Black Horse First Response

Forlot

We took out a Loan for £5516.32, which included £1068.00 PPI back in Oct 01, We were told that we would not get the loan without PPI and signed the agreement in Black Horse Offices there and then, without no explanation of the PPI.

We sent the 1st reponse template letter and got a response today saying

"we do not not accept policy was mis-sold ..........................................
When the agreement was settled, we gave a rebate of £187.72 in relation to the insurance. In the interests of bringing this matter to conclusion, we are now prepared to offer a favourable rebte of £607.65, which is determined on a pro rata basis and with effect from date on which agreement was settled. We will refund the difference between the rebate we originaly gave and the more favourable rebate we are now offering so the refund that would be due is £419.93"


They state that we would not be able to complain to FOS as the date of our agreement was prior to 14th Jan 2005 they enclosed FLA details,


Here's the Question What would you do?

Accept the offer of £419.93 (£648 less than what we paid) or send 2nd letter requesting the full amount plus interest and if we go for full amount and it gets refused does that mean we lose the 1st offer?

di3004

Forlot wrote: »

We took out a Loan for £5516.32, which included £1068.00 PPI back in Oct 01, We were told that we would not get the loan without PPI and signed the agreement in Black Horse Offices there and then, without no explanation of the PPI.

We sent the 1st reponse template letter and got a response today saying

"we do not not accept policy was mis-sold ..........................................
When the agreement was settled, we gave a rebate of £187.72 in relation to the insurance. In the interests of bringing this matter to conclusion, we are now prepared to offer a favourable rebte of £607.65, which is determined on a pro rata basis and with effect from date on which agreement was settled. We will refund the difference between the rebate we originaly gave and the more favourable rebate we are now offering so the refund that would be due is £419.93"


They state that we would not be able to complain to FOS as the date of our agreement was prior to 14th Jan 2005 they enclosed FLA details,


Here's the Question What would you do?

Accept the offer of £419.93 (£648 less than what we paid) or send 2nd letter requesting the full amount plus interest and if we go for full amount and it gets refused does that mean we lose the 1st offer?

Hi and welcome.

It is entirely up to you of course if you want to accept the offer, but if not you can try to find out who the actual insurer was and pursue to them instead who would have been governed when you taken this finance out, the Financial ombudsman service (FOS) are now trying to make the insurers responsible as well.

Its another direction to take if your not happy with the offer with BH, but please be aware you can take to the FOS if the insurer won't take any responsibility where it could take some time for the case to to be investigated.

However, the choice if yours, either way the very best of luck and if you want to see what others have to say with their opinions as well if you want to.

Please let us know how you get on, cheers.:beer:

Di

marshallka

Hi, if you refuse the offer then yes, they are allowed to withdraw it so I was told with one of mine as it was a goodwill gesture. Its hard for you now as to whether to accept as they state your complaint is not one that FOS can investigate against as BH were not under jurisdiction at the time of your loan I assume. You could try to make the complaint against the insurer for misselling but it would be starting over again for you but if there is a large difference in the redress it "may" be worth it but may take a long time. You have to make the decision for yourself.

Good luck

Forlot

Thank You for your replies, will make a decision over the next couple of days. Although not a huge sum of money, its still money owing at the end of the day. Its strange that BH states that their policy wasn't mis-sold, yet they're willing to pay out under the guise of a 'rebate'. Isn't that some form of admission of guilt? To be honest, to be offered £400+ from a 9 year old policy only 2 weeks after initial contact, at the cost of a stamp, maybe we should count our blessings and 'take the money and run'.
Thanks again..

Mr-Kilner

Hi I would be interested in seeing a copy of the letter you sent to BH, I feel I am in the same boat as you. Having looked at the template letter I am not sure what section best suits though, my loan was via BH but setup by a Car Dealership.

If you dont mind a quick view of your letter to them would really help

Cheers

W

marshallka

Mr-Kilner wrote: »

Hi I would be interested in seeing a copy of the letter you sent to BH, I feel I am in the same boat as you. Having looked at the template letter I am not sure what section best suits though, my loan was via BH but setup by a Car Dealership.

If you dont mind a quick view of your letter to them would really help

Cheers

W

I would really do your own letter to them with your own reasons as often these would differ somewhat. The template is better used as guide really. After I had used the template on here for one of mhy complaints I later requested a SAR and it stated that I had made a complaint using a template. I don't think they actually take you as serious this way.

Good luck

magpiecottage

Forlot wrote: »

They state that we would not be able to complain to FOS as the date of our agreement was prior to 14th Jan 2005 they enclosed FLA details,

That is only true if they did not subscribe to the General Insurance Standards Council's code of practice at the time.

That IS possible but the code required any insurer that subscribed to it to only accept introduced business from insurers that also subscribed. If the lender did not but the insurer did, you would have grounds to complain to the insurer that it breached the code by accepting the business from a non-subscriber.

You would need to find out, though.

Forlot

Mr-Kilner wrote: »

Hi I would be interested in seeing a copy of the letter you sent to BH, I feel I am in the same boat as you. Having looked at the template letter I am not sure what section best suits though, my loan was via BH but setup by a Car Dealership.

If you dont mind a quick view of your letter to them would really help

Cheers

W

Hi Mr Kilner, we used the standard ltemplate letter #1 from here, our loan was direct from BH and we were informed that we would not have the loan without PPI, so we stated this in the letter as per the template.

Hope this helps:)