expensive car payments!

Sponge

GAP insurance is something you pay extra for, it's over and above normal car insurance. Many dealers try and sell you GAP insurance at the same time as you buy a new car, almost always at an inflated price.

There are, basically, three different types of GAP insurance. It covers the difference between what your regular insurance policy pays out and what is remaining on your finance, what you originally paid for it (invoice price), or what the replacement cost would be.

Check out these sites for more information:

http://www.click4gap.co.uk/?tracker=omguk

http://www.surfandprotect.com/Motor/default.asp

duncans-mum_2

Also, check if you have also got Personal Protection Insurance, ie to cover you if you lost your job/got ill and couldn,t pay. If so, if you see if you can cancel this and it might bring the monthly payments down to something a bit more affordable for you. Obvoiusly this does mean you would not be covered for the worst case scenario, but it is what I did. The finance company tried to tell me initially that I wasnt allowed to, but I explained I couldn't pay them the full amount anymore.