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Did I really pay PPI?
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delboy4000
Posts: 5 Forumite
Back in 2007 I took out car finance to the value of £3900 through Blackhorse. I was told the rate was 6% over 4 years and there would be £100 admin fee with payment 1 and £175 admin fee with payment 48 and the monthly payments were £110.82
Now that I'm older and wise I have thought about this and the rate compared to the monthly payment doesn't make sense.
I have spoke to Blackhorse about this and they have said that I didn't pay ppi and when I asked for a copy of the agreement the rate is unreadable.
if I'm working this out properly it should be around £100.75 a month with the addition charges at the front and the back. The reason I'm pursuing this is that a number of companies wanting to deal will my ppi case said that Blackhorse were one of the few companies that hide ppi in the payments. is this true or is that a sales tactic? I just seems strange that 3 or 4 companies told me the same thing.
any advise on this would be awesome.
many thanks
Del
Now that I'm older and wise I have thought about this and the rate compared to the monthly payment doesn't make sense.
I have spoke to Blackhorse about this and they have said that I didn't pay ppi and when I asked for a copy of the agreement the rate is unreadable.
if I'm working this out properly it should be around £100.75 a month with the addition charges at the front and the back. The reason I'm pursuing this is that a number of companies wanting to deal will my ppi case said that Blackhorse were one of the few companies that hide ppi in the payments. is this true or is that a sales tactic? I just seems strange that 3 or 4 companies told me the same thing.
any advise on this would be awesome.
many thanks
Del
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Comments
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Did you write to them or do this on the phone ? If by phone you need to write to them about PPI0
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CMCs lie to get business, increasingly desperate due to the time limits being imposed. There is no way to hide PPI in payments, the details would be put on the agreement up front so you would know about them - logically if you added up the monthly payments and they were higher than what you agreed then you would query it and the "hidden" PPI would be uncovered, at which point you would report them for fraud.
Did you take out finance direct with Blackhorse or did they do the finance but the car dealer sold the finance?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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CMCs lie to get business, increasingly desperate due to the time limits being imposed. There is no way to hide PPI in payments, the details would be put on the agreement up front so you would know about them - logically if you added up the monthly payments and they were higher than what you agreed then you would query it and the "hidden" PPI would be uncovered, at which point you would report them for fraud.
Did you take out finance direct with Blackhorse or did they do the finance but the car dealer sold the finance?
I originally complained to the PPI team though a letter and then spoke to them when they said I didn't pay PPI.
I'm actually on the phone to them now and they have informed me the APR rate was 19.2% but they can't read the agreement because the quality is very poor. surely they shouldn't have accepted the copy from the dealership if the agreement wasn't readable.0 -
delboy4000 wrote: »I originally complained to the PPI team though a letter and then spoke to them when they said I didn't pay PPI.
I'm actually on the phone to them now and they have informed me the APR rate was 19.2% but they can't read the agreement because the quality is very poor. surely they shouldn't have accepted the copy from the dealership if the agreement wasn't readable.
8 years ago - paperwork was possibly faxed over to the bank or they printed it, scanned it and stored it in archives and they are producing a copy.
As per previous post, did you get finance from the car dealer (who happened to use Blackhorse) or did you get it direct from Blackhorse? If you got it direct from Blackhorse then it is odd they only have such a poor copy but if it's from the dealer you can understand why the quality could be so poor during transmission.
Either way, the issue isn't so much the APR but the PPI (or not) - if the bank say you didn't pay it then all you can do is try a DSAR (at a cost of £10) to see what they have left on you and see if any archives mention it - car dealer too if they are still around and it might dig something out.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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8 years ago - paperwork was possibly faxed over to the bank or they printed it, scanned it and stored it in archives and they are producing a copy.
As per previous post, did you get finance from the car dealer (who happened to use Blackhorse) or did you get it direct from Blackhorse? If you got it direct from Blackhorse then it is odd they only have such a poor copy but if it's from the dealer you can understand why the quality could be so poor during transmission.
Either way, the issue isn't so much the APR but the PPI (or not) - if the bank say you didn't pay it then all you can do is try a DSAR (at a cost of £10) to see what they have left on you and see if any archives mention it - car dealer too if they are still around and it might dig something out.
you are correct it was a dealership but I work in IT and even back then it was very easy to produce a readable copy.
the agent I have spoke to said that flat rate doesn't appear to hire purchase agreements which has angered me seen as the only rate displayed on the agreement was a flat rate figure.
She also advised that the 19.2% was a figure that was sent to debt matters when I was going to go through debt management (this never went through and I continued to make the normal payments).
I've made a formal complaint to have it investigated as I'm not sure how they can say the flat rate doesn't appear when that's the only rate that I had in writing. that's got to be a big no no.
I shall wait and see what happens.0 -
delboy4000 wrote: »you are correct it was a dealership but I work in IT and even back then it was very easy to produce a readable copy.
the agent I have spoke to said that flat rate doesn't appear to hire purchase agreements which has angered me seen as the only rate displayed on the agreement was a flat rate figure.
She also advised that the 19.2% was a figure that was sent to debt matters when I was going to go through debt management (this never went through and I continued to make the normal payments).
I've made a formal complaint to have it investigated as I'm not sure how they can say the flat rate doesn't appear when that's the only rate that I had in writing. that's got to be a big no no.
I shall wait and see what happens.
I've been in IT that long. Don't forget 2007 fax machines were still common and photocopying / scanning could be very poor (just because you could get high quality kit doesn't mean they did).
Separate out the complaint about the APR and PPI so they don't get confused :beer: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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The reason I'm pursuing this is that a number of companies wanting to deal will my ppi case said that Blackhorse were one of the few companies that hide ppi in the payments. is this true or is that a sales tactic? I just seems strange that 3 or 4 companies told me the same thing.
its a dodgy sales tactic.
You have the agreement. If you had PPI then it has to show as an entry on that agreement.you are correct it was a dealership but I work in IT and even back then it was very easy to produce a readable copy.
Faxes were still the norm back in 2007. Even today, some lenders want you to fax things to them and not email the pdf scanned copy.
Also, what was the dealer like? Did they come across as one that had modern technology back then. Most firms run many many years behind the technology curve.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 -
its a dodgy sales tactic.
You have the agreement. If you had PPI then it has to show as an entry on that agreement.
Faxes were still the norm back in 2007. Even today, some lenders want you to fax things to them and not email the pdf scanned copy.
Also, what was the dealer like? Did they come across as one that had modern technology back then. Most firms run many many years behind the technology curve.
the copy I got was a scan and was readable. the garage went bust which wasn't surprising because the owned was a tool to put it nicely.
I spoke to complaints who said the APR was 14.5% and didn't know why they told debt matters it was 19.2%.0 -
Used by lots of scamming CMCs.its a dodgy sales tactic.
As the OP should realise (since they work in IT), an open email is not secure, whereas a fax goes from one machine to another and is far more difficult to intercept.Faxes were still the norm back in 2007. Even today, some lenders want you to fax things to them and not email the pdf scanned copy.
In which case any claim against it should go to the Financial Services Compensation Scheme.delboy4000 wrote: »the garage went bust0
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