can i reclaim GAP insurance back?

martinb20

im not sure if this is the correct part of the forum to post this in.


a few years ago i got a car on finance and had GAP insurance for the car which is if i have a crash and the insurance doesnt pay enough for the car the GAP insurance cover the difference.

ok it cost me £450 but that was added to my finance so for 3 years now i have been paying intrest on this is there any way i can claim this back the finance is with GE money and FORD SMC sold me the car and GAP insurance.

so if i can how can i reclaim this? is it like the PPI?

Thanks
Martin

homer_j_3

I am not sure if it like PPI for the way Martin tells you to reclaim but your agreement could be incorrect as loans prior to 2005 with single premium insurances like GAP and PPI have been recognised as having a good chance to be incorrect. This could give you more entitlement back than just the GAP insurance.

Looking at it sensibly though. How would you prove that you were mis-sold GAP.

martinb20

they made me belive that they where the only people that i could get this from and i thought i was only going to be charged the £450 not any intrest on that

Rafter

You bought insurance. It wasn't compulsory - with hindsight you didn't need it. The fact it was added to your loan and you paid interest on it was a bit sneaky, but I guess you could have paid it up front if you wanted to.

No grounds for a claim for misselling in my view - sorry.

R.

homer_j_3

I don't think anybody on here can say whether there is a claim or not for mis- selling without all the relevant paperwork in front of them. It would still then be tough to say for certain but you could have a pretty good idea.

When was the loan sold?

martinb20

August 2005 is when the loan started

homer_j_3

It will depend how the GAP insurance was put into the agreement so there is a slim chance that it could be wrong.

Do you have the original agreement still?

martinb20

yes i have the orignal invoice and agreement papers and the GAP insurance is place on there like an item car £5500 Gap £450

homer_j_3

If you would like me to look at the agreement to see if I can spot any flaws on there to help, let me know.

SPANIEL36

Rafter wrote: »

You bought insurance. It wasn't compulsory - with hindsight you didn't need it. The fact it was added to your loan and you paid interest on it was a bit sneaky, but I guess you could have paid it up front if you wanted to.
No grounds for a claim for misselling in my view - sorry.

R.

you never know if your gonna need it or not. I had the GAP on my Landrover and paid 300.00 for 3 years cover. When there was 8 months cover left it was stolen and set alight. my insurance wouldnt pay out the full matket value so the GAP paid over 4000.00 in the end

money well spent i say

i do agree that they shouldn't have put the GAP price on top of the loan and pay interest. That'll be your arguement. Good luck