• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Moto Finance GAP Insurance on loan agreement

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • #31
    Re: Moto Finance GAP Insurance on loan agreement

    Ah - so this is a HP agreement with a £1000 deposit paid. Sorry - I didn't see that information earlier - if you posted it. So the loan cash advance was actually £10,659.99, and the interest on that loan was £2664.81, making a Total Amount Payable of £13,324.80. If we then add the £175 + £149 total cost of the admin & opt. to purchase fees to this, it brings the TAP to £13,648.80, which concurs with your figures now.

    As I said, 60 repayments of £222.08 comes to a Total Amount Payable of £13,324.80. Adding the £175 + £149 total cost of the admin & opt. to purchase fees to this brings the TAP to £13,648.80, which again concurs with your figures.

    So - it looks as though there was indeed no PPI charged to the account, as all amounts are now accounted for. However, we may be able to make a further test by checking if the interest charged actually reflects the rate of 5% p.a. This is known as 'amortisation,' and I will need to ask my colleague Turboman if this could be done in this case.

    Comment


    • #32
      Re: Moto Finance GAP Insurance on loan agreement

      So Bill-K, No PPI was hidden within the £222.08 monthly car premiums!

      Comment


      • #33
        Re: Moto Finance GAP Insurance on loan agreement

        That's about it, SAVA05, I regret to report. However, I will try and get Turboman to do an amortisation check - just to ensure that the interest charged does not conceal anyting untoward. We're nowt if not thorough - when we finally get off our @$$es and make an effort !!!

        Comment


        • #34
          Re: Moto Finance GAP Insurance on loan agreement

          Morning Bill-K, I just rang Red Sands Insurance and they confirmed there were no PPI active on there system, only GAP insurance. So that's all the confirmation I need and I am going to accept Motonova offer. Thanks for your help.

          Comment


          • #35
            Re: Moto Finance GAP Insurance on loan agreement

            OK, SAVA. Sorry we couldn't get you a better result.

            Comment

            View our Terms and Conditions

            LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

            If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


            If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
            Working...
            X