MoneyBarn repossessing over high excess insurance.

[TOkunnuga]

I used moneybarn to arrange finance for a car in march 2015. I have never missed a payment since. this morning 25/7/2016 I received a call informing me that they (moneybarn) had found out that the insurance company I was using was charging me excess above what they accept which is £500 or below. So therefore I was advised to get the excess to £500 or lower by Moneybarn. The insurance company stated that they could not change my excess and that for me to get it that low I would have to take out a new policy that would cost me £2000 a year, that, I cannot afford. So I went back to MoneyBarn and they said if I did not bring the excess down to £500 I would be in breach of the contract and they would have to repossess the vehicle.

Please Help as I do not think this is fair.

[R0b]

Re: MoneyBarn repossessing over high excess insurance.

I used moneybarn to arrange finance for a car in march 2015. I have never missed a payment since. this morning 25/7/2016 I received a call informing me that they (moneybarn) had found out that the insurance company I was using was charging me excess above what they accept which is £500 or below. So therefore I was advised to get the excess to £500 or lower by Moneybarn. The insurance company stated that they could not change my excess and that for me to get it that low I would have to take out a new policy that would cost me £2000 a year, that, I cannot afford. So I went back to MoneyBarn and they said if I did not bring the excess down to £500 I would be in breach of the contract and they would have to repossess the vehicle.

Please Help as I do not think this is fair.

Does the contract say that the insurance policy must have exces of £500 or less?

[TOkunnuga]

Re: MoneyBarn repossessing over high excess insurance.

Well on signing the contract at the beginning I never saw that in regards to the excess. But it does say that £500 or less. (That I just saw this morning after the call)

On collecting the car I arranged insurance on site and the excess there was over £500 no one said anything, I was given all doc and keys and I drove off and paid every month for a year and a half never missed a payment.

[R0b]

Re: MoneyBarn repossessing over high excess insurance.

Have you paid 1/3 of the total amount? Is the clause hidden away in the small terms or was it put on the main page with all the important key terms set out?

There's the potential that the clause could be considered an unfair term and would be subject to whether or not it is reasonable. Was it the same dealer who sold you the insurance as well giving you the paperwork for finance?