GAP mis-selling timebomb

[GreenGiant 287]

Just been reading an article

here

 

that might make uncomfortable reading for some.

I had a similar conversation with an insurance industry bigwig recently confirming that, once the first successful claim goes in (and it's when, not if...) there's an extreme likelihood of a total sh*tstorm following on very quickly. And you know how the Daily Mail loves a sh*tstorm.

 

I know of at least one dealer group whose policy has been to 'bundle' GAP into ALL new car finance deals by tweaking the GFV/payment period etc to disguise its inclusion, and I suspect they are not alone.

 

Be warned people, this is not going away.

[GreenGiant 287]

From the news today:

 

The Financial Conduct Authority has issued a £28 million fine to Lloyds Banking Group for incentives schemes which drove staff to hit targets rather than consider customers fairly.

 

Who'd have thunk it, eh?

Couldn't happen to us though, could it?

[James Baggott 227]

I think this is a problem that's about to explode... 

[GreenGiant 287]

As long as we all have proper contingencies in the accounts to cover the compensation claims, there's nowt to worry about!

[Andy Entwistle 96]

We've been talking to a couple of people in the GAP industry who have sen this and are doing their utmost to make sure their products have the right cover and that dealers are selling them right, have a look through the mag and you'll see some interesting stuff that should help cover you if it does all go wrong !

[GreenGiant 287]

We've been talking to a couple of people in the GAP industry who have sen this and are doing their utmost to make sure their products have the right cover and that dealers are selling them right, have a look through the mag and you'll see some interesting stuff that should help cover you if it does all go wrong !

 

Gate being locked.

Horse already gone.

[Ian 15]

And three fields away!