayment £243.21 balance £81.87 to pay

24/09/04 - Rebate of Finance Charges £50.12- balance £31.75

24/09/04 - Rebate Insurance Charges £11.29 - balance £20.46

24/09/04 - Small Balance Write Off £20.45 - balance £0

 

Surely if my insurance had paid of the balance of the vehicle, then the gap should not have been used

 

according to them the PPI was only for the first name person on the agreement (and not both)

the state the polices were not mis-sold and were optional and because we have only raised this now and not at the time they rejecting the claim for PPI

They also state as the agreement was made before the 14 January 2005 when DAFS first became subject to formal regulation fore the selling of insurance under the Insurance: Conduct of Business (ICOB) requires and they have never been a member of GISC and thus never been subject to its Code of Conduct.

 

my wife has written letter back to the ombusman, disputing a lot of their claims, so will provide you with an update when it comes back