PPI help

moneyhelp2010

I've sent a number of letters (recorded) to blackhorse whom we took a loan with a few years ago. At the time we were in major fanancial difficulty and we were desperate. We explain the situation to our blackhorse. Our financial advisor went to speak to his boss and came back and told us that the only way we could get the loan was if we took out there insurance. We had no other choice and had to take it. They did explain briefly what the insurance covered, but to be honest they could have told us anything as at the end of the day we had no option but to take it.

Now we are trying to get our finances in order and have written to them, they have come back with an offer which I would be willing to accept, but they are insisting that the money must go to paying off towards the balance of the loan. As I said we are sorting out our finance and have other higher priority uses for the money (other credit, we have never missed a payment on this loan but we have with some others).

I feel as though we have paid money to them that they should not have had, so surly they should have to give us back this money?? Am I being unreasonable? Please help....

marshallka

moneyhelp2010 wrote: »

I've sent a number of letters (recorded) to blackhorse whom we took a loan with a few years ago. At the time we were in major fanancial difficulty and we were desperate. We explain the situation to our blackhorse. Our financial advisor went to speak to his boss and came back and told us that the only way we could get the loan was if we took out there insurance. We had no other choice and had to take it. They did explain briefly what the insurance covered, but to be honest they could have told us anything as at the end of the day we had no option but to take it.

Now we are trying to get our finances in order and have written to them, they have come back with an offer which I would be willing to accept, but they are insisting that the money must go to paying off towards the balance of the loan. As I said we are sorting out our finance and have other higher priority uses for the money (other credit, we have never missed a payment on this loan but we have with some others).

I feel as though we have paid money to them that they should not have had, so surly they should have to give us back this money?? Am I being unreasonable? Please help....

Hi, when you say you missed payments on other loans were they eventually paid up in full and not put on DMP or something like that? If this the case then you could try asking why they don't pay this money over to you as you were deprived of using it towards other finance of your choice and see what they say. Failing that I don't really know how you would stand at FOS as sometimes FOS agrees with redress's like this where there have been arrears but usually its with arrears on the said loan you are being redressed for.

Well done on your win though.;)

moneyhelp2010

Thank you for your reply.

We have had credit from other places over the years. We do not have a DMP, I am trying at this point to speak to the creditor directly and sort them out. Some of our other credit cards are in arrears and this money would go towards paying them rather than paying Blackhorse.

We have never been in arrears with Blackhorse, we have always managed to make our payments on time and in full (including the PPI).

Thank you

marshallka

moneyhelp2010 wrote: »

Thank you for your reply.

We have had credit from other places over the years. We do not have a DMP, I am trying at this point to speak to the creditor directly and sort them out. Some of our other credit cards are in arrears and this money would go towards paying them rather than paying Blackhorse.

We have never been in arrears with Blackhorse, we have always managed to make our payments on time and in full (including the PPI).

Thank you

Then surely if you have been redressed from BH they should make the payment to you if you have always maintained the account as in the terms and conditions?