CPI – GAP – Car Protection Insurance/Guaranteed Asset Protection

I’ve just heard an item on the radio talking about misselling of CPI – car protection insurance.  I feel a crop of  “you are owed money for the car protection insurance you took out” texts and emails coming on.  Much like the scam ppi texts/emails, which are the most popular post on this site.

A bit of research tells me it is also known as Guaranteed asset protection insurance or GAP Insurance.  I remember being given the heavy sell when I bought my current car, but I declined.

If you feel you have been missold GAP insurance – don’t answer random texts or emails.  The senders have no idea how much you are owed, or even if you took out CPI/GAP.  I’m taking bets now that the texts, when they start, will finish by telling you to reply “STOP” if you don’t want to receive further texts.  That won’t stop anything but it will cost you money – which is how these scammers are making their money.

As ever, the http://forums.moneysavingexpert.com/ website and forum has helpful information if you feel you are owed a refund.