HELP please -The Funding Corporation/ACF - car finance -

[Skye]

Re: HELP please -The Funding Corporation/ACF - car finance -

Many thanks for all your help Des but it's looking like I have nowhere to go and will just have to try and agree some kind of payment plan.

Kind regards
Skye

I cannot see, nor would expect to see,on the Credit Agreement that the Funding Corporation had the right to agree the claim offer from Swiftcover.
Certainly the GAP insurers could with hold their agreement to Swiftcover settlement figure, but that is not the same as giving them authority to settle the claim.
They are inconsistent in their approach: they allow you to pay over Glasses Guide price but only accept Glasses Guide for loss indemnity. The guide is just that ... a guide. Anyone in the trade knows that... car values like houses prices vary from area to area, month to month. If you had settled the claim yourself you probably would not have accepted that figure. You would have challenged it, researched how much it would have cost to replace the car with a similar vehicle and probably pushed the figure up. It is possible you wouldn't have needed that GAP policy.
I believe you were misled by the car salesman when you purchased the policy. It is likely that he didn't realise it as he probably doesn't understand the first thing about insurance.... he's a car salesman.
I also believe the claim wasn't broked properly by the Direct Group. They just wanted a figure from Swiftcover and happily accepted Glasses Guide.
How to rectify those problems now, I'm not sure, as you have signed documents agreeing to it all.

I'd like to see input from others on the credit side before advising further.

I don't think that the Funding Corp. are being fair, but they are probably legally correct. I have flagged this up and hoping others will be along to advise.