GAP Insurance? Is it PPI?

I was sold "gap insurance" along with my car loan, via the car dealership. I distinctly remember being pressured into having this "gap insurance" and was even told I needed to see the manager, before reluctantly agreeing to it, it was described as insurance that would pay any gap in the value of my outstanding loan to the amount the insurance might pay out on the value of the car. The loan was paid off quite some years ago, I have written to Black Horse for my T&C's, after asking me to prove my maiden name, its been 6 weeks since I last heard anything, I am not sure if it is worth pursuing. A few questions;
1 - Is it the same as PPI?
2 - If yes, should I not bother with the T&C's and go straight for requesting my money back.
3 - Because it was sold via a car dealership do I have any claim anyway, I think this dealership has since gone bust.

I am grateful for any help and am really only doing this in the hope of stopping the 3 calls per day I get from PPI companies.

Thanks
«1

Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    Hello there

    From what I can recall, by coming across threads here in the past, I think it is different to that of PPI.

    However, like any financial product, if your not happy and have concerns, you still have the right to make a complaint to the business/dealer that sold you the product.
    The one and only "Dizzy Di" :D
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    Is it the same as PPI?
    Not at all related.
    I am really only doing this in the hope of stopping the 3 calls per day I get from PPI companies.
    How will making a complaint stop cold calls from opportunistic companies who have no way of knowing if you had PPI or not?
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    edited 31 October 2012 at 9:10PM
    di3004 wrote: »
    if your not happy and have concerns, you still have the right to make a complaint to the business/dealer that sold you the product.
    Only if those concerns are valid, verifiable and truthful of course.

    I'm not sure what "concerns" there can be with gap insurance:
    https://www.which.co.uk/money/insurance/guides/gap-insurance/what-is-gap-insurance/
  • di3004
    di3004 Posts: 42,579 Forumite
    ......also to add, if the dealership is no longer active, or not been taken over by another business, and if sold the account after 14th Jan 2005, as they would have possibly been regulated by the FSA from then on, you may be able to make the complaint/claim to the Financial compensation scheme (FSCS).

    No harm in contacting the FSCS to check with them first before you decide to go any further.

    http://www.fscs.org.uk/contact-us/

    They will check if the company are listed with them, if they are, and if your eligible, they will arrange to send you out a form to complete.
    The one and only "Dizzy Di" :D
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    edited 31 October 2012 at 9:18PM
    di3004 wrote: »
    No harm in contacting the FSCS to check with them first before you decide to go any further.
    I think you're rather jumping the gun here, Di, GAP isn't an insurance with the inherent faults of PPI.

    It's a rather useful insurance as it provides a cushion against 'negative equity', whereby the level of debt exceeds the value of the car.

    Read here:
    https://www.which.co.uk/money/insurance/guides/gap-insurance/what-is-gap-insurance/
  • di3004
    di3004 Posts: 42,579 Forumite
    Queeny-Chick

    Many have asked this question in regards of GAP and can get it confused with PPI, but as far as I am aware it's not a product you have to have.

    I was a newbie once upon a time and can remember asking all-sorts of questions when first starting out on this site and many others.

    I still have lots to learn, but we've all been there, and of course have also learnt from my very own personal experience and others from this site.

    Maybe worth checking through the long threads, OK it's endless LOL, but there are a few in regards of GAP, and see where they may have squared off.;)
    The one and only "Dizzy Di" :D
  • Thanks for the speedy advice, I checked out the "Which" link and think I was probably sold it correctly, I did have high loan to value, think I've just got caught up with the whole PPI reclaiming, it was settled in 2003, so it is a long time ago. I just remember feeling very vulnerable and pressured when I was sold the loan. Thanks again.
  • di3004
    di3004 Posts: 42,579 Forumite
    I think you're rather jumping the gun here, Di, GAP isn't an insurance with the inherent faults of PPI.

    It's a rather useful insurance as it provides a cushion against 'negative equity', whereby the level of debt exceeds the value of the car.

    Read here:
    www.which.co.uk/money/insurance/guides/gap-insurance/what-is-gap-insurance/


    Helllllllllllooo there :D

    Yes that is right, even though we are not sure of the "concerns", I think the FSCS deal with other issues apart from PPI, correct me if I'm mistaken.;)
    My aunt had another matter dealt with through them, not ppi related but it was a matter that ended up being resolved by them.

    Hey you getting addicted now then I see? :D:D:rotfl:;)
    The one and only "Dizzy Di" :D
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    Thanks for the speedy advice, I checked out the "Which" link and think I was probably sold it correctly, I did have high loan to value, think I've just got caught up with the whole PPI reclaiming, it was settled in 2003, so it is a long time ago.
    As Di3004 said, you could still complain of mis-selling if you had a mind to. I don't know what your complaint might be, though!;)
  • [Deleted User]
    [Deleted User] Posts: 26,612
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    di3004 wrote: »
    Hey you getting addicted now then I see? :D:D:rotfl:;)
    Not as bad as you with your 42,000 posts (yet;))
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