09 Mar 2015

A question about : please help,need some advice!

hi there,im after some advice on what to do.
My car got stolen in 2007,i had the car on finance.my insurance company i was mith paid out as the car was later found out to be a write off.i was paying monthly for my insurance and had paid 2months insurance.when the insurancdm company paid out,they had deducted the full year insurance from the payout to my finance company,which resulted in me owing Ј800.
My mother tried to sort it out a few years ago and i heard nothing back. A week ago i recieved a letter off them and it has now been passed onto RED which i think is a collection company.
Me an my partner are living together in rented accomodation and i have no way oem paying this back.
Any advice???

Best answers:

  • did you agree the final award from the insurance company they tend to offer the lowest price i always challenge i know its a tad late now however you say they took the full year premium is that the two months you owed or is it in excess of this not sure what you can do about the outstanding debt very frustrating when its clearly not your fault that someone choose to steal your car maybe explain your situation and offer a full and final settlements of say around 30% of the debt in writing this might be affordable for all of you i'm sure some one will come along on the forum with some more advice ???????????????
  • forgot to ask did you take out GAP insurance when you financed the car this makes up the short fall from the reduction in value from the car price at the time of the claim and what debt is outstanding /?????????
  • thanks, GAP insurance rings a bell, im sure that what my mother tried to sort out for me. i took out insurance in march 2007 and paid 2 months insurance, then the car got stolen, the insurance company deducted the other 10months insurance from the offer. no i didnt challenge the offer as i didnt know that you could
    ive recieved a letter through at my new address asking if i live here and to call the number back as they need to speak to me. i am to scared to ring them as they say i owed them Ј800
  • so are you saying you was paying gap insurance because if you was then they cannot chase you for this money as any short fall that the car insurance company has paid and the loan amount outstanding that insurance should have plugged the gap pardon the pun have you any paper work on the gap insurance ask your mum look at old bank statements, I would try not to bury your head in the sand i would ring them and inform them that you are looking into this matter the last thing you want is further action taken against you with further charges added that it make it worse good luck
  • i thought i had GAP insurance, thats the last contact that i had with them as they said they were going to look into it and i just assumed that i had GAP insurance and that it was sorted. But now i have recieved a letter asking for me to contact them regarding a personal issue from a company called RED recoveries. not really aure what to do as it has been 5years adn thought it had all been sorted
  • ok anthing over six years becomes statue barred this is only five years if it was me i would talk to them put your mind at rest and go from their they do have your contact details so i would not be supprised if they don't keep hasseling you and trying to take it further. You say in your previous post its for the sum of Ј800 but in this last post you say its personal issues does the letter sent tell you that the debt is Ј800 or are you just casting your mind back 5 years and feel this was the short fall from memory ???????
  • If you don't have Ј800 to give them then they can't have Ј800 although they'll try and convince you they can take it!
    If you can't prove that you had GAP insurance (or can't remember if you did) then it's probably better to ring them, explain your situation and come to some repayment agreement. As tough as some of them talk, if you show you are willing to work with them and repay the debt reasonably they are likely to accept it. If you try and ignore it they will just keep pestering and causing you stress.
    However, it might be worth writing to them and asking them to prove the debt before you agree to make any repayments (and before you acknowledge that the debt is yours) as it seems you are unclear what your mum did to try and sort out the debt.
  • thanks for helping me with that bjv i was aware of gap but never had it myself so was not 100% on claim time just trying to give as much advise as possible good luck but you must contact them and try to resolve all the best
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