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Black horse loan and its ppi!!!
Chick2organise
Posts: 157 Forumite
Good morning everyone, hope your all ok!! Well I have a query regarding my Black horse loan and its awful PPI!!
Well first of all a little information, I took the loan out in October 2007, I went for the meeting at the office, I was told as I didnt have any other protection on my loan/credit then I need to take out their PPI. At the time I was an individual who didnt really have a clue about finances and took the PPI out. I tried to claim the PPI back and cancel the claim but they refused saying I had signed the agreement and the only way I could cancel would be by telephone which is one of the high rate numbers.
I took £4000 out over 60 months.
The reason I have started this thread is because I have received a statement from BH, apparently its a new thing they are doing.
On the statement it states the amount of credit taken out is £5648.19 (obviously they have combined the PPI and loan together to get that figure)
My direct debit is £173.61 a month however underneath each direct debit payment it has INTEREST which has a different date generally a couple of days difference to when the DD came out and it mostly states £110 +
What is this all about?? why have they combined the PPI???
Any suggesstions?? Thanks everyone in advance!
Well first of all a little information, I took the loan out in October 2007, I went for the meeting at the office, I was told as I didnt have any other protection on my loan/credit then I need to take out their PPI. At the time I was an individual who didnt really have a clue about finances and took the PPI out. I tried to claim the PPI back and cancel the claim but they refused saying I had signed the agreement and the only way I could cancel would be by telephone which is one of the high rate numbers.
I took £4000 out over 60 months.
The reason I have started this thread is because I have received a statement from BH, apparently its a new thing they are doing.
On the statement it states the amount of credit taken out is £5648.19 (obviously they have combined the PPI and loan together to get that figure)
My direct debit is £173.61 a month however underneath each direct debit payment it has INTEREST which has a different date generally a couple of days difference to when the DD came out and it mostly states £110 +
What is this all about?? why have they combined the PPI???
Any suggesstions?? Thanks everyone in advance!
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Comments
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It is a single premium policy and it has always been combined with your loan.
The amount of interest you are charged is more than if it was a monthly premium policy.0 -
Chick2organise wrote: »Good morning everyone, hope your all ok!! Well I have a query regarding my Black horse loan and its awful PPI!!
Well first of all a little information, I took the loan out in October 2007, I went for the meeting at the office, I was told as I didnt have any other protection on my loan/credit then I need to take out their PPI. At the time I was an individual who didnt really have a clue about finances and took the PPI out. I tried to claim the PPI back and cancel the claim but they refused saying I had signed the agreement and the only way I could cancel would be by telephone which is one of the high rate numbers.
I took £4000 out over 60 months.
The reason I have started this thread is because I have received a statement from BH, apparently its a new thing they are doing.
On the statement it states the amount of credit taken out is £5648.19 (obviously they have combined the PPI and loan together to get that figure)
My direct debit is £173.61 a month however underneath each direct debit payment it has INTEREST which has a different date generally a couple of days difference to when the DD came out and it mostly states £110 +
What is this all about?? why have they combined the PPI???
Any suggesstions?? Thanks everyone in advance!
Hi there
If you think you may have been mis sold this policy, you can try to reclaim on the PPI, but always make sure you have some sort of protection in place, in case the unfortunate did happen, you can also purchase stand alone cheaper options, but always make sure they meet your requirements, good luck.
More info here on PPI:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insuranceThe one and only "Dizzy Di"
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melorablack wrote: »It is a single premium policy and it has always been combined with your loan.
The amount of interest you are charged is more than if it was a monthly premium policy.
thank you but what does this exactly mean? I am a bit slow!0 -
Hi there
If you think you may have been mis sold this policy, you can try to reclaim on the PPI, but always make sure you have some sort of protection in place, in case the unfortunate did happen, you can also purchase stand alone cheaper options, but always make sure they meet your requirements, good luck.
More info here on PPI:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
I have already got protection on my income, found it through mse, should have included this in my original thread. Basically I have already made a claim for the ppi but they wouldnt even cancel it let alone refund it.0 -
Chick2organise wrote: »thank you but what does this exactly mean? I am a bit slow!
Say you took out a loan for £1000 adn had a single premium insurance policy on it for £500. This means your "total loan" would be £1,500.00 and you are charged interest on £1,500 instead of £1000.00. Therefore you are paying more interest overall.0 -
melorablack wrote: »Say you took out a loan for £1000 adn had a single premium insurance policy on it for £500. This means your "total loan" would be £1,500.00 and you are charged interest on £1,500 instead of £1000.00. Therefore you are paying more interest overall.
Now that is cheeky isnt it, why should i pay interest on something they sold to me to pay for the loan if i was not able to...
see i told you i havent got a clue....0 -
melorablack wrote: »Say you took out a loan for £1000 adn had a single premium insurance policy on it for £500. This means your "total loan" would be £1,500.00 and you are charged interest on £1,500 instead of £1000.00. Therefore you are paying more interest overall.
Thank you for that bit of advice. We have a single premium policy on our loan which we are trying to reclaim amounting to £5,912 on top of loan amount of £19,000. Am I correct in thinking that if we are successful that should add up to a tidy sum.
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Thank you for that bit of advice. We have a single premium policy on our loan which we are trying to reclaim amounting to £5,912 on top of loan amount of £19,000. Am I correct in thinking that if we are successful that should add up to a tidy sum.
Oh i am so confused now.. would I be able to claim my PPI back?? I cant believe how much you have on top of your loan, thats dreadful!!
Does this mean, cause they are adding interest to the PPI aswell as the loan amount then claiming back the PPI, interest that youve paid can also be claimed??
I am so sorry all of you, I really get confused with all this, I really am trying to get to grips with FINANCES!!!!0 -
Chick2organise wrote: »Oh i am so confused now.. would I be able to claim my PPI back?? I cant believe how much you have on top of your loan, thats dreadful!!
Does this mean, cause they are adding interest to the PPI aswell as the loan amount then claiming back the PPI, interest that youve paid can also be claimed??
I am so sorry all of you, I really get confused with all this, I really am trying to get to grips with FINANCES!!!!
Hi there
I think I may have mis read your above post lol, I now assume you mean you have already sent a letter of reclaim and not made a claim as such for sickness etc???The one and only "Dizzy Di"0 -
I think you have a perfect case for mis-selling. To be told that the ppi isn't optional is classic.
Start your misselling claim. Don't give in - and report them if you're stonewalled again."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0
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