Another 'Do you think I can claim?' thread..

noz85

Hi all.

I had a loan with Black Horse finance.

Got it in March 2006, over 3 years and paid it off in about 2 years.

I opted in for the PPI. The PPI was sold to me after I had taken out the loan.

They basically rang me up a couple of week after, and put the fear of God into me and made me believe that I would be completely knackered without the PPI. Probably known as 'a hard sell'. So I accepted.

I've thought about possibly trying to get it back a few times now, but never thought I would stand a chance.

This week however, I have had a very annoying man from Claims Group Direct calling me. He thinks that I might be able to get it back, but then he would say that because he'd be making money out of me. I'm not prepared to go through a 3rd party to try and get my money back.


I don't know the first thing about trying to get this money back, and what classes as 'mis-sold' in order to be eligible for it back either.

Although the annoying man asked me if I knew there were two different APR's one for the loan and one for the PPI? I said no, and he also asked if I knew that the chances are that the PPI I had was only for 1 or 2 years, and not the full life of the loan. I said no. So that made him say I was eligible.


Any body think I have a chance?

di3004

noz85 wrote: »

Hi all.

I had a loan with Black Horse finance.

Got it in March 2006, over 3 years and paid it off in about 2 years.

I opted in for the PPI. The PPI was sold to me after I had taken out the loan.

They basically rang me up a couple of week after, and put the fear of God into me and made me believe that I would be completely knackered without the PPI. Probably known as 'a hard sell'. So I accepted.

I've thought about possibly trying to get it back a few times now, but never thought I would stand a chance.

This week however, I have had a very annoying man from Claims Group Direct calling me. He thinks that I might be able to get it back, but then he would say that because he'd be making money out of me. I'm not prepared to go through a 3rd party to try and get my money back.


I don't know the first thing about trying to get this money back, and what classes as 'mis-sold' in order to be eligible for it back either.

Although the annoying man asked me if I knew there were two different APR's one for the loan and one for the PPI? I said no, and he also asked if I knew that the chances are that the PPI I had was only for 1 or 2 years, and not the full life of the loan. I said no. So that made him say I was eligible.


Any body think I have a chance?

Hi there.

Yes you do, with your reasons as stated, and I would give it a go yourself, so go for it.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Ask for help on this if required, good luck.
These claim firms will charge one way or another, and this way with the help from this site, you will get to keep all your PPI if successful. X

noz85

The reasons I have stated being not knowing about the double APR? Or the possibility of the length of the PPI not being the same as the loan? Or the hard sell?

Sorry to be a pain

di3004

noz85 wrote: »

The reasons I have stated being not knowing about the double APR? Or the possibility of the length of the PPI not being the same as the loan? Or the hard sell?

Sorry to be a pain

Not too sure on that bit to be honest, but if the loan is paid for with the PPI, it should be the same.......this is what I thought anyway.
Hopefully someone will clarify on this for you.

However, there are dim views on these single type policies, for example, if your loan was for over say 20 years, these single policies would only cover for approx 5 of those years, but you would still be repaying for the ppi within the loan for the full loan term, these are a rip off, yet you should be successful in reclaiming on these type of policies by yourself without the help of the claims companies.

Read that link I posted in my above post and there you should see some info in regards of these single policies., hey your not a pain lol. X

noz85

Thank you

I have had a quick read through the letter templates and some of the statements in there are suitable for my case.

You're a star :j

di3004

noz85 wrote: »

Thank you

I have had a quick read through the letter templates and some of the statements in there are suitable for my case.

You're a star :j

Your very welcome.;)

If they do not resolve in your favour by 8 weeks, then take it to the financial ombudsman service (FOS).
And do not worry about writing in the amounts.
Post by recorded delivery as well, for your proof of posting.
Wishing you luck and please keep us posted, cheers.:beer:

noz85

di3004 wrote: »

Your very welcome.;)

If they do not resolve in your favour by 8 weeks, then take it to the financial ombudsman service (FOS).
And do not worry about writing in the amounts.
Post by recorded delivery as well, for your proof of posting.
Wishing you luck and please keep us posted, cheers.:beer:

Will do, thanks



If anybody else has any thoughts as to my chances with my claim, please feel free to contribute.

Cheers

marshallka

noz85 wrote: »

Hi all.

I had a loan with Black Horse finance.

Got it in March 2006, over 3 years and paid it off in about 2 years.

I opted in for the PPI. The PPI was sold to me after I had taken out the loan.

They basically rang me up a couple of week after, and put the fear of God into me and made me believe that I would be completely knackered without the PPI. Probably known as 'a hard sell'. So I accepted.

I've thought about possibly trying to get it back a few times now, but never thought I would stand a chance.

This week however, I have had a very annoying man from Claims Group Direct calling me. He thinks that I might be able to get it back, but then he would say that because he'd be making money out of me. I'm not prepared to go through a 3rd party to try and get my money back.


I don't know the first thing about trying to get this money back, and what classes as 'mis-sold' in order to be eligible for it back either.

Although the annoying man asked me if I knew there were two different APR's one for the loan and one for the PPI? I said no, and he also asked if I knew that the chances are that the PPI I had was only for 1 or 2 years, and not the full life of the loan. I said no. So that made him say I was eligible.


Any body think I have a chance?

So the PPI is on a different agreement to the one you originally took with the loan if sold to you two weeks later? This is actually what they are allowed to do now in that they cannot bundle this onto the loan as such but are allowed to offer it to you later? In fact was the PPI a single premium?

finatra26

noz - I think you need to do your homework on this a bit before putting in a claim - it seems unlikely that it would not have covered the full term of the loan if the loan was only for 3 years & you don't seem sure about the APR either. Loan companies are supposed to send you out statements once a year now - does this give you more info?

marshallka

finatra26 wrote: »

noz - I think you need to do your homework on this a bit before putting in a claim - it seems unlikely that it would not have covered the full term of the loan if the loan was only for 3 years & you don't seem sure about the APR either. Loan companies are supposed to send you out statements once a year now - does this give you more info?

If the loan was for 3 years and the PPI taken AFTER the loan was signed then this PPI would have been sold seperate and IF a single premium would have had its own APR anyway so I cannot see where the claim is here. It was not sold with the loan so not made compulsory to the loan??? I know there was probably a "hard sell" but the poster cannot say that in order to get the loan they had to take the PPI?? I am confused with this one?

finatra26

I see what you mean marshallka - the hard sell claim is usually when people have been given the impression that they won't get the loan without the PPi but if the loan had already been approved & paid out then this would be hard to prove