Gap insurance claim back?

[ivanjunko]

Hi wonder if anyone has any info regarding claiming back gap insurance policies sold?

I have had approx 5 different cars over 7 years and everyone has had gap insurance which until recently I did not realise.

Any help would be appreciated.

Regards

Ivan

 

PS not sure if I have posted in the correct forum apologies if not.

[dx100uk]

you can reclaim gap insurance yes.

 

typically it was used to protect the company and not you against write or theft loss

 

dx

[ivanjunko]

Hi

 

How should I go about claiming? Should I send a sar to the garage involved?

 

Ivan

[dx100uk]

no

 

finance company names on the agreement

 

dx

[ivanjunko]

ok so sar the finance company? The garage I dealt with has its own finance company that is run on same premises.

 

Many thanks

 

Ivan

[dx100uk]

well you did say that

 

but yes dx

[postggj]

The way you hit them over the head for mis-selling gap is that most car finance was done over a 5 year agreement.

 

I have known the total cover for gap be anything from 18 months to 3 years, yet you still pay for it over the full term of the agreement

[ivanjunko]

Hi again

 

Just looked at my last 2 cars and they are not called gap insurance it is called total loss shortfall waiver?

 

Is this any different do u know?

 

Regards

 

Ivan

[dx100uk]

samething yes

 

dx

[ivanjunko]

Thank you I appreciate the help.

 

Regards

 

Ivan

[Andybars]

Gap can cover 4 or 5 years dependant on the policy and many would argue that a suitable Gap policy is a reasonable product,

should you choose to purchase it (amd purchase it directly rather than on credit from a car dealer) however that is not the issue here

 

Your main mis-selling point would however seem to stem from your first post, that you didnt realise you had it.

 

If you didnt know you had it, then quite clearly the policy has not been fully or properly described to you

and you have not had a chance to provide informed consent to the purchase.

 

I would certainly mention this in the complaint, along with the potential issues that others have raised previously

Edited May 14, 2013 by Andybars
typo

[ivanjunko]

Hi again guys.)

I have written to the finance company and explained about not knowing about the gap insurance and they have sent me copies of disclaimers i signed (to be honest without knowing as the papers were already written out for me and overlapped each other) basically the disclaimer says that i am declaring i have made an informed decision on the gap and i understand the policy and its to my complete satisfaction. Is this still worth pursuing? if so what would be my next move.

Any help is appreciated.

Regards

Ivan

[dx100uk]

ok so they are not saying you cant have it back

just you consented to it

ideally you should have said you were told yuo had to have it

dx

[ivanjunko]

What would be the next course of action to take? If any.

 

Regards

 

Ivan

[dx100uk]

well don't give up on the first fob off letter.

 

so what did you say in your letter?

dx

[ivanjunko]

This is what i put below:

I would like to make a complaint regarding all the agreements I have had with you over the past 8 years.

 

The complaint is regarding the gap insurance that I was sold and that I did not even realize I had and also that on 3 of the policies

the gap insurance does not even cover the whole duration of the finance agreement.

 

I have paid for the gap insurance plus the interest for the whole period of the finance agreement

when in the later stages of the agreement the gap would not even cover me.

 

None of this was explained to me or my wife when those agreements were taken out about the gap insurance or how it worked.

 

I would therefore like to request a refund of monies paid on the gap policies listed below:

 

 

That is what i put in letter but also listed the agreements.

Regards

Ivan

[dx100uk]

thing is

 

it would be diff to turn around and now say you were told you must have it by the reps.

when you have sort of said, 'things were not explained to me'

 

you could say that having discussed the contents of your letter with the wife

 

she sys you were always told you had to have it.

 

await other replies

 

dx

[Andybars]

I would go down the route that you were presented with documents to sign that you were told formed part of the credit agreement i.e they were not presented as optional. I would also have a look at the wording on the paperwork for things such as is there a "No" box for the insurance as well as a "Yes" box (if there is no box for no - how do you know that no is an option). I would also labour the point with them that the policy does not match the agreement term which demonstrates that it wasn't explained - (if you genuinely had wanted a policy then surely you would have had one that covered the whole term). if the garage had their own finance company there is every chance that there a number of other issues with the paperwork - if you are able to scan copies (making sure you remove personal details) some of the users on the form who are more experienced in defective credit agreements may well spot some other things to mention when you go back to the garage / fos / courts

[ivanjunko]

Hi again

 

After looking through my paper work the credit agreement on 2 of the cars have not been signed by the lender on my yellow copies but when I asked for copies they came back signed?

 

this was a car I returned due to me loosing my job and there is also money owed. does it mean the finance is unenforceable?

 

Regards

 

Ivan