PPI and Black Hose Finance

steve811

Just had a letter from Black Horse in response to a claim I put to the FO three weeks ago. They have offered £2200 in response, but only if they credit that to the account and they will then reduce our monthly repayments from £239 to £171. By my calculations that means that the capital left to repay (£5019) has only been reduced by £1400! What they have done is taken the £2200 off the total for the loan with the interest including the PPI! Although this reduces the loan, it is only a reduction in the interest paid, not the capital! Guess I will have to write and reject it

di3004

steve811 wrote: »

Just had a letter from Black Horse in response to a claim I put to the FO three weeks ago. They have offered £2200 in response, but only if they credit that to the account and they will then reduce our monthly repayments from £239 to £171. By my calculations that means that the capital left to repay (£5019) has only been reduced by £1400! What they have done is taken the £2200 off the total for the loan with the interest including the PPI! Although this reduces the loan, it is only a reduction in the interest paid, not the capital! Guess I will have to write and reject it

Hi Steve

Like any complaint, if your not happy then write back to let them know that and ask that they consider doing this the way you want.

Is this an offer of goodwill?
If so and they are not admitting liability to this case, tell them you still stand by your reasons and ask if they can reconsider this, if they do not then move on to the FOS, give them about 7-14 days, of course if they do not come back to you on this at all, go to the FOS.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Good luck with this and please keep us posted.;)

steve811

After writing to BH I waited and did not get a reply from them so have raised this with the FOS. They lost the paperwork last year and I had to re-apply! Since October of last year they have been waiting for BH to reply to them, and even wrote to me in February saying they understood BH had made a new "goodwill" offer and the matter would be closed! I then had to email them to say I had not recieved the offer and the case should remain open. I am still waiting for a decision from the FOS, who tell me they are waiting for BH to reply!

steve811

Well, and update to this! It now seems that BH have failed to reply to the ombudsmans requests and after a bit of prodding it is now listed for an adjudicator to look at it and make a judgment. Does anyone have any idea how long the adjudication process takes?

di3004

Hi Steve

Sorry to hear this.

I would ask if they could deal with this as "Fast track" its not your fault if they previously lost the paperwork and had to start all again.

Give the FOS a call to request for this, good luck.;)

steve811

Well today I had two letters from the same person at the FOS, both dated the same! One stated they needed the insurance policy document (we only ever had the summary) and another said as it was joint account my wife had to sign the complaint form. It has taken them almost a year to realise the form needed a second signature and they have always had all the paperwork I hold, as I have told them in my letters!

di3004

steve811 wrote: »

Well today I had two letters from the same person at the FOS, both dated the same! One stated they needed the insurance policy document (we only ever had the summary) and another said as it was joint account my wife had to sign the complaint form. It has taken them almost a year to realise the form needed a second signature and they have always had all the paperwork I hold, as I have told them in my letters!

Hi Steve

So the FOS are requesting for more information - such as the policy document?
Have BH a separate data dept, so you could maybe try asking them for these details?
The insurance policy document to what I know of can be requested at any time, and not always enclosed with the loan documents.

That's annoying after a year!
So have they returned the complaint form back to you for your wife to sign?

steve811

Sorry for the long delay in posting. I had a letter in May saying the FOS were now passing this to an adjudicator, since then nothing! I have emailed them asking for an update but they have not replied. How long does it take for an adjudicator to decide on a case? At this rate the loan will be settled before we get judgment! Still at 8% that is better than a savings account!

di3004

steve811 wrote: »

Sorry for the long delay in posting. I had a letter in May saying the FOS were now passing this to an adjudicator, since then nothing! I have emailed them asking for an update but they have not replied. How long does it take for an adjudicator to decide on a case? At this rate the loan will be settled before we get judgment! Still at 8% that is better than a savings account!

Hi Steve
Not a problem.;)

It can take some time, but if all straight forward, once the case have been passed on to the adjudicator, it could be a matter of 6-8 weeks, but this also depends if the other party agree or ignore the decision, if this happens then the case is then normally forwarded to the ombudsman himself.
If it goes this far, then you would also be entitled to further redress for distress and inconvenience.

But.........if complexed the complaints can take even longer, some have also taken approx 18 months, this can vary, so its difficult to give an exact timescale.

The 8% adds up as well.

Also check out on Maxdp's thread on how the FOS calculates ppi refunds, to give you an idea.
https://forums.moneysavingexpert.com/discussion/1596473

Good luck with this, please keep us posted, cheers.;)

steve811

Although I have been pushing the FOS on this all I get is an email saying it is with the adjudicator. It has almost been 12 months now, partly due to the FOS not telling me they needed extra paperwork! Will email them later this week for an update as it has been 4 weeks since last update, and it has been with the adjudicator for about 5 weeks.

di3004

steve811 wrote: »

Although I have been pushing the FOS on this all I get is an email saying it is with the adjudicator. It has almost been 12 months now, partly due to the FOS not telling me they needed extra paperwork! Will email them later this week for an update as it has been 4 weeks since last update, and it has been with the adjudicator for about 5 weeks.

Hi Steve

Glad its finally with an adjudicator, that is great, you could hear a result anytime now then, but if you do not hear within say the next 2-3 weeks chase them up for an update and thereafter once a month perhaps.;)

Fingers crossed.