Black Horse PPI Claim help!!

evansdad

gratook wrote: »

Hi Everyone

I would be very grateful for any help and advice anyone could give me.

In May 2007 I took out a personal loan with Black Horse for 4500 pounds, I went into a local branch office and dealt with a member of staff directly.

The loan was offered over 60 months for 119.14 per month, which given my poor credit rating seemed reasonable. However, I cannot remember a conversation taking place about PPI although I cannot say for sure that it wasn't mentioned. My monthly repayments for almost the last 3 years have been 159.52 which includes 40.38 for the payment protection plan.

I have requested and just received a copy of the agreement (I mislaid the original) and noticed that the PPI appears on the agreement in the form of a separate loan for 1524.93 with the total amount payable for this portion of the loan being 2422.80 the APR being 21.9% (same as the actual loan). The problem is that I had ticked the box to say 'I wish to purchase Optional payment protection plan' and signed beneath.

I'm not sure this cover would be any use as I get paid for 12months if I'm off sick and I honestly don't remember the member of staff making it clear that this was optional, also I cannot recall ever having received a policy!.............do I have a case for complaint?

Regards

Graham

hello ther,i had same arrangement with blackhorse and wrote to them telling them my ppi was missold due to being told by agreeing to it i would better my chances of being accepted for my loan,6 mths after my first letter they wrote to me denying it was mis sold but that they would refund it all plus interest,i did send 3 letters recorded delivery but ther reply was to my first.i havent recieved my refund yet so il give them 28 days then chase them up.i would urge you to persue it by letter only,all recorded ,best of luck;)

robbielogue

Hi there, the fact of the matter is that you are paid if you are off work so they insurance is of no benefit. It was an unsuitable and inappropriate policy for you to be sold. I would tell them you would have been better of taking the £1500 for yourself.

gratook

Well, the letter has been posted (recorded delivery) so I'll guess it's wait and see time!

The more I think back to that initial 'interview' when applying for the loan, the less I remember about PPI discussion, almost like it was skipped over. But I distinctly remember the sales guy offering me the 4500 for 119 per month if I took protection. He omitted to mention the total repayment of 159 per month because of the added cost of protection.

Maybe he was good at his job, because I trusted him and went along with it.

I never received a policy document or anything, so how could I have made an informed decision to cancel within 30 days? I believed I was being sensible in covering my financial commitment to Black Horse.......who I will now rename mentally as Dark Horse!!!!

di3004

gratook wrote: »

Well, the letter has been posted (recorded delivery) so I'll guess it's wait and see time!

The more I think back to that initial 'interview' when applying for the loan, the less I remember about PPI discussion, almost like it was skipped over. But I distinctly remember the sales guy offering me the 4500 for 119 per month if I took protection. He omitted to mention the total repayment of 159 per month because of the added cost of protection.

Maybe he was good at his job, because I trusted him and went along with it.

I never received a policy document or anything, so how could I have made an informed decision to cancel within 30 days? I believed I was being sensible in covering my financial commitment to Black Horse.......who I will now rename mentally as Dark Horse!!!!

Good one and good luck.:);)

gratook

I have received a reply from Black Horse, quite impressed with their speed of response to be fair!

I would be grateful for any advice as to whether this is a reasonable offer, see below;

'Having considered the information that you have provided, we are unable to find any evidence to support your allegations that the policy was mis-sold. We believe the sale of this policy met our own high standards and those set out by our regulator. However, we are sympathetic to our customers personal circumstances and therefore, purely as a gesture of goodwill and in the interests of bringing this matter to a conclusion, we are prepared to cancel the insurance and credit the agreement with all the sums that have been paid towards the insurance. Furthermore, we are willing to pay statutory interest on each payment made calculated at 8% simple from the date that each payment was made until the statutory interest is paid, which is in line with the awards made by the Financial Ombudsman Service in such cases.

It is not possible at this stage to confirm the exact credit of the insurance premium and statutory interest payment that would be due as it would need to be calculated at the point at which our offer is accepted to take account of any further payments that are made towards the insurance. As a guide, as at todays date, the amount of insurance premium that has been paid is 1, 241.70 and the statutory interest on this amount, if the cancellation was to be processed within the nest 28 days, would be 141.30.'

There is a page with a form for me to sign if I accept their offer, I was rather hoping they would credit me with a refund rather than crediting the loan account, could I ask them to do this instead?

Regards

Graham

di3004

gratook wrote: »

I have received a reply from Black Horse, quite impressed with their speed of response to be fair!

I would be grateful for any advice as to whether this is a reasonable offer, see below;

'Having considered the information that you have provided, we are unable to find any evidence to support your allegations that the policy was mis-sold. We believe the sale of this policy met our own high standards and those set out by our regulator. However, we are sympathetic to our customers personal circumstances and therefore, purely as a gesture of goodwill and in the interests of bringing this matter to a conclusion, we are prepared to cancel the insurance and credit the agreement with all the sums that have been paid towards the insurance. Furthermore, we are willing to pay statutory interest on each payment made calculated at 8% simple from the date that each payment was made until the statutory interest is paid, which is in line with the awards made by the Financial Ombudsman Service in such cases.

It is not possible at this stage to confirm the exact credit of the insurance premium and statutory interest payment that would be due as it would need to be calculated at the point at which our offer is accepted to take account of any further payments that are made towards the insurance. As a guide, as at todays date, the amount of insurance premium that has been paid is 1, 241.70 and the statutory interest on this amount, if the cancellation was to be processed within the nest 28 days, would be 141.30.'

There is a page with a form for me to sign if I accept their offer, I was rather hoping they would credit me with a refund rather than crediting the loan account, could I ask them to do this instead?

Regards

Graham

Hi Graham

Well done.:beer:

However, it is of course up to you if your happy enough to accept the amount they are offering as a goodwill gesture, but if you do not agree and there is a big difference in the amount it would be if they did accept liability etc.
Was this the final decision?
If not, and your not happy you can if you want to ask them to reconsider a higher amount or still hold them on the mis selling - where in this case they should refund ALL the PPI paid, interest and also request for the 8% interest on top this is what a court would award basically for also being deprived of your money, if they do not then uphold you always have the financial ombudsman service (FOS) but the snag is here you may be waiting some time before they investigate, due to the large volumes of these complaints they are currently dealing with and also backlogs as well.

Now if there are no arrears, you can request they refund it directly to you by a form of a cheque.

Hope this helps.
Whatever you decide, all the very best either way.;)

Di

gratook

Thanks Di:A

At the foot of the letter they said that if I didn't agree, I could write again explaining why and what they could do to put it right! If I was still not satisfied I could then use the FOS. However if I did sign the acceptance it would be in final settlement of the matter.

It does seem that they are being reasonable, should I write again to say I accept their offer in principle but would like the money paid to me by cheque (there are no arrears)

But not sign to say I agree until they agree to pay me directly?

Regards

Graham

di3004

gratook wrote: »

Thanks Di:A

At the foot of the letter they said that if I didn't agree, I could write again explaining why and what they could do to put it right! If I was still not satisfied I could then use the FOS. However if I did sign the acceptance it would be in final settlement of the matter.

It does seem that they are being reasonable, should I write again to say I accept their offer in principle but would like the money paid to me by cheque (there are no arrears)

But not sign to say I agree until they agree to pay me directly?

Regards

Graham

Hi Graham,

Yes do that, its well worth a try.
With no arrears then I think you should request for how you want this refunded, so yes do write and request for this. Good luck. That is fine.


Or give them a quick ring and ask them first if you want to, they should be able to confirm on the telephone, they may even send out a new acceptance slip for you to sign.

Good luck.

gratook

Phoned them today and the young lady I spoke to said that the money would be credited to the agreement to cover any arrears.

I explained that as there were no arrears, I would like to have the money paid back to me. She said that this would not be a problem but didn't agree to send a new form to sign.

My fear is that if I sign the first letter, I will be agreeing to have the money paid into the loan agreement. Should I write a letter confirming acceptance with the proviso that the money is paid back to me?

Obviously this will cause a delay, but I want to be sure of getting the money back, otherwise I will pursue the mis-selling and this will take even longer......decisions decisions!!!:)

di3004

gratook wrote: »

Phoned them today and the young lady I spoke to said that the money would be credited to the agreement to cover any arrears.

I explained that as there were no arrears, I would like to have the money paid back to me. She said that this would not be a problem but didn't agree to send a new form to sign.

My fear is that if I sign the first letter, I will be agreeing to have the money paid into the loan agreement. Should I write a letter confirming acceptance with the proviso that the money is paid back to me?

Obviously this will cause a delay, but I want to be sure of getting the money back, otherwise I will pursue the mis-selling and this will take even longer......decisions decisions!!!:)

Hi Graham

Thanks for your update and sorry to not have responded sooner, I just came across this now.

I think you should put it into writing as you said, and tell them you require written correspondence in how they are going to refund you. (Basically, you need to say, in regards of a phone call, you have requested they refund directly to you in forms of a cheque payment, as you've no arrears) tell them this was confirmed on the phone but you still require this in written hardcopy, ask that they send by 14 days.

Ask them then due to this reason, please send a new acceptance form, they should do this Graham.
I am being sent a few new updated acceptance forms, due to some issues in regards of the bank not looking into our complaints with them thoroughly, as this have now changed for you, personally I would not sign the acceptance slip until they sent out an updated one.;)