Blackhorse PPI - Questions

kenchov1

Hi

Last week I got a letter from Blackhorse saying they have upheld my claim that I made back in 2011 and are sending me a check for 4.2k Which was very good to read.

However on this Blackhorse loan I now have a charging order on my property as I couldnt keep up the payments. The charging order is with Ascent Legal.

What would you say are the chances of me getting my cheque? Ive spoken to blackhorse and they said they are in the process of dealing with it and it will be out to me in 28 days.

Nasqueron

Depends entirely if the debt is still owned by Black Horse and they are using the debt firm to manage it or if they sold the debt on and can't get it back.

If the new company placed the charge order then probably Black Horse sold it on (maybe??) so you could approach them and pay off the debt you owe and get the order removed. If you get a cheque then up to you what you want to do with it

kenchov1

Thank you for that information there Nasqueron.... Much help indeed.

I have now spoken to Ascent and DLC (trading name Hillesden) They are saying and have confirmed they bought the debt from Blackhorse and they now own the debt and are not acting on behalf of them. They own the debt.

That should see the money be sent to me?

Nasqueron

In theory yes but you would do well to pay off the debt management company and get rid of the charge on the house and it'll save you interest (assuming you are paying them debt company)

Insider101

Nasqueron wrote: »

In theory yes but you would do well to pay off the debt management company and get rid of the charge on the house and it'll save you interest (assuming you are paying them debt company)

This is pretty much the correct answer. In theory, if there is provision in the original sale agreement for them to do so, Black Horse could buy back the debt in order to set off the redress. However, this doesn't tend to happen in practice, either because there is no such provision or because the banks are wary of the bad publicity.