GAP Insurance

DidsySith

Is it possible to reclaim GAP insurance on a car I purchased in 2003. I was told I could not get the car unless I had taken out the GAP insurance policy. I have the original CCA agreement and it all adds upto £21.92 permonth over 42 months = £920.64. The car has since been paid for in full and I owe no monies on it.

di3004

DidsySith wrote: »

Is it possible to reclaim GAP insurance on a car I purchased in 2003. I was told I could not get the car unless I had taken out the GAP insurance policy. I have the original CCA agreement and it all adds upto £21.92 permonth over 42 months = £920.64. The car has since been paid for in full and I owe no monies on it.

Hello and welcome.;)

The answer is yes you can, if mis sold for any reason, you state that you were told that you had to take this out in order to have the car, I would go for it.

You can reclaim the whole lot of ppi and the interest, but you do not need to write the amounts down on your letter.

It also makes no difference if the finance is settled or still active, you can still reclaim.

Write to them with your reasons and they have 8 weeks to respond in full.

Here is the link to useful info and templates, also check out the checklist to see if anything else occurs to you that you can write in your letter.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You write to the ones that arranged and sold you the finance, they have 8 weeks in full to respond, keep at them, until they resolve, or until they issue you with the final decision, which should if eligible enclose details of the financial ombudsman service (FOS), you should be able to take your complaint to them if your not happy with the outcome.

Post by recorded delivery, this is your proof of posting.

Good luck and please let us know how you get on and post up for help when required.;)

marshallka

Isn't GAP insurance something different to PPI though. I thought it was to cover the car if there is a shortfall

What is Gap Insurance? If your car or truck is damaged beyond repair (totaled), gap insurance kicks in to pay the difference between what the vehicle is worth and the amount you still owe on it
Can you still claim this like PPI???

DidsySith

I have just checked through the CCA and there seems to be no agreement number entered just a retailer number (which was Carland) and a NON CANCELLABLE stamped in the top right corner but all other info is there to read.As this was sold to me by Carland on behalf of Black Horse Ltd do I send the first letter to Carland or Black Horse? Any help would be appreciated.

di3004

DidsySith wrote: »

I have just checked through the CCA and there seems to be no agreement number entered just a retailer number (which was Carland) and a NON CANCELLABLE stamped in the top right corner but all other info is there to read.As this was sold to me by Carland on behalf of Black Horse Ltd do I send the first letter to Carland or Black Horse? Any help would be appreciated.

Hi there

Just to also double check on this, have you still got the policy details (booklet) in regards of the cover.
I just read Marshallka's post above and I would if you can double check on what your covered for, so that you know what it is your reclaming as such.;)

I would write to Carland as they sold and arranged this finance.

Hope this helps, good luck.

DidsySith

Booklet states:-
Guaranteed Asset Protection (GAP)
If you have an outstanding finance agreement,GAP will cover the difference between your settlement figure on your outstanding finance and the amount paid out by your insurance provider,up to a maximun of £10,000.This term of cover will last for the duration of your financial agreement,up to a maximun of 5 years.

di3004

DidsySith wrote: »

Booklet states:-
Guaranteed Asset Protection (GAP)
If you have an outstanding finance agreement,GAP will cover the difference between your settlement figure on your outstanding finance and the amount paid out by your insurance provider,up to a maximun of £10,000.This term of cover will last for the duration of your financial agreement,up to a maximun of 5 years.

Hi there

That is fine then I believe.
Good luck with this and let us know how you get on.;)

DidsySith

OK update on this , I managed to get statements from Black Horse regarding this GAP insurance.8 months into this agreement and the actual loan agreement for the car (two seperate policies) I had paid the monies into the wrong accounts (GAP insurance monthly premium paid into car loan premium account and vice versa) I do remember now that I was convinced by Black Horse that adding the GAP insurance premium to the car loan would be an answer (Yep you guessed I was convinced into adding the GAP premium into the car loan) It has just accured to me though that the GAP premium was for 42 months and the car loan for 60 months (minus 8 already paid) so basically I have been paying interest for an extra 10 months.Only good thing outta this so far is Black Horse have acknowledged the GAP and car loans so I will be sending any further correspondence directly to them.

DidsySith

As the booklet says nothing about this , would I be covered as I was about to go self-employed?

di3004

DidsySith wrote: »

As the booklet says nothing about this , would I be covered as I was about to go self-employed?

I understand this varies, maybe Dunstonh will be along soon to give some advice on this one for you, good luck.;)

DidsySith

OK another update I have decided to leave the gap claim for now but have stumbled across another problem with the car loan part of it.I had purchased the car for £8000 with no PPI with a loan from the Black Horse.I have just received a 'copy' of the CCA agreement and has Cash Price of goods £9399 and PPI £0.Now I know I had only paid £8000 for the car and am now wondering what the other £1399 is for (not warranty or anything like that).As I put a cash deposit down for £370 the original loan should of been for £7630 and not £8000 or even as the CCA claims £9399.Now I am hunting high and low for my copy of this agreement as either Black Horse or Carland have cooked the figures somewhere!!!!!!!!!!! I shall post a scan of the agreement up here.

Ok read through again and they have taken the £370 of the original loan amount but it is still £9029!