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Voluntary Termination- Do i have to pay the GAP insurance??

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  • Voluntary Termination- Do i have to pay the GAP insurance??


    I am VT my car, its with Black Horse and due to a job in London it is not worth the monthly payments anymore.
    I am within mmy right as i have paid over 50%. I recieved the VT pack but am not signing it and will write my own letter to them, this is thanks to the threads on here When i was none the wiser the finance company were lovely to me, but when i called and told them i was not signing the pack and i will write my own letter the lady was rude and said to me ‘why would you write your own letter when you have the pack, just sign it’. Anyway thanks to these threads again i also have got the ‘collection fee’ waived, funny that.

    cut along story short my question is this: during the last conversation the lady told me i had to pay the outstanding of my gap insurance. This was included in my monthly dd, £14 was going to the gap every month. She told me that.
    She also then said that as it was 2 seperate agreements i would have to pay the rest, is this true? If it was included in my monthly dd isnt that one agreement? I have no idea who my GAP is with as i had a house fire and lost the documents, but could someone please help me?
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  • #2
    Hi and welcome

    You need to find out from the finance company who your GAP insurers are.
    You can then notify the insurers you wish to cancel that insurance.
    Whether or not there will be a refund of premium will depend on the policy wording.
    Most (but not all) companies now a days allow a pro rata return, less an administration fee.


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