Did you have a Black Horse personal Loan?

SpiceIsland

If you had a personal Loan (not car) Black Horse Yearly statements did not include the following..
"explain to loan customers that they can make overpayments or partial overpayments on top of their regular repayments (They only included this in initial paperwork only and it should be sent yearly with the Statement.)

IN REGARDS TO MOTOR FINANCE, this i found on the Net which may help

quidsy

I had 3 loans with black horse via Lloyds each an increase on the last, I've already received a ppi pay out on 2 of them. Is this something different?

SpiceIsland

The Annual Loan Statement form Black Horse customers for PERSONAL Loans only said this.
Black Horse did not comply with the Consumer Credit Act 1974 as they did not give information that "you can make overpayments or partial
overpayments on top of their regular repayments and details how to do this."

SpiceIsland

quidsy wrote: »

I had 3 loans with black horse via Lloyds each an increase on the last, I've already received a ppi pay out on 2 of them. Is this something different?

Read my first post, it explains all and relates to loan interest repayments. Do a quick search on the internet regarding Northern Rock, Tesco and others.

bigbadwolf500

Does this apply for hire purchase agreements too?

SpiceIsland

bigbadwolf500 wrote: »

Does this apply for hire purchase agreements too?

This does below.

Customers who have taken MOTOR finance from Blackhorse have been receiving unexpected payouts.

The company has admitted to failing to include information in annual statements relating to the option for customers to voluntarily terminate the contract before completion.

This is required in the UK under the Consumer Credit Act

The payments are a refund of all interest charged to the account since the error was made. For some customers this is over £1000.

Goldilocks55

Hi I'm new to the Forum but the Black Horse quote got me. I had a loan for my car which I paid off in full. I have claimed back the PPI but unfortunately don't think I have any documents relating to it as I had paid off the loan did the PPI bit and thought that was all I could do. Never mind I am trying to get back money from other related Firm on bank accounts.

telecomengineer

Hi all

I have previously had and paid off 2 HP agreements with black horse for some DFS sofas - does this apply to these types of agreements also?

Thanks

Molly80

I am in the same situation as SpiceIsland as I have 2 personal loans from 2009. I have sent a letter to Black Horse today and will post any updates as I receive them.

SpiceIsland

Good luck molly80

Your statement Should have this written below it in that wording. Black Horse also failed to show the interest rate on the statement and send statements within the required time frame. Black Horse will send you a letter next week saying they are looking at your complaint. They will drag this out for a week or 2 but you need to follow this up with a " letter before Court" . They will now take your complaint and ring you after 14 days telling you "no update". Then its off to moneyclaim on line .

PART 2 Regulation 4(b)
FORMS OF WORDING TO BE INCLUDED IN STATEMENTS RELATING TO
FIXED-SUM CREDIT AGREEMENTS

4. Each of the following forms of wording shall be contained in a statement under this Part:

“Settling your credit agreement early
You can settle this agreement at any time by giving us notice in writing and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure.”; THIS WAS NOT WORDED CORRECTLY AND BLACK HORSE CHOSE THEIR OWN WORDING and did not tell you that you could make overpayments and how to do this

“Dispute resolution
If you have a problem with your agreement, please try to resolve it with us in the first instance. If you are not happy with the way in which we handled your complaint or the result, you may be able to complain to the Financial Ombudsman Service. If you do not
take up your problem with us first you will not be entitled to complain to the Ombudsman. BLACK HORSE FAILED TO INCLUDE THIS
We can provide details of how to contact the Ombudsman.”;

“Paying less than the agreed sum:
If you pay less than your agreed payment in most cases it is likely to take you longer and may cost you more to pay off the debt under the agreement.
If you have difficulties making payments under your credit agreement please contact us if
you have not already done so to discuss terms for the rest of the agreement. You may also want to seek advice on what to do from an independent free advice agency such as the
Citizens Advice Bureau.”. BLACK HORSE FAILED TO INCLUDE THIS