Black Horse loan/PPI

robbiewilliams

Great! I know it can be very disheartening but stick with it! I did contact BH intially thinking I would stand no chance due to the age. They did after a few letters make me an offer, but it was just on PPI I paid - no interest or compensation. So I contacted FOS who are going for Lloyds TSB, they seem much more efficient than BH and quicker to respond. Good Luck and stick with it!

sc280672

Thanks again for the info, I'm very grateful!

I have got a letter ready to send to BH in Cardiff (I'll stick with addressing initial correspondence to them) but I think if I can find an address I may well cc the letter to Lloyds TSB. Does anyone know if I'd be right to use the address in the A-Z of Banks sticky? The one headed Lloyds PPI?

sc280672

Sorry everyone but I have another question if anybody can help. I'm sure there's a simple way to work it out but my head is in such a whirl over all this I can't work it out. I'm trying to work out how the monthly payments for the loan were broken down into repayment of the sum borrowed, interest and PPI. On the loan agreement is doesn't give a figure for total interest applied to the loan just the monthly interest rate, 0.790%. How do I work out how much interest would be paid over the term of the loan, 120 months?

marshallka

sc280672 wrote: »

Sorry everyone but I have another question if anybody can help. I'm sure there's a simple way to work it out but my head is in such a whirl over all this I can't work it out. I'm trying to work out how the monthly payments for the loan were broken down into repayment of the sum borrowed, interest and PPI. On the loan agreement is doesn't give a figure for total interest applied to the loan just the monthly interest rate, 0.790%. How do I work out how much interest would be paid over the term of the loan, 120 months?

Does it give an APR on the agreement? Also what is the loan amount, PPI amount (both without interest) and also the repayments?

sc280672

Hi marshallka, no it doesn't give an APR on any of the paperwork I've got, just the monthly interest rate (which it states is not variable if that's any help). Loan £25.000, PPI £4,592.31 (total credit £29.592.31) and monthly repayments £382.59.

marshallka

sc280672 wrote: »

Hi marshallka, no it doesn't give an APR on any of the paperwork I've got, just the monthly interest rate (which it states is not variable if that's any help). Loan £25.000, PPI £4,592.31 (total credit £29.592.31) and monthly repayments £382.59.

So you work out the PPI element like this

Take the PPI and divide it by the PPI and Loan total and this gives 15.52%. You then take 15.52% of the repayments and this is £59.38 so this is how much of your repayments went towards the PPI each month. Your total repayments against the PPI would have been 59.38 x 120 = £7125.60. (total PPI with interest)

Your APR looks to be about 9.48%...

sc280672

Thank you so much for that, it's a great help to me! At least I work out a better idea of what I should be expecting back if my claim is successful.

sc280672

Letters sent to both Black Horse Ltd and Lloyds TSB insurance so fingers crossed! I'll not hold my breath for a favourable outcome when they first reply but I'm ready for a fight as I believe they could well owe me around £9,000. Will keep you posted.

sc280672

Unfortunately I've had a bit of a major setback with this claim. I found out yesterday that my ex-husband actually made a claim on the PPI in December 2005, we had just separated at the time and I knew absolutely nothing about the claim. An email from the local Black Horse office confirmed this.

Anyway, I may still have an avenue or two to go down and pursue this claim. They confirmed that my ex went in to enquire about cancelling the PPI in September 2004 and they said in the email that they would've explained that it could not be done without a charge. Ex is adamant that he was told there was no way he could cancel it and was not told about any charge etc. I got a copy of the terms and conditions of the PPI yesterday and after reading it about 50 times I can't find anything about a charge or any penalties given should the PPI be cancelled before the end of the term of the loan. It does however mention that a refund may be payable, depending on how long the loan has been running. Does anyone think it's worth pursuing this based on the fact that they refused to cancel the PPI?

I understand that it's more difficult, if not impossible, to get the premiums refunded once a claim has been made but at the end of the day this PPI was still mis-sold to us.....we were given no option other than to take it when we applied for the loan. I'm also positive that we were never given a copy of the terms and conditions having seen them yesterday.

Someone please help and give me a glimmer of hope!

di3004

sc280672 wrote: »

Unfortunately I've had a bit of a major setback with this claim. I found out yesterday that my ex-husband actually made a claim on the PPI in December 2005, we had just separated at the time and I knew absolutely nothing about the claim. An email from the local Black Horse office confirmed this.

Anyway, I may still have an avenue or two to go down and pursue this claim. They confirmed that my ex went in to enquire about cancelling the PPI in September 2004 and they said in the email that they would've explained that it could not be done without a charge. Ex is adamant that he was told there was no way he could cancel it and was not told about any charge etc. I got a copy of the terms and conditions of the PPI yesterday and after reading it about 50 times I can't find anything about a charge or any penalties given should the PPI be cancelled before the end of the term of the loan. It does however mention that a refund may be payable, depending on how long the loan has been running. Does anyone think it's worth pursuing this based on the fact that they refused to cancel the PPI?

I understand that it's more difficult, if not impossible, to get the premiums refunded once a claim has been made but at the end of the day this PPI was still mis-sold to us.....we were given no option other than to take it when we applied for the loan. I'm also positive that we were never given a copy of the terms and conditions having seen them yesterday.

Someone please help and give me a glimmer of hope!

Hi there

I was infact reading, this was on the success thread yesterday, someone was successful in reclaiming for being mis sold PPI, and yet they made a successful claim on this, will try to find this but otherwise if you can check the above thread, or maybe the reclaiming discussion thread above.;)