blackhorse PPI

jennyrand

I hope someone can help me bear with me this is confusing.

In 2004 my husband took out a consolidation loan with blackhorse. We were not sent an income and expenditure form and I am pretty sure that some of the usual checks were not carried out properly as we had been turned down for loans in the past. We did take out the PPI as we were told that it was a condition of the loan and it would not be agreed without it (this was through a broker not through blackhorse itself) anyway we borrowed £44,000 looking back on it we should not have done it but it's too late now. A few months later my husband was made redundant from his job in a bank! we were claiming jobseekers allowance and applied for the PPI to kick in. This was turned down with no reasonable explanation. after several failed attempts to sort it out my husband decided to cancel the PPI as we couldn't afford to pay it anyway we were told this was not possible. My father-in law then got involved and was corresponding with them to try and resolve the situation as he believed that the entire loan and PPI was mis-sold. In the meantime my husband had resumed work.. Eventually in october 2005 the PPI was cancelled. We had already paid around £680 for a completly useless PPI. In January this year we decided to go to a debt management company as whilst my husband had been out of work things had spiralled out of control. They have helped immensely and although I know that it is generally not advisable to go down this route we have found it very helpful and easy and all of our debt is now under control, except blackhorse! We have now sold our house and have bought a cheaper property elsewhere to try and release some equity from our home to pay off some of the debt. we have secured a mortgage and the sale of our house is going through as we speak so that is all fine but we plan to pay off the blackhorse loan but feel justified in asking for the insurance to be refunded and all the exorbitant late payment fees reimbursed. Blackhorse are completly aware of our situation and we have corresponded with the ombudsman about the mis-selling of the product. What I want to know is do we have a leg to stand on in asking for the refunds etc???????

emmareid

Hi There

I really do feel for you, Black Horse run on a bonus structure of how much
insurance they sell, and on a 44k loan i imagine that it was quite a lot.
However since Black Horse are quite tight, they had no right to tell you
that the insurance was a condition of the loan, and they used to make me say that a lot.
Also they proberly took so long in cancelling it as it comes of their targets.
You could try in writing a letter to the branch manager and escallating it up
to a regional manager if you get no joy.
They should of cancelled the insurance when you wrote in, not taken so long as should only take 2 weeks and all they have to do is re schedule the payments without PPP, which is really just cancelling the insurance on their computer systems. Customers now have the right to cancel insurance at any duration of the loan

Hope this helps

jennyrand

When my father in law was corresponding with blackhorse, he went about as high as he could go. He got no joy with them and they seemed completely unwilling to help. Anyway my husband has now sent them a letter explaining that we have sold the house and making them an offer for redemption on the loan. Here are the figures, loan amount £44,000, account balance as of two weeks ago £45,500 approx, Amount paid off approx £7,000, amount of PPI paid to date approx £700, fees added approx £1,000. So my husband offered to pay them £40,000 from the sale of the house. We thought this was fair as they still would be making around £2,500 - £3000. The letter was sent a week ago and we are awaiting their reply. It is so stressful though especially as I am now pregnant again. I really hope they will play ball as this means will be able to pay off some of our other debts aswell! ::

nrsql

On what grounds did they not pay out on the PPI?

emmareid

Hi There

There are many different reasons why PPI is not paid, they change the rules like the weather.
Your best bet is to read the terms and conditions of the form,it will go through all the exclusions,

best luck

Tootsie_Roll

emmareid wrote:

Hi There

There are many different reasons why PPI is not paid, they change the rules like the weather.
Your best bet is to read the terms and conditions of the form,it will go through all the exclusions,

best luck

The OP states that the ppi claim was declined, 'This was turned down with no reasonable explanation.' I'm absolutely certain there was a very good reason and explanation. In addition the OP's husband worked for a bank but didn't know he could decline the ppi !!!

You are correct that there are many reasons why ppi is not paid but they certainly don't change the rules like the weather - how can they when it is contracted ? IN the hundreds of ppi claims I have been invloved with the majority have paid out and that is the experience of other people on this site who have had some invlovement with it. If claims don't get paid out it is because the claimer is not meeting the criteria e.g. Someone posted a while ago that ppi was rubbish etc etc etc as it wouldnt pay out on his son's loan - it actually turned out that his son had refused to sign on which was one of the main criteria for the claim to be paid - hardly the fault of the ppi but that was the impression that had been gained and is very very common.

ArchieB_2

Certainly a miss match between the expectation of the product and the actual reality. Not the fault of the product though.