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Hi all
I currently have a 3 year pcp finance agreement with Citroen/PSA finance which is due to finish at the end of August this year. I have bought a new car which i have now and i have gone through voluntary termination for my citroen. They have sent a letter showing how much i have to pay in order to proceed with VT. I don't have to pay anything towards the vehicle cost as i have paid 50% but they are wanting £316.58 out of the full loan price (including interest) of £663.97 for the Gap protection loan i took out with them. I questioned this as i am able to cancel the gap protection and i am eligible for a refund so why should i have to pay PSA. They have said that they paid the gap protection insurers in full and as i took the loan out with PSA, the remaining money is still to be paid to them to recover the losses. The vehicle loan and gap protection are shown as two separate loans, however they are added up together and i pay one direct debit of £271 a month.
Please find attached documents, i would be grateful to know if i have to pay this. If so, i will proceed and sign the document
I currently have a 3 year pcp finance agreement with Citroen/PSA finance which is due to finish at the end of August this year. I have bought a new car which i have now and i have gone through voluntary termination for my citroen. They have sent a letter showing how much i have to pay in order to proceed with VT. I don't have to pay anything towards the vehicle cost as i have paid 50% but they are wanting £316.58 out of the full loan price (including interest) of £663.97 for the Gap protection loan i took out with them. I questioned this as i am able to cancel the gap protection and i am eligible for a refund so why should i have to pay PSA. They have said that they paid the gap protection insurers in full and as i took the loan out with PSA, the remaining money is still to be paid to them to recover the losses. The vehicle loan and gap protection are shown as two separate loans, however they are added up together and i pay one direct debit of £271 a month.
Please find attached documents, i would be grateful to know if i have to pay this. If so, i will proceed and sign the document
