Black Horse being proactive and sent me letter to see if I have been misold PPI

John1429

Out of the blue I received a letter from Black Horse on Thursday that I may have been misold PPI and to complete enclosed form if I wanted to raise a complaint. They have provided the agreement number and the date I took out the loan in June 2006. I continually took out new loans with this company and kept topping up loan by taking out new loan to release equity and paying off old loan. Is it enough to say that I was given the impression that the loan would have more chance of success if I took out PPI? IS the fact that they sent me the letter without me raising a complaint a positive sign for success?

dunstonh

Is it enough to say that I was given the impression that the loan would have more chance of success if I took out PPI?

It is the weakest of all complaint reasons. Do you have anything a bit stronger?

IS the fact that they sent me the letter without me raising a complaint a positive sign for success?

It could mean one of two things. 1) the seller has been identified as having a number of failings and they are required to pro-actively review the sellers cases or 2) they could be planning to introduce a time bar. To do that they need to put in place a date that the time bar can start ticking from and a letter telling you that you can complain should satisfy the requirement.

[Deleted User]

John1429 wrote: »

Is it enough to say that I was given the impression that the loan would have more chance of success if I took out PPI?

Normally, this would be a weak complaint, but sending it will push the Bank into investigating the circumstances surrounding the sale of your PPI. The Bank have written to you because they've obviously identified some widespread fault that potentially affects many customers. If their investigation reveals this fault (whatever it might be) was present in your case, then they will uphold.

In other words, the Bank may uphold your complaint for completely different reasons to the one which you intend to provide.

Further advice about filling in the form (and what other reasons may apply to you) are here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Don't be sending off for any agreement, you don't need it in your circumstances.

Good luck with this. Let us know how you get on!

[Deleted User]

dunstonh wrote: »

they could be planning to introduce a time bar. To do that they need to put in place a date that the time bar can start ticking from and a letter telling you that you can complain should satisfy the requirement.

Do you think this likely though, Dunston?
Most news articles I've read about this practice suggest it's only when widespread failings have been identified that they write pro-actively to potential complainants.

John1429

The letter states the following "As you may know the FSA have expressed general concern about sales of PPI. We have found that some customers who took out PPI policies similar to yours and then refinanced their loans, suffered a financial loss which was very often not trivial. We have not reviewed the sale of your particular PPI policies, but we are aware that you have also refinanced loans early. This may mean that one or more of your PPI policies noted above were mis-sold, as they may not have been suitable for you."

Also states that "If you decide to raise a complaint with us a result of thefailings mentioned you must do promptly as we may dismiss your complaint if it is received more than six years you bought PPI or, if later, or three years from when you should have been reasonably been aware of any potential issues."

[Deleted User]

John1429 wrote: »

We have found that some customers who took out PPI policies similar to yours and then refinanced their loans, suffered a financial loss which was very often not trivial. We have not reviewed the sale of your particular PPI policies, but we are aware that you have also refinanced loans early. This may mean that one or more of your PPI policies noted above were mis-sold, as they may not have been suitable for you.

They appear to be talking about "front loaded" PPI consolidated onto subsequent loans. Check to see if you have a "consolidation chain" of loans and this might apply to you.

John1429 wrote: »

"If you decide to raise a complaint with us a result of thefailings mentioned you must do promptly as we may dismiss your complaint if it is received more than six years you bought PPI or, if later, or three years from when you should have been reasonably been aware of any potential issues."

This seems to be a reference to the "time bar" which Dunstonh mentioned above. So make haste!

dunstonh

Moneyineptitude wrote: »

Do you think this likely though, Dunston?
Most news articles I've read about this practice suggest it's only when widespread failings have been identified that they write pro-actively to potential complainants.

Initially my thought was that they have identified failings and were being pro-active as FSA rules require that. However, the wording that John1429 posts does indicate that they are looking to enforce the 3 year/6 year rule. The three year rule being the one that this letter would satisfy.

clover1201

I have dealt with Blak horse ALOT recently.They have told me that they now have a team doing this very thing. They are writing to everybody who had bought PPI and giving them the oppertunity to claim. They think it will take up to 5 years to get through to every one that has previously bought something. They said that even if you have changed address or name they can still find you by doing a blind credit check. I think you have been one of the early ones from this new team

John1429

Hope that being one of the "early ones" is a positive and means I possibly could have a successful claim.

John1429

Recieved acknowledgement letter from Black Horse today to confirm my PPI complaint. Letter stated they would have a decision within 8 weeks of them receiving my complaint.

[Deleted User]

John1429 wrote: »

Letter stated they would have a decision within 8 weeks of them receiving my complaint.

Just the standard acknowledgement, it simply means they have definitely received your claim.