I purchased a Ford Figo from Kempster Ford in March 2011. I was convinced by the Finance Manager that a Shortfall policy for a new vehicle was a necessity. I took out the Shortfall policy, as no one in todays day and age has got money for extra expenses.
My Ford Figo burnt out in February 2013. The shortfall policy was activated and paid out. To my surprise, money was still being deducted from my bank account. Bigger was my surprise to find out that the SHORTFALL cover did not cover the SHORTFALL...
Not once, was this policy and its terms and conditions explained to me. Not once was I informed about an excess that I have to pay.
This is absolutely unacceptable. Why then offer people a shortfall policy?? Is this another money making scheme between car dealerships and insurance companies and broker firms? I requested a detailed explanation as to why the amount was not paid, I received a breakdown, with numbers and wording I do not understand. I have asked on numerous occasions for this to be explained via email but to no avail.
I drive a new unlicsenced hicle, due to the fact that money is outstanding on the Ford, which was supposed to be covered by a 'shortfall' policy
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