Black Horse offer misleading!!

holl3

Right will try and explain this clearly..

We have a loan with black horse(still running). we took out the ppi as we were told it would help us be accepted. we then a few months ago decided to cancel and ask to be refunded what we had already paid plus 8% interest. on the 22nd of june we received an offer letter claiming that black horse did not admit that we had been mis sold the policy, however on this occasion they were willing to rebate the sum of £839 which had been calculated pro rata.
they also claim that the letter said it would be credited to the agreement.

now as far as i'm aware the word rebate mean to 'pay something back that had already been paid or was owed'. however what black horse are saying is they meant the would cancel the policy- reducing the monthly payment then deduct what was left to pay on the policy from the loan amount... ie the £839 was what was due to be paid so they have cancelled the policy and knocked this off the amount that was left to be paid! this was not explained in their offer letter and we certainly would not have agreed to this!! we have re claimed ppi from black horse before and have been sent the amount via a cheque so we assumed that this would be the same again. i have ranted at an advisor at black horse who basicalliy said tought we have signed, and if we didnt agree with this then we shouldnt have signed and should have contacted them sooner! however as i explained to the guy i did not realise that this is what they meant by the terminology 'rebate'.

has anyone else found this from black horse...i am thinking it is due to the fact that the loan is stillbeing paid for that they have doen this. i have spoke to the ombudsman who have said i will have to raise another complaint...and that they do think that the terminology used has been misleading so far!

just beware others out there re claiming from black horse!!

di3004

holl3 wrote: »

Right will try and explain this clearly..

We have a loan with black horse(still running). we took out the ppi as we were told it would help us be accepted. we then a few months ago decided to cancel and ask to be refunded what we had already paid plus 8% interest. on the 22nd of june we received an offer letter claiming that black horse did not admit that we had been mis sold the policy, however on this occasion they were willing to rebate the sum of £839 which had been calculated pro rata.
they also claim that the letter said it would be credited to the agreement.

now as far as i'm aware the word rebate mean to 'pay something back that had already been paid or was owed'. however what black horse are saying is they meant the would cancel the policy- reducing the monthly payment then deduct what was left to pay on the policy from the loan amount... ie the £839 was what was due to be paid so they have cancelled the policy and knocked this off the amount that was left to be paid! this was not explained in their offer letter and we certainly would not have agreed to this!! we have re claimed ppi from black horse before and have been sent the amount via a cheque so we assumed that this would be the same again. i have ranted at an advisor at black horse who basicalliy said tought we have signed, and if we didnt agree with this then we shouldnt have signed and should have contacted them sooner! however as i explained to the guy i did not realise that this is what they meant by the terminology 'rebate'.

has anyone else found this from black horse...i am thinking it is due to the fact that the loan is stillbeing paid for that they have doen this. i have spoke to the ombudsman who have said i will have to raise another complaint...and that they do think that the terminology used has been misleading so far!

just beware others out there re claiming from black horse!!

Hi there

I understand this can be confusing.

Rebate with loans, is usually worked out as a reduced balance, so if you say for example settle early they reduce the balance as in forms of a rebate.
Refund is then as you know is what should come back to you.

I can also understand how annoying this is for you, but your entitled to make a complaint in writing if their letter was mis leading and if they do not settle it by 8 weeks, your then entitled to complain to the financial ombudsman service (FOS), hope this matter gets sorted out for you.;)

holl3

thanks di 3004,

i spoke to the ombudsmen who sent me a complanits form so i can try and get the money back.. i appreciate that this was due to our misunderstanding however i feel there choice of wording is very misleading!! hopefully the ombudsmen will side with us on this one!!

di3004

holl3 wrote: »

thanks di 3004,

i spoke to the ombudsmen who sent me a complanits form so i can try and get the money back.. i appreciate that this was due to our misunderstanding however i feel there choice of wording is very misleading!! hopefully the ombudsmen will side with us on this one!!

Hi

Your welcome.

Yes the FOS will deal with this one now then, good luck.:);)

hillsarealive

hi i am i process of claiming money back from black horse so will let you know how i get onx

di3004

hillsarealive wrote: »

hi i am i process of claiming money back from black horse so will let you know how i get onx

Good luck.;)

holl3

good luck! let me know how any letter you receive is worded!x x

Devils_Avocado

I wonder how we'll get on.

We cancelled our loan + PPI 3 years ago and re-wrote the balance as a standard loan without PPI. We still owe about 8k on this loan. We're now reclaiming about £6,900 of mis-sold PPI on the original loan.

If we're successful, will they try to offset the new loan with a refund from the original?

Mike

di3004

Devils_Avocado wrote: »

I wonder how we'll get on.

We cancelled our loan + PPI 3 years ago and re-wrote the balance as a standard loan without PPI. We still owe about 8k on this loan. We're now reclaiming about £6,900 of mis-sold PPI on the original loan.

If we're successful, will they try to offset the new loan with a refund from the original?

Mike

Hi Mike

If the loan is still running, they may try to use the refund towards the balance, but more so if there are arrears of missed payments.
I believe you can request, just as long as there are no arrears if they could refund the money directly to you, due to being out of pocket in the first place.
However, they all have their own way of dealing with these refunds, remember though, they mis sold you and the money rightfully belongs to you, but if your happy enough with them refunding the amount towards the balance that is up to you of course.;)

Good luck.