Optional Insurances **WON**

[Gazzer83]

I bought a car 10 days ago and was foolish enough to agree to a load of optional insurance (GAP, Mechanical break down and theft protection) which will cost me £55 per month for 36 months. I have emailed the company, Advantage Finance to cancel these extras, but so far no response. I was told on the phone that the extra cost of these would be of set by the reduction in the intrest rate. That was a lie as the combined intrest rate would have been 88.96% and i am not that desperate that i couldnt have borrowed cheaper else where.

Can somebody explain my rights to cancel these extras, but not the car loan. Does anybody else have experience with this company.

 

Thank you in advance.

 

Gazzer

[postggj]

You Can Cancel Normally With In 30 Days

 

Some Are Getting Sneeky Saying 14 Days

 

Important

 

It Was Not A Micky Mouse Finance Co Like

Acf

Ucan

Cygnet Finance

 

Well The List Could Go On And On

 

You Get The Idea

 

Who Was The Finance Co

 

Important

 

SORRY ADVANTAGE FINANCE

 

GIVE ME 5 AND ILL BE BACK

[postggj]

I Am Going To Be Brutal With This

Its From Personel Experience And Dealing With Meny People On The Forum

 

Please Consider To Cancel The Agreement

You Prob Only Have A Few Days Left

Post Your Agreement Onto Your Thread Minus Personel Details

Google Photo Bucket

 

I Will Tell You Exactly What You Have Let Your Self In For

[Gazzer83]

Advantage Finance Ltd, Unit 7, Acorn Business Park, Moss Road, Grimsby. DN32 0LW

Optionals are from the AA but through this company

[Gazzer83]

I agree

[postggj]

You Will Never Pay Off This Loan Unles You Win The Lottery

All Those Insurance Products Have Been Front Loaded,

That Is A Single Payment,

You Are Paying It Back At There Sky High Apr

 

The Insurance Products Are Not Worth The Paper Written On

 

 

Hold The Press

 

Dont Companies Have To Wait Two Weeks Now Before Flogging Insurance

 

They No Longer Can Sell Front Loaded Insurance At Point Of Sale

 

Confirmation When This Became Law Please Peeps

[Gazzer83]

Can i cancel the insurances or am i stuck paying them a fortune for something that is not worth the paper it is written on.

[postggj]

If Its Only 10 Days Then Yes

 

On This One Do The Following

 

Send A Letter To Advantage Finance

Tell Them As They Sold The Policy They Have To Action Your Request

 

List All The Mick Mouse Insurance And Tell Them You Want Them Cancelled

 

Get Them To Send You A Modified Agreement Minus The Ppi To Sign

 

Dont Sign Until You Have Spoken To Me First Though As It Will Cancel Out The Previouse Agreement And Its Protection

 

Most Important

Keep A Copy And Send

Special Delievery Not Recorded

 

Letters Have A Habit Of Getting Lost With This Lot

 

Do It Tomorrow

Time Is Short

[Gazzer83]

Thank you, will do the letter now and post in morning by special delivery. (what is special delivery or will post office know.

[postggj]

Special Delievery Is Guarantead By 230 Next Day

Its Kept Secure And Tracked All The Way

 

Cost Ime Afraid About 4.50

 

Better That Than Them Saying Never Received Your Request And Stuck With The Ppi

 

You Get A Tracking Number And Can Check When Delievered ON LINE

 

Never Lose That Number

Scan It Into Your Pc

[Gazzer83]

Thank you.

Envelope already done. Will post when i receive a reply.

[Gazzer83]

They received my letter sent by special delivery and tried to phone me, but i cant carry my personal phone at work. I did give them a number to call me on 24/7. I rang them back but the person dealing with my account was out to lunch and will phone me back. No phone call. How long do i wait for them to phone me or do i phone them.

[postggj]

Hi Gazzer

 

No Matter What Happens Now, You Can Prove You Requested The Cancelation With In The Time Frame

 

You Have A Tracking Number To Confirm Receipt

 

Give Them A Call Again And Dont Let Them Try And Con You

 

Its About Over But We Need Confirmation In Writing

[Gazzer83]

Thank you Postggj. I have received a phone call stating that optional insurances have been cancelled and i am now waiting for the new agreement. Will post again when i receive it. They said that they received my letter. Excellent idea from you re the letter, as i would have been stuck with paying for the extras and has saved me over £2k for something that wasnt worth the paper it was written on. Once again many thanks

[postggj]

Hi Gazzer83

 

That Last Statement Sound Great But You Dont Know Welcome Like I Do.

 

To Begin With, When You Get The New Agreement Let Me Know,

Sign Nothing Until Then As Its Most Important,

 

Then Saying On The Phone About Taking Off The Insurance And Sending You An Agreement Is One Thing , And Doing It Another.

Seen It To Meny Times.

 

The Beauty Is That They Can Now Do Sfa

You Sent In A Request With In The Time Frame And Have A Sig To Back Up Receipt

[alanalana]

See this info ...

 

 

We concluded that we should impose: a prohibition on distributors and intermediaries from selling PPI to their credit customers within seven days of a credit sale, unless the customer has proactively returned to the seller at least 24 hours after the credit sale; a prohibition on selling single-premium PPI policies (where the premium is paid in one upfront payment, generally by adding the premium to the credit borrowed); a requirement on retail PPI distributors to offer retail PPI separately when they also offer retail PPI bundled with merchandise cover; and several requirements to provide specified information in marketing materials, at the points of sale of credit and PPI, and each year after the PPI policy has entered into force.

 

from this link...

 

http://www.competition-commission.org.uk/rep_pub/reports/2009/fulltext/542.pdf

 

and this link has more info...

 

http://www.competition-commission.org.uk/rep_pub/reports/2009/fulltext/542_2_1.pdf

 

hope this is of use;)

 

aa

[Gazzer83]

I have now received a letter from Advantage, stating that the additionals have been removed and reducing my payments to just the car loan at a rate i am happy with. So much for the claim that the cost of the optionals would off be off set by a reduction in the Apr. And all this before i have made my first payment. Thank you once again for your help. Chalk up a saving of £2k to your list and a bigger than i can express THANK YOU.

[alanalana]

I have now received a letter from Advantage, stating that the additionals have been removed and reducing my payments to just the car loan at a rate i am happy with. So much for the claim that the cost of the optionals would off be off set by a reduction in the Apr. And all this before i have made my first payment. Thank you once again for your help. Chalk up a saving of £2k to your list and a bigger than i can express THANK YOU.

 

Spot on result for you:D

 

If you wish I will add a **WON** to your thread title and you can post up in the PPI successess in the stickies at the top of the forum. Just post to let me know.

 

aa

[Gazzer83]

Yes please aa