Car Loan - Im a bit confused

[chocky007]

after purchasing a car on HP with Marsh Finance and on the agreement, there are 2 sections
- principal agreement (HP) which is the bulk of the amount over 60 months
- secondary agreement (loan) which is much less - £1592+ interest over 60 months

the APR is different on both amounts, and they take the whole payment once a month on Direct debit

also under the secondary agreement it says optional PPI + total charge for credit which is also for the amount of £1592

im not quite sure if they have added this PPI or they have just phrased it differently as its quite confusing, as the 2 amounts of £1592 are in separate boxes with separate descriptions and I have only been charged once....

also in relation to this - these is a separate sheet with the PPI policy summary which is for the £1592 + interest....

im confused by it all, so would i be better to send off the first letter to them and see what comes back in the reply?

[fightthemback]

Couple of things Chocky,

When was the loan taken out and where you talked thru the PPI to see if it was applicable.

Seems like the whole agreement may be misleading and with more detail someone on here will be able to advise.

Good Luck.

[chocky007]

to be honest I never take on payment protection insurance....im already covered for most things they offer for anyway....

it was all done at Carcraft and to be honest they kind of rushed through it and he didnt explain much and said something along the lines of ''the amount you are borrowing is spread over 2 amounts, one for x amount and a secondary one for this £1592'' which ive only recently noticed, after all this has come regarding PPI, is the exact same amount as mentioned on the Single Premium PPI policy sheet, with the same interest added and then the same total amount....

i was just led to believe that the amount borrowed was split into 2 amounts yet i would make the 1 payment per month! didnt occur to me it was PPI....i pay £41 a month for it according to the breakdown and have done for a year...

[chocky007]

I have had another look at the policy and it seems that the payment protection box has been ticked but i dont think that has been ticked by me, also the insurance company have been paid by Marsh Finance and then we pay Marsh Finance £40 a month to pay it off....

also when the documents were signed, none of this was explained and also i wasnt told about the PPI by the person who dealt with the finance side of things when i bought the car, i was told it was just split into 2 payments.....


so on this basis am I eligible to claim??

if so then can someone recommend who i contact?

1) Carcraft? where i got the car from
2) Marsh finance?
3) the insurance company (they did not directly sell me the PPI)

any help is much appreciated

[fightthemback]

Chocky,

The entity you go after for the refund is who you have been paying. ie the lender who I take as being Marsh Finance.

I am hardly suprised you were confused buying from Carcraft the hogh pressure stuff can addle the brain.

You are certainly entitled to claim and there are loads of references and templates on this site.

Good luck my friend.

[chocky007]

Thanks for the reply.

I have put together a letter based on the temnplate.

Can anybody advise how difficult it is to cancel this PPI, bearing in mind that according to the smallprint in my papaerwork, the finance company paid the insurance on my behalf and I pay them.

I am paying £41 per month and would actually like to cancel it. Do I send a separate letter to request this?

Thanks for any help

[fightthemback]

Again Chocky deal with the finance company. They set up the insurance they 'pay' on your behalf. Tell them it is over you and you want out, seperate letter but again stick to your guns and let them know you mean business.

Good luck.