help..claiming back ppi on secured loan....

emmpee

:)hi all ,.. i had a secured loan with black horse.£25000.
ppi..was £11,800
i think this was a single one off ppi payment.
i paid loan off early (6 mnths into it) due to a re-mortgage.
what is the ppi i can claim back .?
all of it or just the months i had loan....thanks for reading this post.....cheers

di3004

emmpee wrote: »

:)hi all ,.. i had a secured loan with black horse.£25000.
ppi..was £11,800
i think this was a single one off ppi payment.
i paid loan off early (6 mnths into it) due to a re-mortgage.
what is the ppi i can claim back .?
all of it or just the months i had loan....thanks for reading this post.....cheers

Hi there and welcome

You can of course make a reclaim on the ppi for being mis sold, the link added below will give more info, with a checklist, but being sold one of these costly single policies is a complaint on its own in my opinion, especially for instance if the loan was say for a period od 20 years and the ppi only lasts for 5 of those years, where you would still be paying the ppi for the life of the loan, although not protected for the remaining 15 years.

It makes no difference if the loan is settled or still active you can still make a reclaim.

The link as stated above posted here below, you will also come across a FOS questionnaire, further down the page as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Complete, and send to whoever sold and set up the policy, remember to keep a copy in case you need to refer to this later on, they have 8 weeks in full to give a decision, sometimes they ask for more time, that is fine, just as long as you know where you are.

These questionnaires were issued by the financial ombudsman service (FOS) and in replacement of the first template letter on this site, and used to make a reclaim to whoever is responsible.

Hope this helps, good luck and please keep us posted, cheers.;)

Forgot to add, you receive back all you have paid in ppi and interest, so if settled, you would have paid the ppi within the loan settlement, so you should receive that amount plus interest etc.

emmpee

cheers..will have a look thru it..

di3004

emmpee wrote: »

cheers..will have a look thru it..

Cheers, your very welcome.;)

Consumerist

emmpee wrote: »

i had a secured loan with black horse.£25000.

Hi emmpee,

Welcome again to the forum.

I think you may possibly have a problem here. I can't find any evidence that Blackhorse is regulated by the FSA. If they are not FSA-regulated then you will not be able to refer any complaint about them to the Financial Ombudsman Service because they are outside FOS jurisdiction.

Accordingly, you may have to take them to court yourself but perhaps someone else can post on the thread to confirm this for you. If this is the case, you might want to consider using a claims company on a no-win-no-fee basis if you don't like the idea of going to court unassisted.

Can you provide any more details about the loan and PPI ?

Loan amount (before PPI): £25,000
PPI premium when the loan was taken out: £11,800
Interest rate on loan ?
Monthly payments ?
Original term of the loan ?
Settlement amount you paid ?

It might be possible to estimate the amount of any refund before you decide whether you want to go ahead.

emmpee

hi consumerist...i have already phoned black horse,& they have said that the ppi wasnt mis-sold but will refund any premiums +8%...
the only figures they gave me were (loan)£25,789.20....
premiums on loan £11,877.60...awaiting letter to clarify offer...thanks

Consumerist

My thoughts on this are that you may well be owed far more than the PPI claim due to being overcharged at settlement. With details of the loan and settlelment amount, it might be possible to estimate what you could get back. I suspect Black Horse are trying to get away with this on the cheap.

Perhaps you would post the loan & PPI details when received from Black Horse.

emmpee

sorry no longer have any letters or documents ..black horse has them all on their system..
will let u no how i get on...thanks

di3004

emmpee wrote: »

sorry no longer have any letters or documents ..black horse has them all on their system..
will let u no how i get on...thanks

Hiya

Just a suggestion.

If you've no paperwork, you can request for a Subject access request (SAR), this is useful if you've absolutely nothing to go by.
They have 40 calendar days to comply, but you enclose the payment of £10 cheque or postal order with this request.
There is a SAR template letter here on thread.....
https://forums.moneysavingexpert.com/discussion/1475553

I found having these details a big help on my reclaims, but its up to you of course.;)

emmpee

hi di3004, could i not just go down to the office that did the paperwork on the loan and just ask for a print out of the agreement details..?cheers

di3004

emmpee wrote: »

hi di3004, could i not just go down to the office that did the paperwork on the loan and just ask for a print out of the agreement details..?cheers

Hi there, yes you could do that if you want to, no harm in doing so.;)