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"Insurances" on Black Horse car credit agreement
danphughes
Posts: 5 Forumite
I was recently looking over my PCP car credit agreement.
Where the repayment details are it has the cost of goods per month + insurances which equals my total monthly repayment. Does anybody know what "insurances" mean? The only explanation it gives is:
"If any of the insurances costs more than £100 and less than £30,000 and is unsatisfactory you may have a right to sue the supplier, us or both"
Any ideas?
Where the repayment details are it has the cost of goods per month + insurances which equals my total monthly repayment. Does anybody know what "insurances" mean? The only explanation it gives is:
"If any of the insurances costs more than £100 and less than £30,000 and is unsatisfactory you may have a right to sue the supplier, us or both"
Any ideas?
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Comments
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danphughes wrote: »I was recently looking over my PCP car credit agreement.
Where the repayment details are it has the cost of goods per month + insurances which equals my total monthly repayment. Does anybody know what "insurances" mean?
You've purchased some insurance. GAP insurance? I don't know, ask the dealer or the lender.danphughes wrote: »The only explanation it gives is:
"If any of the insurances costs more than £100 and less than £30,000 and is unsatisfactory you may have a right to sue the supplier, us or both"
Section 75 Consumer Credit Act 19740 -
nope no gap insurance - I will have to get in touch tomorrow.0
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If this finance is very recent (which it sounds like), you are not very likely to find anything to complain about regardless of the warning that; "If any of the insurances costs more than £100 and less than £30,000 and is unsatisfactory you may have a right to sue the supplier, us or both"danphughes wrote: »I will have to get in touch tomorrow.
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I've had the finance for over 2 years now...0
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That's very recent.danphughes wrote: »I've had the finance for over 2 years now...
Complaints about recent finance are rare because banks are very careful not to mis-sell now.
What reasons would you have for "complaint"?0 -
No reason, it just seems odd that it has the cost of the goods per month....plus an additional amount for "insurances". But no explanation as to what the insurances are other than what I put above.0
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You really are wasting your time with this.danphughes wrote: »No reason
I can practically guarantee you won't have been mis-sold *insurances" in the last two years.
There will be a comprehensive record of everything you signed and agreed to.0 -
I understand that. Just trying to understand what the payments are and wondered if anybody had any idea. 0
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Probably wiser for you to have checked this a few years ago.danphughes wrote: »Just trying to understand what the payments are
Why are you only now seeking to "understand" what you agreed to more than 104 weeks ago?0 -
Car dealers typically offer:
Gap
Wheel cover
Tyre cover
Paintwork cover
Particularly when on PCP. Possible they offer other insurance as well depending on garage, they were the ones I was offered in 2014 and turned them all downSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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