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GAP and Comprehensive Payout but still with Finance

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Hi guys/girls, im new to the forum so sorry if i have posted in the wrong location. i have seen a few threads with really invaluable info, but i have decided to make a post of my own, in hope you can help me.


Anyways a bit of background info.


In dec 2008, we paid a visit to a company i seen covered here plenty of times (ACF) to purchase a car. But because im in HM Forces and was under 23 at the time of purchase, they had to use my dad to sign the finance agreement in his name etc. We got all the optional extras, such as the car warrenty, GAP and PPI. All this was with Cygnet finance


a quick run down of the finance:


Cash price of car: £4100

APR: 55.4% (ridiculus)

amount payable: £8864.94


Amount of credit for insurances: £1975

apr: 48.1%

total payable: £3814.86


Total amount of credit: £6075

total amount payable: 12679.80

APR: 55.4%

Installment value: £279.40


On the 22nd Jan 2010, i requested a cancellation and refund of the PPI, due to PPI not being needed as i am guarenteed a job on contract for 9 years at the same pay, if not increases. I received a notification of the refund of £1086.57. the montly payments were reduced to £243.


i have never missed a payment


In Aug 2010, i had an accident just outside of whitby, where my car rolled 3 times and took out some fencing and hedge, safe to say the insurance company deemed it a write off. Paid the property owners etc.


I received a settlement figure from my finance company stating the amount for settlement is £3518.95.


The Gap insurance sent me a letter stating that they have recalculated the settlement figure, not including the optional insurances as they dont pay this off (not stated to me or my dad when taking this out) they claim the settlement figure is £2613.48.


My insurance paid made an offer to them of £1500 for the car (minus the £400 excess) The gap paid the maximum allowed excess £300 (leaving me to pay £100 - i'm happy to pay that) the GAP then paid out £1413.48.


received a phone call from finance agent who said i still owe just over a grand!:-x to settle the agreement.


Now my problem...i am trying to work out how the GAP insurance have managed to get this settlement figure they have come to, but cant for the life of me see how. For one i beleive they have included the PPI (which i canceled) and the Warrenty. as they have highlighted this on a copy of the agreement.


They also have included a copy of the printout from glasses guide which says my car was worth £3125. and my understanding is that the GAP will pay the remaining, after the insurance, to this value. which would still leave me a few hundred (again happy to pay).


I just need clarification of this, so i have something to go back to them with and prove that i am not the one to chase just yet etc.


sorry if some of this doesnt make sense, i will try and sort it if someone needs me too.


Thanks in advance :-D

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