GAP Insurance? Is it PPI?
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Queeny_chick
Posts: 2 Newbie
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 - 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
0
Comments
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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"0 -
Queeny_chick wrote: »Is it the same as PPI?Queeny_chick wrote: »I am really only doing this in the hope of stopping the 3 calls per day I get from PPI companies.0
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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.
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/0 -
......also to add, if the dealership is no longer active, or not been taken over by another business, and if sold the account after 14th Jan 2005, as they would have possibly been regulated by the FSA from then on,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"0 -
No harm in contacting the FSCS to check with them first before you decide to go any further.
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/0 -
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"0 -
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.0
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Moneyineptitude wrote: »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
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:rotfl:;)The one and only "Dizzy Di"0 -
Queeny_chick wrote: »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.0
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