PSA Finance HP agreement termination.

[Joshood]

Hello all,

I have gotten myself into a sticky situation here, I will try to explain it the best I can.

First of all, I have been with PSA Finance for three years and financed a car from Bassetts Citroën with a simply drive policy. My policy is coming to an end at 29th November.

Unwittingly I have decided to refinance the car which I received and signed the documents on the 16th October which refinances my car on the 29th November and payments start on the 12th of December.

The problem is, I phoned my insurance company up and asked to renew my policy it has increased from £80 to £217 p/m. Totalling the monthly payments with finance at £434 which I cannot afford.

Now, I am aware you have 12 days to decide if you want to keep the policy or change your mind any longer than that and I'll have tp pay £3800. It has been 27 days for me to find out what my insurance premiums are and as soon as I found out the rates, I phoned PSA and explained, unfortunately they couldn't get through to their Financing teams.

My thinking is, because I haven't started my renewed policy yet I might be able to get away with not paying the credit as I haven't needed to loan the credit yet.

Any advice and knowledge on this would be greatly appreciated,

Thank you,

Josh

[Joshood]

Hello all, I forgot to mention my older policy was a Hire Finance and the policy I renewed is a purchase if that makes much of a difference on the help you can give.

Thank you,

Josh