Voluntary Termination with Vatable Added Products

[tobster911]

Hello All,
I'm currently starting the VT process, and we've already come into a problem. The loan is split into two. One for the car, and one for the GAP insurance and Service Plan.
These are:
Car - £12,600
VAP - £698

Each loan is subject to it's individual interest charges. The car has £2096.59 of interest charges, and the VAPs have £132.65

A quick bit of maths easily shows the total amount payable under the contract is £15,527.24. This is also detailed in a section on the contract called "Total Amount Payable", and evidently includes both the car and the VAPs, and their associated interest charges,

As we all know, the VT rules come into affect once I have paid 50% or more of the Total Amount Payable under the contract. So, in this case, the VT point would lie at £15,527.24 / 2 = £7,763.62

I have paid:
Deposit: £1567.64
30 x monthly: £207.80

So, I have, in total, paid £7,801.64. We can clearly see that this is a bigger figure than the 50% (£7,763.62), if only by just shy of £40.

However, in the contract, it states my VT rights apply after paying half of just the car+interest, which equals £7348.30.

So, they're asking me for £420 to VT as I've passed the VT point for the car, but not for the products, which I can't VT as they're a different service.

My question is, are they right, or am I?

Thank you

T

** They're Vatable Added Products, but I'm still just a private individual to keep this as uncomplicated as possible

[tobster911]

I've uploaded the contract. Not bothered about names and addresses, as I no longer live there

[des8]

The GAP insurance you should cancel directly with the insurers, who may or may not allow a return of premium (depends on the policy wording)

[tobster911]

I will be, and am entitled to a pro-rata refund less a £50 deductible :o