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PPI Added to Black Horse Loan but Disappeared on Credit Agreement
Comments
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Analytic_Annie wrote: »So now I'm confused?? What's the difference in terms of pre-regulation between the dealer and Black Horse? i.e. why do Black Horse 'have to consider earlier sales unlike the dealer'?
The financial regulation that covers all bodies started 14-1-2005 (meaning anyone from a store card to car finance is covered). Before that banks and building societies were part of earlier regulatory bodies so have to consider complaints as they were regulated then
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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We had a large loan for a car with black horse finance in 2003 and black horse have confirmed we did have ppi but as they were not regulated in 2003 they do not have to refund me (seems unfair!)
I've been to Finance Leasing Association who cannot make them pay so I called FOS and they say I need to tell them who the policy underwriters were of blackhorse car finance in 2003 and then I can chase them.
Does anybody know who underwrote blackhorse policy in 2003 please ??!0 -
We had a large loan for a car with black horse finance in 2003 and black horse have confirmed we did have ppi but as they were not regulated in 2003 they do not have to refund me (seems unfair!)
Its not unfair really when you think about it. it is similar to driving down a road at 60mph as no speed restriction Then a few years later the council make it 40mph. You dont go back in time and go after all those that drove at 60mph as the changes occurred after a given date.
The car dealer would not have been required to follow FCA guidelines as they were not regulated by the FCA at the time.I've been to Finance Leasing Association who cannot make them pay so I called FOS and they say I need to tell them who the policy underwriters were of blackhorse car finance in 2003 and then I can chase them.
That is something that has had some success but only in small volumes as it relies on a certain commercial arrangement that most firms do not have. Certainly worth a go but dont get your hopes up.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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