Please Help a Newbie

neilbirchy

I am trying to voluntarliy terminate a car finance agreement. I have paid more than the figure quoted but the company concerned are now telling me that if I terminate both GAP and PPI insurances become due in full. I have checked the policies through and it doesn't say this anywhere. Could this be classed as mis-selling? please help

petermb_2

neilbirchy wrote: »

I am trying to voluntarliy terminate a car finance agreement. I have paid more than the figure quoted but the company concerned are now telling me that if I terminate both GAP and PPI insurances become due in full. I have checked the policies through and it doesn't say this anywhere. Could this be classed as mis-selling? please help

How much did you borrow?
How much was the gap and ppi?
How did you get the loan? did you use an independant forecourt and did the forecourt arrange the finance?

di3004

neilbirchy wrote: »

I am trying to voluntarliy terminate a car finance agreement. I have paid more than the figure quoted but the company concerned are now telling me that if I terminate both GAP and PPI insurances become due in full. I have checked the policies through and it doesn't say this anywhere. Could this be classed as mis-selling? please help

Hi there

I think you have a case here.
Have you the paperwork for this still and the terms and conditions?
Check the t&c's if you have or try to check them out otherwise, despite that I still think you have a complaint here.

I would write to them and complain on this with your reasons, and also tell them if they do not resolve the case within 8 weeks you will have no option but to take this matter further.

You can also check this out here for further info which may also apply to you:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There is also a template reclaim letter you can use but add your own reasons, they have 8 weeks to respond in full, and post by recorded delivery.

Do not give up and write again if let down, until you exhaust the complaint procedures, they will tell you this in the final response with details on how you can take this further, such as with the Financial ombudsman service (FOS).

Please keep us posted, good luck and yell for any further help if required.;)

neilbirchy

borrowed 6688
Insurances cost 3450.24
Independant Forecourt arranged finance and insurances

petermb_2

neilbirchy wrote: »

borrowed 6688
Insurances cost 3450.24
Independant Forecourt arranged finance and insurances

OK. thanks for the info. You will have a strong case for a claim.
I would look to write off the ppi and challenge the loan itself.
I am presuming that by now you will have paid at least 50% of the loan amount.
The lender is likely to owe you money and you are likely to keep the car.

neilbirchy

have paid considerably more than 50% do i follow the templates on the site

di3004

neilbirchy wrote: »

have paid considerably more than 50% do i follow the templates on the site

Hi there you could do this, or wait till Peter gets back to you later to see what he suggests, good luck.;)