Miss sold car finance (GAP insurance)

murts_2

Hi,
I am new to this so please keep with me.
My misses has bought 3 cars from Peugeot over the past 5 years and has always returned either halfway though the deal or before.

This time round she took out GAP Insurance as she was told it will only cost her the £200 set fee. We are now 5 months past the halfway point and we contacted the finance company only to be told that due to her having gap she has another 3 months to pay to get to the VT stage!

I have been told that a debt management company can look at the deal and look to get the car for us as a gift due to the miss selling and said with it having gap the changes are about 80%.
Has anyone done this before and if anyone has any recommendations about which is the best company any how much they should be charging I would love to hear from you. (I live in bristol if that makes a difference)

Many thanks for your help

Murts

ILW

murts wrote: »

Hi,
I am new to this so please keep with me.
My misses has bought 3 cars from Peugeot over the past 5 years and has always returned either halfway though the deal or before.

Surprised she can get credit at all.

Dabooka

If it sounds to good to be true, it probably is.

murts_2

Has anyone used a debt management company for reclaiming fee's and sorting out PPI? If so any recommendations?

StuTheDon

murts wrote: »

Has anyone used a debt management company for reclaiming fee's and sorting out PPI? If so any recommendations?

There is no record of anyone on these boards being successful, so if you go ahead please let us know.

There is no way you are going to get the car as a gift, so I'd forget about that completely.

They have obviously added the GAAP onto the finance - unless you paid the £200 when you bought the car. This means it shoudl be in the finance agreement.

Do you realise the VT affects your credit score? If I were you I would tread very carefully here - it is highly likely you will not be approved for car credit next time.

My advise - get a copy of your credit score and see what is on it. My wife was recently rejected for a new Credit Card because of a VT - and only got it on appeal.

murts_2

She paid the £200 when she bought the car but the finance company are saying it has extended the length of the half way point by about 6 months. She has lost the finance details so I am waiting for a new copy to look through the full details.

I was not aware that a VT would affect the credit as it is within your contract, but thanks for the heads up. (Just to say all the other times she traded the car in not VT'd)

ILW

murts wrote: »

She paid the £200 when she bought the car but the finance company are saying it has extended the length of the half way point by about 6 months. She has lost the finance details so I am waiting for a new copy to look through the full details.

I was not aware that a VT would affect the credit as it is within your contract, but thanks for the heads up. (Just to say all the other times she traded the car in not VT'd)

VT will be noted on credit file and can affect future credit. Trade in is not a problem at all.

StuTheDon

murts wrote: »

She paid the £200 when she bought the car but the finance company are saying it has extended the length of the half way point by about 6 months. She has lost the finance details so I am waiting for a new copy to look through the full details.

I was not aware that a VT would affect the credit as it is within your contract, but thanks for the heads up. (Just to say all the other times she traded the car in not VT'd)

Ok, you need more explanation on the length of the credit terms. If your wife signed the agreement and it showed x number of months, and they have since changed it without her signing it, then I think you have grounds for a formal complaint.

murts_2

She bought it on a passport as per all the others and has always been told she can come back halfway (Feb 09 in this case). This time she was sold GAP insurance but told it will do more than it would and was told it would only cost her the £200+ at point of sale. She spoke with the finance company last month who advised that due to the GAP she could not VT until another 3 months!

~Brock~

The presence of GAP, or any other insurance, should not affect the timescales involved with your termination rights. If they are funded by the agreement they should be listed separately from the goods.

Would need to see your agreement to be able to advise you any further.

murts_2

Right, ok. Are you from a company Brok?