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Re: Moto Finance GAP Insurance on loan agreement
Ah - so this is a HP agreement with a £1000 deposit paid. Sorry - I didn't see that information earlier - if you posted it. So the loan cash advance was actually £10,659.99, and the interest on that loan was £2664.81, making a Total Amount Payable of £13,324.80. If we then add the £175 + £149 total cost of the admin & opt. to purchase fees to this, it brings the TAP to £13,648.80, which concurs with your figures now.
As I said, 60 repayments of £222.08 comes to a Total Amount Payable of £13,324.80. Adding the £175 + £149 total cost of the admin & opt. to purchase fees to this brings the TAP to £13,648.80, which again concurs with your figures.
So - it looks as though there was indeed no PPI charged to the account, as all amounts are now accounted for. However, we may be able to make a further test by checking if the interest charged actually reflects the rate of 5% p.a. This is known as 'amortisation,' and I will need to ask my colleague Turboman if this could be done in this case.
Ah - so this is a HP agreement with a £1000 deposit paid. Sorry - I didn't see that information earlier - if you posted it. So the loan cash advance was actually £10,659.99, and the interest on that loan was £2664.81, making a Total Amount Payable of £13,324.80. If we then add the £175 + £149 total cost of the admin & opt. to purchase fees to this, it brings the TAP to £13,648.80, which concurs with your figures now.
As I said, 60 repayments of £222.08 comes to a Total Amount Payable of £13,324.80. Adding the £175 + £149 total cost of the admin & opt. to purchase fees to this brings the TAP to £13,648.80, which again concurs with your figures.
So - it looks as though there was indeed no PPI charged to the account, as all amounts are now accounted for. However, we may be able to make a further test by checking if the interest charged actually reflects the rate of 5% p.a. This is known as 'amortisation,' and I will need to ask my colleague Turboman if this could be done in this case.
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