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VT & claiming back insurances cost


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hi Guys,

Hope everyone is well,

Basically my half way point is coming up to VT the car however ive been going through some of the docuements and im a bit confused.

I took out the finance on May 2008 and im currently paying £196.23 a month. If i times £196.23 by 24 months (196.23 x 24) the total amount adds upto £4709.52 but under the section for 'Termination: your rights' it says '£4336.10'

So by having that on the contract i can VT at 22 months which is when i will reach £4336.10. After that im guessing that is all i owe or would i have to also pay for the insurance after?

I havent miss no payments.



I also recieved a statement from welcome, it does state all the paymentsi made but under '14th may 08' it has 'principal credit adj' for £299.00 does anyone know what that was for?

I have been thinking about trying to reclaim the insurances sold to me... i took out Mechanical breakdown insurance & Total loss insurance, does anyone think theres a chance in reclaiming back the amount they charged me for the 2 insurances?

I know i was mis-sold the insurances by the usual sales talk 'you have to take it out if you want to get the car' and also with the sales man being pushy. I know its my fault for accepting it in the first place, but whats done is done and i have learnt from that mistake :wacko:


If i did try to claim back the insurances, who would i write to? welcome finance @ ruddington or to direct warrenty?

And would it be wise to VT and try to claim back the cost of the insurances at the same time?



Also the car is pretty much in bad condition, driving wise, would they actually test drive the car or just look at the interior and bodywork. The airbag lights turn on meaning it doesnt work and also when i turn left it makes knocking noises which was there when i brought it. The bodywork wont be such a problem as i will get someone to fix up the dents.



Details of finance:

Amount of credit for the goods £5658

amount of credit for the insurance £1070

Total amount of credit £6728

Duration of agreement: 48 months

Total amount payable for the goods £8673.20

total amount payable for the insurances £1498

total amount payable £10,171,20

Cash price of goods £6409

total cash price of insurances £1070

total cash price £7479

Deposit £750

PX allowance £1

total deposit £751

Finance charges for goods £2263.20

option fee £1

Chrage for credit for goods £2264.20

charge for credit for insurances £428

total charge for credit £2692.20

Thanks for your help

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im in a similar situation with regards to the insurances. im trying to claim back the shortfall and mech breakdown.


I contacted Direct Group to get all my documents as I have never received them and then wrote to Welcome at the Ruddington address to claim the refund. im still waiting on an official response as they sent me some stuff on PPI which i dont have. (stalling tactic i think). im claiming back under the 30 day rule whereby i can cancel 30 days from purchase or received the documents, whichever is the latest.


I believe Dawnytrish has been successful in claiming back insurances so far.


Also, just be careful how you work out the the amount to VT. the figure they quote is normally the amount paid for the car!! therefore your payment of £196.23 covers both car and insurance. you will need to work out the element of that total payment and attribute it to car and insurance separately. Well thats how it works out on my agreement.


its a bit crafty of them.


Also looking at your figures, it seems that the VT amount of £4336.10 does not take into account the deposit of £750 and is actually half of the total payable ie £8673.2 / 2 = £4336


I will have a closer look at the figures when i'm home later so I can concentrate and get my head round the figures to see what they have done.

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Thanks for your help, much appericated. I will await your reply.


Any idea where i should start with the letter regarding claiming back my insurance cost?

I see a template online @ http://images2.moneysavingexpert.com/attachment/ppicharges.rtf


But not sure if its the correct template to use?

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ok having a look at the figures.


you are paying each month for the car £165.02 and £31.21 for the insurances.


the VT amount of £4336.10 is half the £8673.20 which is the total cost of thr car + interest on the car.


in order to reach the VT amount of £4336.10, you have already paid £750 + £1 for deposit and part ex. therefore leaving £3585.10 to pay. this equates to approximately 22 payments.


On the insurances, did you ever receive the insurance documents such as a policy schedule and certificate? this is most important!


If you didnt then you need to ring Direct Group and ask them to send you them. Once you have received them, you can then contact the Welcome at the ruddington office to ask for them cancelled under the 30 day rule.


If you did received the documents more than 30 days ago, then you can go the mis-selling route, Have you noticed the number of months the Mechanical breakdown cover is for? mine was for 24 months yet I am forced to pay over 48 months for it. this is mis-selling for a start as I was not aware that it would not cover the whole of my agreement. Thats probably why they didnt send me any documents out because they know I would of cancelled it straight off.



Have you paid 22 months yet?

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i think 22 months will be in March. as i took out the agreement in May 2008.

Im thinking about starting the VT now as i heard story how it can take them 1-2 months to get sorted. I dont even mind paying the £600 upfront for Jan, Feb and Mar.


Yes, i did recieve the documents for the 2 insurances.

I dont have them infront of me at the moment but i do know one of the insurance was only covered for a period of 24 or 36 months. I will have a look when i get back from work.


I think i will look for a VT letter and insurance reclaim letter templates online and send it both off next week.


Has a lot of people been successful in claiming back their insurance cost + interest by them mis-selling their products (e.g Saying its only possible for you to get the car only if you take out the insurance, being pushy, by not telling me i could get the cover from another company, not telling me i was only covered for 36months.)


Thanks for your help again and good luck with your claims.

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