Black Horse PPI rejected, advice needed please.

mrpurple_2

First of all great site and it has been really useful to me up to now but I am struggling on where to go in my latest dilemma...

I had 2 loans from black horse back in early 2005 & 2006. Both have been paid off now, all payments on time and no use of the ppi policy.

I sent a complaint about the ppi in november for both loans and have just received a letter rejecting the complaint. My main reason of complaint was the misselling of the ppi because when I was sold the loan I was made to believe by the sales advisor that not having the ppi would affect my chances of receiving the loan, but from what I can gather from this site this can be a weak point as its all a bit hesaid/she said...! When I filled out the complaint form I didn't realise that the ppi that had been added to my loan was single payment ppi, I have since been reading a lot on this site about this and this being one of the best ways of reclaiming ppi.

The reason for them rejecting my complaint was on the grounds of optionality as this was the main crux of it.

Have I stuffed up my chances of claiming the ppi back now or as I now know that I had been sold single payment ppi as they've told me in their rejection letter can I go back to them with a further complaint about the use of single payment ppi or do I write them another letter asking them to look into the claim on the optionality alone.

I'm at a bit of a loss as to which direction to go from here so any advice greatly received.

Thanks in advance

Bob

ppi-advisor

mrpurple wrote: »

First of all great site and it has been really useful to me up to now but I am struggling on where to go in my latest dilemma...

I had 2 loans from black horse back in early 2005 & 2006. Both have been paid off now, all payments on time and no use of the ppi policy.

I sent a complaint about the ppi in november for both loans and have just received a letter rejecting the complaint. My main reason of complaint was the misselling of the ppi because when I was sold the loan I was made to believe by the sales advisor that not having the ppi would affect my chances of receiving the loan, but from what I can gather from this site this can be a weak point as its all a bit hesaid/she said...! When I filled out the complaint form I didn't realise that the ppi that had been added to my loan was single payment ppi, I have since been reading a lot on this site about this and this being one of the best ways of reclaiming ppi.

The reason for them rejecting my complaint was on the grounds of optionality as this was the main crux of it.

Have I stuffed up my chances of claiming the ppi back now or as I now know that I had been sold single payment ppi as they've told me in their rejection letter can I go back to them with a further complaint about the use of single payment ppi or do I write them another letter asking them to look into the claim on the optionality alone.

I'm at a bit of a loss as to which direction to go from here so any advice greatly received.

Thanks in advance

Bob

Hi Bob,

Just because the lender has dismissed the Mis-selling of your policy. Does not mean that you are out of a claim.

Personally I would tell you to make a complaint through the Financial Ombudsman Service. If you go onto their website you will find the Questionaire you need to complete.

Be aware that this FOS complaint process can take a rather long time. I have seen my clients take between 6 and 12 months through FOS.

Hope this helps

Regards

dunstonh

My main reason of complaint was the misselling of the ppi because when I was sold the loan I was made to believe by the sales advisor that not having the ppi would affect my chances of receiving the loan, but from what I can gather from this site this can be a weak point as its all a bit hesaid/she said...!

Correct. Not many complaints are upheld on that basis alone. They rely on another failing to succeed or if the redress payment is small enough to fall under their auto payout floor limit.

When I filled out the complaint form I didn't realise that the ppi that had been added to my loan was single payment ppi, I have since been reading a lot on this site about this and this being one of the best ways of reclaiming ppi.

Also correct. PPI should ideally be paid monthly and not front loaded. This is one of the reasons why mortgage PPI has far fewer successful complaints whereas single premium MPPI is nearly always upheld.

Have I stuffed up my chances of claiming the ppi back now or as I now know that I had been sold single payment ppi as they've told me in their rejection letter can I go back to them with a further complaint about the use of single payment ppi or do I write them another letter asking them to look into the claim on the optionality alone.

No. You can go back to them and mention single premium plus interest. Indeed it is probably best to do so. They may well still brush you off but at least you dont go the FOS with a change of story. You have given the lender a chance to answer that complaint and there will be no surprises in the eyes of the FOS.

So, i would go back to them, make them aware that you believe front loaded PPI to be bad and how the FOS are upholding most complaints on that basis and that if they still refuse to consider that you will go to the FOS. If they reject, you go to FOS. Or they may decide that avoiding the £500 FOS fee and paying you the money is the cheaper option.