GAP insurance

allan1983

Im hoping I havent missed a subforum on this topic, sorry if I have.
I have a car on Finance with Stoneacre, and at the time I bought it, I was told I would need Gap insurance, in case the car was written off and my insurance only covered the market value, rather than my outstanding debt.
I remember asking at the time if 3rd party companies offered this, and was told no, but when I checked afterwards, it became apparent that there are a multitude, and many are much more competitive. :mad:
I wondered whether the gap insurance was actually mis-sold ny stoneacre, and if Id stand any chance of getting the money back?
Thanks for any input/advice people will have.:D

di3004

allan1983 wrote: »

Im hoping I havent missed a subforum on this topic, sorry if I have.
I have a car on Finance with Stoneacre, and at the time I bought it, I was told I would need Gap insurance, in case the car was written off and my insurance only covered the market value, rather than my outstanding debt.
I remember asking at the time if 3rd party companies offered this, and was told no, but when I checked afterwards, it became apparent that there are a multitude, and many are much more competitive. :mad:
I wondered whether the gap insurance was actually mis-sold ny stoneacre, and if Id stand any chance of getting the money back?
Thanks for any input/advice people will have.:D

Hi Allan

Well you can most certainly try to make a reclaim on the insurance with the reasons you have.

You complain to the ones who sold and set up your policy, you can do this by either writing a letter in your own words, explain why your requesting a refund with your reasons, and then tell them they have 8 weeks to give you a decision in writing, you can also mention that is this is not resolved in your favour then you will consider taking further action via the Financial ombudsman service (FOS) or through small claims court.

Or

Complete the FOS questionnaire (this is in replacement of the first template letter on this site), remember to keep a copy in case you need to refer to it later on, and ask you know they have 8 weeks to get back, although they may write back and ask for more time, this is fine, just as long as you know where you stand, if they do this, they should supply you with an approx timescale of when you should hear of a decison from them.

You will find this FOS questionnaire on the link below, further down the page as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, good luck.

Of course you can wait for advice and opinions from others as well if you want to before you go ahead.;)

MARKBLACK

I'd love to know the outcome of this