Mis-Sold Loan by Black Horse

KNRun

Hi, I got a loan from Black Horse in 2005 for 2250.00 total amount repayable 3813.12. The amount I actually received in my bank was £999. I tried to contact them regarding this. Nobody returned my call. I have been paying £101 pm for 50 months and thought this should have finished by now as the contract stated 48 months When I contacted them they advised me the contract was for 65 months and they have told me I have only actually paid back £1698??. They also told me that £70 of what I pay back a month is Interest. None of this is stated on my contract and was never explained to me. It makes no sense at all and I never would have taken this out especially as the amount stated in my contract was not what they gave me in the first place. Please can you advise me what to do as this seems as though it was totally mis-sold to me. Would it be silly of me to cancel this now also. I cancelled my PPi with them in 2008 as of the start of Feb10 this has still not been taken off. Please can any one offer me any advice? Thanks

Beast

What EXACTLY does the credit agreement you have in front of you state with regards to the length, amount, and APR of the agreement?

[Deleted User]

if you only received £999 of a £2250 loan what happened to the other £1251? was it to replace an existing loan?

KNRun

Thank you for the replies! I'm sorry, I'm new to this and I'm trying to find out for my partner. Apparently there was a previous loan that was nearly up so He asked to keep that on as well as he didn't want to pay extra interest and we needed the money. They said that was fine. That’s why they never replied when he tried to contact them. All this aside The credit Agreement is a 48 month contract, it states Personal loan Credit £2250.00 Total amount repayable £3813.12 Monthly payment £79.44 and Payment protection Amount of credit 617.03 total amount repayable £1045.44 monthly payment £21.78 added together makes total amount repayable £4858.56 monthly repayments £101.22. So he started paying the on 01/11/2005 which now brings this to month 52. That’s why he contacted them as he thought it was up. They said he has only paid back £1698 and that this is a 65 month contract. Which it clearly isn't as the contract states 48 months. This just seems really unfair and we don’t know what we can do. What can we do? Who can we contact? Thanks

[Deleted User]

if you have paperwork to back up what you say then contact blackhorse head office

Alwayshappytohelp

Also ask BH for a statement of your payments. You can compare how many payments they have to how many payments your bank has a record of paying. If they have 52 payments all made on time in full then you have a case.
If you took payment breaks, changed due dates or missed any payments then that would explain why the account still has a balance.

squeak24

I have had a similar issue with B******s, the loan was over 60 months, that is now up, they still want me to pay 1481.03, I have stopped all standing orders to them. My complaint is now with the FOS. I would send a letter to someone high up in the organization, whenever I send letters to B******s I always send to the Chief Executive or Chairman. Obviously they won't read it, someone in their office will, but at least something get's done, rather than the hassle you get lower down in the chain. Give them eight weeks to provide what you request, if they don't go to the FOS.