Black Horse - Advice needed.

grb1975

Hi all,

In March 2008, i took out a loan from Black Horse for £5500. I was told that repayments would be £163.91 per month over 5 years. I was also told, (here we go.....) that it would increase my chances of getting the loan if I took out PPI at £98.34 per month. 28.9% interest. (Total £262.25) A lot i thought.... but i needed the loan. The lady selling the loan said that after 6 months of payments hassle free then i could apply to take the loan on with a much lower interest rate. After 6 months i tried and flatly got told that they would not have said this. MMMMMmmmmmm.

In March this year i read on here about mis-selling of PPI. As a result, i sent off my letter on the 18th March asking for a full refund plus 8% interest. on the 24th March they replied saying they do not believe the policy was mis-sold but in the interest of bringing the matter to a conclusion they were prepared to offer a rebate of £2090. Not as much as what i have paid, but a nice lump sum nonetheless. I rang their head office to discuss the offer with them and how it would be repaid to me. At this point I was told straight away that £2090 would be repaid into my Natwest account of which they hold the details. I checked and asked him to double check that this was the case and he said it was. Upon this information, i completed their acceptance form and wrote that the offer would be accepted without prejudice as long as £2090 was repaid into my bank in one lump sum. I also requested a payment schedule update as i would no longer be paying for PPI.

This morning i received a letter from them saying that my new repayments would £191.72 (down from £262.25) and also that they would be paying £141.06 into my account as this is for an overpayment.

Rang them straight away and they said that the reschedule of payments is the £2090. So out of the £2090 that i accepted they have only repaid me £141.06. So, to date i have paid £2261.82 for PPI. and they have reduced the payments of my loan by £70.53 for the duration (36 months). My calculations were that they should have repaid me £2261.82 and reduced my payments to £163.91.

At the end of my tether now. Where do i stand? Can i take this further? What shall I do?

PLEASE HELP......
Regards
GRB

di3004

grb1975 wrote: »

Hi all,

In March 2008, i took out a loan from Black Horse for £5500. I was told that repayments would be £163.91 per month over 5 years. I was also told, (here we go.....) that it would increase my chances of getting the loan if I took out PPI at £98.34 per month. 28.9% interest. (Total £262.25) A lot i thought.... but i needed the loan. The lady selling the loan said that after 6 months of payments hassle free then i could apply to take the loan on with a much lower interest rate. After 6 months i tried and flatly got told that they would not have said this. MMMMMmmmmmm.

In March this year i read on here about mis-selling of PPI. As a result, i sent off my letter on the 18th March asking for a full refund plus 8% interest. on the 24th March they replied saying they do not believe the policy was mis-sold but in the interest of bringing the matter to a conclusion they were prepared to offer a rebate of £2090. Not as much as what i have paid, but a nice lump sum nonetheless. I rang their head office to discuss the offer with them and how it would be repaid to me. At this point I was told straight away that £2090 would be repaid into my Natwest account of which they hold the details. I checked and asked him to double check that this was the case and he said it was. Upon this information, i completed their acceptance form and wrote that the offer would be accepted without prejudice as long as £2090 was repaid into my bank in one lump sum. I also requested a payment schedule update as i would no longer be paying for PPI.

This morning i received a letter from them saying that my new repayments would £191.72 (down from £262.25) and also that they would be paying £141.06 into my account as this is for an overpayment.

Rang them straight away and they said that the reschedule of payments is the £2090. So out of the £2090 that i accepted they have only repaid me £141.06. So, to date i have paid £2261.82 for PPI. and they have reduced the payments of my loan by £70.53 for the duration (36 months). My calculations were that they should have repaid me £2261.82 and reduced my payments to £163.91.

At the end of my tether now. Where do i stand? Can i take this further? What shall I do?

PLEASE HELP......
Regards
GRB

Hi there

How frustrating for you!!!!

I would actually put this into writing and ask for a full detailed written explanation on this matter, and raise all your concerns, also tell them you want a full response by 7 days maximum, or you will consider taking this further, such as with the FOS.

At least by having written correspondence you have something to enclose to the FOS if you decide to complain to them, and I would also request for a copy of the telephone recordings as well from BH.

Hopefully others on here will have some answers for you too, good luck with this and please keep us posted.

Andrew_Thomas

good advice Di again, I would make sure i have copies of all correspondance, then when you need to forward the complaint to the FOS its all together and should be straight forward for the adjudacator to deal with

grb1975

di3004 wrote: »

Hi there

How frustrating for you!!!!

I would actually put this into writing and ask for a full detailed written explanation on this matter, and raise all your concerns, also tell them you want a full response by 7 days maximum, or you will consider taking this further, such as with the FOS.

At least by having written correspondence you have something to enclose to the FOS if you decide to complain to them, and I would also request for a copy of the telephone recordings as well from BH.

Hopefully others on here will have some answers for you too, good luck with this and please keep us posted.

Thanks Di,
Letter sent this morning. I have explained everything and said that I am sure that once the FOS listen to the conversation i had where i was told by their office that just over 2K would be paid into my account - which it was what made my mind up - that the FOS would rule in my favour. What do you think ?

Cheers
GRB