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Mechanical Breakdown Insurance
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jonjo1963
Posts: 1 Newbie
With the PPI been a hot topic at the moment i was wondering if anyone could advise if the same rules may apply to mechanical breakdown insurance been mis sold.
I purchased a car form a sub prime lender back in 2005 and checked the credit agreement i have only to notice that £900 has been added to the loan . £600 for mechanical breakdown and £300 for Gap insurance.
I am 100% sure that at the time of purchase i was told the only way the funds would be made avaliable to me to purchase the car was for me to agree to take out the insurance.
What makes it even more harder to swallow is that when interest is added to the £900 the total ammount payable is £1,656.
Any advise would be most greatfull.
I purchased a car form a sub prime lender back in 2005 and checked the credit agreement i have only to notice that £900 has been added to the loan . £600 for mechanical breakdown and £300 for Gap insurance.
I am 100% sure that at the time of purchase i was told the only way the funds would be made avaliable to me to purchase the car was for me to agree to take out the insurance.
What makes it even more harder to swallow is that when interest is added to the £900 the total ammount payable is £1,656.
Any advise would be most greatfull.
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