Page 2 of 2 FirstFirst 12
Results 26 to 35 of 35

Thread: Moto Finance GAP Insurance on loan agreement

  1. #26
    Join Date
    Jul 2013
    Posts
    72
    Thanks (Given)
    8
    Thanks (Received)
    106

    Default Re: Moto Finance GAP Insurance on loan agreement

    Afternoon Bill-K, Sorry for the delay I had to go shopping with the other half etc. The first date of my repayment was 26th November 2010 for £397.08 which included the admin fee ( £175 ) then the second payment was 22nd December 2010 for £222.08. The repayments were the same after that and the same date 26th of each month thereafter for £222.08 until this month in July 26th 2013 at £222.08. It is 61 months agreement duration according to my credit agreement. The credit agreement started ( executed ) on the 24th September 2010.

  2. #27
    Join Date
    Jul 2013
    Posts
    72
    Thanks (Given)
    8
    Thanks (Received)
    106

    Default Re: Moto Finance GAP Insurance on loan agreement

    Sorry GAP INSURANCE was paid in full on the 26th October 2010

  3. #28
    Join Date
    Jul 2013
    Posts
    72
    Thanks (Given)
    8
    Thanks (Received)
    106

    Default Re: Moto Finance GAP Insurance on loan agreement

    The last payment in 2015 will £371.08 which includes the option to purchase fee ( £149.00 )

  4. #29
    Join Date
    May 2007
    Posts
    3,795
    Thanks (Given)
    7957
    Thanks (Received)
    4526

    Default Re: Moto Finance GAP Insurance on loan agreement

    Yeah, I'm OK with the GAP insurance - it's the PPI that is puzzling me. Looking at the figures in your post #26, the loan was for 61 months. I'm guessing from the dates that there was no payment expected for the first month, and although the loan period was for 61 months, only 60 repayments were scheduled. But my problem is this. 60 repayments of £222.08 comes to a Total Amount Payable of £13,324.80. But in post #24, you state that the total due to them including interest is £14,648.80 from day one. That's a difference of £1,324.00. Where did you get the figure of £14,648.80 from - is it in the agreement ?

  5. #30
    Join Date
    Jul 2013
    Posts
    72
    Thanks (Given)
    8
    Thanks (Received)
    106

    Default Re: Moto Finance GAP Insurance on loan agreement

    Cash price of car is £11.659.99, HP ADVANCE £10.659.99, £1000 Deposit paid , interest £2664.81 for the whole period, Admin fee £175, Optional to purchase fee £149.00. Total altogether is £14,648,80. The interest rate is 5.00% per annum.

  6. #31
    Join Date
    May 2007
    Posts
    3,795
    Thanks (Given)
    7957
    Thanks (Received)
    4526

    Default 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.

  7. #32
    Join Date
    Jul 2013
    Posts
    72
    Thanks (Given)
    8
    Thanks (Received)
    106

    Default Re: Moto Finance GAP Insurance on loan agreement

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

  8. #33
    Join Date
    May 2007
    Posts
    3,795
    Thanks (Given)
    7957
    Thanks (Received)
    4526

    Default 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 !!!

  9. #34
    Join Date
    Jul 2013
    Posts
    72
    Thanks (Given)
    8
    Thanks (Received)
    106

    Default 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.

  10. #35
    Join Date
    May 2007
    Posts
    3,795
    Thanks (Given)
    7957
    Thanks (Received)
    4526

    Default Re: Moto Finance GAP Insurance on loan agreement

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

Page 2 of 2 FirstFirst 12

Similar Threads

  1. Welcome Finance secured loan - no original agreement
    By adviceonwelcome in forum Consumer Credit Act
    Replies: 11
    : 4th September 2012, 16:00:PM
  2. Direct Car Finance (DCF), Approved Car finance (ACF) and AXA Insurance
    By Mzazi in forum PPI - Payment Protection Insurance Reclaiming
    Replies: 17
    : 6th August 2012, 15:47:PM
  3. Loan Agreement
    By redrose2163 in forum Received a Court Claim?
    Replies: 1
    : 16th September 2010, 10:53:AM
  4. Natwest Loan without loan agreement!! Help needed
    By monstertruck_monkey in forum RBS / Natwest
    Replies: 4
    : 22nd October 2009, 20:26:PM
  5. PPI refunded but what about the Loan agreement
    By bambinaia in forum PPI - Payment Protection Insurance Reclaiming
    Replies: 1
    : 17th May 2009, 05:17:AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Who's Online?
REGISTER
User Control Panel
Cookies
Acceptable Use Policy
Terms of Website Use
Privacy Policy
HOME

All times are GMT +1. The time now is 15:42:PM.

LegalBEAGLES® is the trading name of Celame LLP (registered in England and Wales OC389148).
Registered office: Hadfields, Bottom Road, Buckland Common, Tring, Herts HP23 6NH
© Celame LLP 2014
LegalBEAGLES® are DPA Registered No. ZA025462
Hosted by Lodge Information Services Ltd
View MOBILE Site

Follow Legal Beagles On Twitter Add Legal Beagles to your RSS Feeds Join The Legal Beagles Facebook Group

The information provided on this website is provided for information purposes only. Every reasonable effort has been made to ensure that the information is accurate and up to date at the time it was written but no responsibility for its accuracy, or for any consequences of relying on it, is assumed by the author or designer of the website or by the internet service provider hosting it. The information is necessarily of a general nature and does not, and is not intended to, amount to legal advice to any person on a specific case or matter. You are strongly advised to obtain specific, personal advice from a lawyer about your case or matter and not to rely on anything on this website. This website contains links to other websites which you may find of interest but we do not control the content of those other websites and consequently can accept no responsibility for them.

Celame LLP Powered by vBulletin® Version 4.2.1
Copyright © 2014 vBulletin Solutions, Inc. All rights reserved.
Extra Tabs by vBulletin Hispano