loan repayment-black horse

gmags

I have received a statement of account from black horse together with my initial credit agreement. I want to be able to settle this loan, especially with the fact that they have just refunded PPI. Anyway, looking at all the payments I have made, I have now paid back over the full amount of the initial loan plus all the interest (23.9% APR!!) as stated in the agreement, but there is still a massive balance outstanding. Anyone got any ideas why this could be? (not including fees!)
I understand if you request early settlement that they want all the interest they would have earned till the end of the term but what happens if you are late settling the loan??? (I had an arrangement through payplan so its taken an extra year to clear).

A quick linked question is that when refunding PPI - can they take this from the fees or should it all come off the balance of the loan? Or both? (I am querying the fees).

Do the below figures sound right or does anyone think I have a case for negotiating with them over either the balance or the fees? The fees I refer to are £25.00 "collection fees" and i have no idea why as I only ever missed one direct debit and any letters they sent to me were sent to the wrong address (their fault) so I never received them - or notice of the fees/ defaults etc..( I asked for copies of all correspondence sent so I know some letters I never received)

(Excluding PPI)
Original loan £1500
"Total charged for credit" £2168
Total paid to black horse £2264.00
Total still owed £442 + £350.00 fees

PPI refund - £385 ish but they want to take it from the balance and the fees.

Any ideas?

Melaniep101

I've had a similar problem over the last few days with Black Horse. I recently claimed a rebate on my PPI for a current agreement, and Im just awaiting the cheque. I was hoping to clear my balance with the rebate and knew that my settlement figure was around £1100. I called them to double check the settlement and they told me it was £2100!! When I queried this (which incidently involved being on hold for 45 minutes!) they told me that their system needs to update at the end of the month and to call back on the 1st Feb, when they are expecting the figure to be more realistic. Apparently it's due to the PPI being cancelled and rebated and the interest paid on the PPI element.

Not sure whether that explaination is true (very cynical about BH!) but it might be worth giving them a call to see what they say.

HTH

Mel

gmags

Does anyone know how to move this post into PPI thread please?

Melaniep101

You're welcome!

CLAPTON

maybe they have simply charged you interest over the extra year?