Blackhorse PPI

[maria100]

Hi all,

I sent a letter of complaint to Blackhorse on 16/10/06 regarding being mis-sold PPI on a loan taken out earlier this year. At the time of the application I was told that if I didn't take the PPI - no loan and as no other company would touch me (due to a default) I was backed into a corner and agreed to go ahead. Looking at the loan agreement prior to my letter of complaint, the figures were shocking, details below.

Loan amount £5000 (secured loan by the way) over 10 years
Total charge for credit £5270.80
Total that will be paid over the term £10,270.80

PPI purchase price £2233.78
Total charge for credit £2353.82
Total that will be paid over the term £4587.60!!!!!!!!!!!!

Considering I did my own digging around and can get the same PPI cover for £3.95/month instead of £38.23/month this is shocking.

Anyway, the whole point of this is I had a telephone call today from Blackhorse, they are cancelling the PPI straight away and reduced amount will apply from next month BUT no refund as they state that "in the policy summary, with the
t & c's sent before I signed the agreement it states that the PPI is optional". Now I cannot find this but in the agreement it does state "optional payment protection plan" and goes on to give the figures above.
They also say that I should have complained within 30 days of taking out loan as opposed to 6 months later and are quite adament that no refund is due!

I ended the call by saying I would look through all the loan info and put any further comments/complaint in writing.

So what I am asking - to anybody who may know - can I pursue a refund of premiums paid or should I be satisfied that I've managed to cancel the PPI????? I'm thinking I should have read the paperwork properly in the first place!

[nathal]

if you've been mis sold the ppi i would pursue the full amount.
threatien forwarding the complaint to relevant bodies

[reidnet]

Was the loan agreed over the telephone or at their offices ?

If it was by phone ,I would issue a S.A.R - (Subject Access Request) under the data protection act to get copies of all info they have relating to the agreement, also state that transcrips or audio recording of telephone conversations are required.

Thats what I did and in fact so to speak and they have shot themselves in the foot..lol.

Have also sent you a PM..

[breadline]

I dont see how PPI can be reduced? But you havent advised how much they reduced it?

You have been paying the amount that they sold you and as agreed. Does this change now mean that you have signed a new agreement, does it mean that you have less cover, if not then what where you paying for up untilll now?

I just dont see how they can reduce your PPI. UNless the have reduced you to a not so high risk and if they have then how come they can accept you now at this rate and not then? what has changed?


If they were in thier right to charge the oiginal PPI i can't see Blackhorse changing it. its like giving money away and we all know how the banks work now, they dont give away anything..

I would look deeper into this,and get your S.A.R - (Subject Access Request) off as soon as possible.

BL

[maria100]

Hi breadline,

They haven't reduced the PPI, they have apparently taken it off the loan to leave just monthly repayments of the loan amount and interest itself, so now I am paying for a loan without PPI but they refuse to give me a refund of the PPI payments made so far as in their eyes I've had approx 6 months cover for what I paid to date! Does that make sense??

Anyway they were supposed to be sending me an ammended loan agreement to reflect the above but nothing received so far and I have decided that the S.A.R - (Subject Access Request) is the way to go. If they have set me up with a new loan I won't be happy!

Will send S.A.R - (Subject Access Request) this week and see if there is anything to strengthen my case.

[jo5ephedward5]

mmm - defo take furthe raction if it was mis-sold...i have same issue but they wont even cancel mine - well i say they wont, they refuse to respond to my letters so i dont see how it will be canceled!

good luck with this - i will be watching intently!

[maria100]

Hi jo5ephedward5,
where have you been sending your letters, I sent mine to the complaints dept in Cardiff and got quite a prompt initial response but still awaiting that loan agreement!!!! I doubt its coming at all, also checked my online banking and they so say were going to ammend the DD to reflect the change in monthly payment - nothing different there either!!

Beware they do like to back you into a corner over the phone, in future I want their response in writing.

S.A.R - (Subject Access Request) going off today (thanks to Reidnet).

Good luck to all in this situation x

[jo5ephedward5]

i sent it to a cardiff address - i called and asked where to send it and they said the general cardiff address.

i sent all stuff recorded and they are getting signed for the other end - just hear no response - i will be issuing a full S.A.R - (Subject Access Request) and copying my complaints to trading standards as soon as i have a spare £10 for them!

[maria100]

Keep on at them, they should respond as I've had a letter from them today acknowledging my S.A.R - (Subject Access Request) and saying its been passed onto the relevant dept for investigation and reply! Came from Cardiff, got my fingers crossed they won't take too long over it.

[maria100]

Can someone move my thread to the PPI section please

[maria100]

Surprise, surprise, my monthly payment for Nov has gone out of my bank account and it is not the reduced payment as I had been advised. Still no response to my S.A.R - (Subject Access Request) or no ammended loan agreement to sign.

I get the feeling the sneaky ******** are up to something, by my calculation they have until 11/12 to respond to my S.A.R - (Subject Access Request), In the meantime I'm being screwed!!!

[jo5ephedward5]

well i have just cancelled my PPI and they have responded with no probs just sign this - it will be interesting to see if they do lower teh payment this month - i only posted the slip back today but my payment doesnt come out till the 1st!

[maria100]

Any luck jo5ephedward5???? Have your payments been reduced by the amount of ppi? Also the slip you had to sign - was this a new loan agreement or does your existing loan continue just minus ppi???

I'm unsure what Blackhorse are up to in my case, still no word!

[jo5ephedward5]

the slip was my agrement to them canceling the PPI - its not been reduced yet but tbh as i posted it late they prob wont reflect in my payments till Jan - however i will be requesting back pay as i asked about it 2 payments ago!