Black Horse loan/PPI

sc280672

Hope someone can give me some advice here as from reading the posts on here connected to PPI it seems like a total ninefield!

In December 2003 my husband and I took a substantial consolidation loan with Black Horse Offshore Finance, it was secured on our house. We were told that unless we took out PPI we would be declined for the loan. We sold the house in Nov 2007 and settled the loan. Martin Lewis was on GMTV a couple of months later talking about missold PPI and I wondered if we would have a case. I got in touch with the local Black Horse office who gave me a name and address to write to, whoever deals with the insurance. I wrote to them stating our case but the reply we basically got was that because it stated in the paperwork the PPI could be cancelled we had no case for a claim. What were we supposed to do when we'd been told by the branch manager originally "no PPI, no loan"?

What I'd like to know is if I have a case and should I pursue it? Is there a timescale for claiming? Any other advice would be greatly appreciated. If I don't have a case then so be it, no harm in trying is there )

di3004

Hi there and welcome.;)

Well it does seem you have a case, so I would go for it.

You will find more info of Martin's on the link below, the guidelines of reclaiming, template letters and a checklist of mis selling reasons.
You actually write to the ones who sold you the finance.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
They have 8 weeks in full to respond, post by recorded delivery, this is your proof of posting.
Keep at them, and if they do not resolve by the 8 weeks or in your favour, you can take your complaint to the financial ombudsman service (FOS).

Good luck with this and please keep us posted and ask for help when required.;)

sc280672

That's very helpful, thank you very much. I will definitely keep you informed. Thanks again.

marshallka

sc280672 wrote: »

Hope someone can give me some advice here as from reading the posts on here connected to PPI it seems like a total ninefield!

In December 2003 my husband and I took a substantial consolidation loan with Black Horse Offshore Finance, it was secured on our house. We were told that unless we took out PPI we would be declined for the loan. We sold the house in Nov 2007 and settled the loan. Martin Lewis was on GMTV a couple of months later talking about missold PPI and I wondered if we would have a case. I got in touch with the local Black Horse office who gave me a name and address to write to, whoever deals with the insurance. I wrote to them stating our case but the reply we basically got was that because it stated in the paperwork the PPI could be cancelled we had no case for a claim. What were we supposed to do when we'd been told by the branch manager originally "no PPI, no loan"?

What I'd like to know is if I have a case and should I pursue it? Is there a timescale for claiming? Any other advice would be greatly appreciated. If I don't have a case then so be it, no harm in trying is there )

If you still feel it was missold to you after their first response saying it was in the paperwork that you could cancel then you should now have the opportunity to write back to them. You then ask them for their final response and reiterate your complaint to them. Send by recorded delivery and if they still say no then perhaps (don't know about jurisdiction issues though as this was 2002???) FOs could help. I know some who have had to chase the insurer in cases like this so all is not lost.

Good luck

sc280672

I'm worried that I've run out of time regarding this matter if there is some sort of timescale for claims. I received their response some months ago and didn't bother taking it further as they stated in the letter that no further action would be taken should I write again.

I don't have the original loan documents but we were told at the time the main reason for them making us take out PPI was due to the fact that my husband was self-employed. A few months after taking the loan my husband went from being self-employed to employed and he called into the branch to ask if we could cancel the PPI due his change of employment and we were told no.

marshallka

sc280672 wrote: »

I'm worried that I've run out of time regarding this matter if there is some sort of timescale for claims. I received their response some months ago and didn't bother taking it further as they stated in the letter that no further action would be taken should I write again.

I don't have the original loan documents but we were told at the time the main reason for them making us take out PPI was due to the fact that my husband was self-employed. A few months after taking the loan my husband went from being self-employed to employed and he called into the branch to ask if we could cancel the PPI due his change of employment and we were told no.

I would try another letter and see what they say. Say you have now found out that the Ombudsman may look into it or something like that (as I do know that some are making complaints that were outside of jurisdiction against firms like this against insurers). As you have not got the documents you could also request a SAR (subject access request) from them (details here and it costs £10) http://forums.moneysavingexpert.com/showthread.html?t=1475553
but this would take 40 days to arrive but may have details of who the insurer was at the time. If you don't have the time to wait for a SAR then I would say just write to them again and see what the outcome is and take it from there.

If you received their final response (the one response they did give to you already) then you are free to go to FOS now with the complaint. I would give them a ring and see what they say and mention about the complaint going against the insurer if they say they do not have jurisdiction.

sc280672

My head is in an absolute whirl reading all the stuff about reclaiming.....I'm reading lots about whether companies were regulated at the time people took out a loan. Will this affect any claim I try to make against Black Horse for a loan which was taken in December 2003?

I have drafted another letter today as I know the PPI was missold to us and we were refused when we went to ask if it could be cancelled a few months later.

sc280672

Also been thinking.....we settled the loan early so the figure we were given would've included any premiums regarding the PPI. If we hadn't been paying PPI then the settlement would surely have been less. Would that difference be taken into account as well if I'm right in my thinking?

When I say we settled the loan we were actually £6000 short of settling so I took another loan (without PPI!) to pay this off. So, if I'm correct with the above paragraph then that £6000 remainder would have been less had the original loan not had PPI included, right? I'm still paying that loan, but have recently received a settlement figure. Would this loan also be taken into account with regards any claim I make with Black Horse as it may well have been a couple of thousand less without PPI on the original loan?

My head is hurting with all this!

marshallka

sc280672 wrote: »

Also been thinking.....we settled the loan early so the figure we were given would've included any premiums regarding the PPI. If we hadn't been paying PPI then the settlement would surely have been less. Would that difference be taken into account as well if I'm right in my thinking?

When I say we settled the loan we were actually £6000 short of settling so I took another loan (without PPI!) to pay this off. So, if I'm correct with the above paragraph then that £6000 remainder would have been less had the original loan not had PPI included, right? I'm still paying that loan, but have recently received a settlement figure. Would this loan also be taken into account with regards any claim I make with Black Horse as it may well have been a couple of thousand less without PPI on the original loan?

My head is hurting with all this!

If you won for misselling you would get back anything that it has cost you in relation to the PPI being applied to the loan which would be the PPI payments and interest you were charged on the loan and the amount you paid at settlement cause of the PPI and then 8% statutory interest on top. This would then put you back (or as near to back!) into the position as if you never had the PPI.

sc280672

I have just spoken to the Financial Ombudsman who have informed me that Black Horse weren't regulated at the time we took out the original loan, December 2003, so they must've had underwriters for the PPI. I'm confused now.....once I find out who the underwriters were at the time do I address my complaint to them? Not sure how I go forward with this and I'm feeling very downhearted about it all now (

jessie15

"bumping this for you" as I am in a similar position to you.