Loan Payments

frostie01

Hi All,

Can anybody help!!!


I had a Hire Purchase on a car i bought some time ago, it was subsequantly stolen and the insurance company had payed out, but as usual not quite enough to cover the payments.
I had taken out a GAP policy when i purchased the car to cover in the event of what happened. Now the Gap company (Pinnacle) had decided not to pay out after taking best part of 2 years to come to the conclusion.

Now the outstanding debt with (Welcome) has no like increased from £2000 - £7000 due to charges now that account hasn't been touched with any payments since the insurance company payed them their conrtribution.

Now that the lender is chasing me for the money. I need obviously to start paying them something. Question is????

How much can i pay as a minimum monthly where they won't take it to court or bailiffs???

I don't have a great income and could probably stretch it to about £100 per month.

Any answers would be much appreciated

woofwoofwoof

Why is the GAP insurance not being honoured?

frostie01

When it was first instructed they had asked for all documents on the car purchase and insurance, which i forwardfed on, They then came back and asked for extra items of which i didn't have as had sen tthem all in. I called the car garage that bought from and requested they sent me copies of everything document that was produced on day of purchase. Sent all those in again, but apparently still did not have the item they wanted.

This had been going on for about 8 months until they decided they would re-look at it and contact the lender to let them know what was happening.

Called them a month later to see what was happening and they said everything was going through fine, ( obviously spoke to someone who didn't have a clue) and i had heard nothing since, called the lender and they said they were waiting for the GAP policy and also everything was fine.

Until i received a phone call the otherday from the lender saying payments needed to be made. I called the GAP company and said due to not being able to come up with the correct paperwork that they requested, they could not confirm how much they needed to pay and could complete on the policy.