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| | | | | | | Payment Protection Insurance (PPI) The misselling of Payment Protection Insurance is widespread, and believed to run into billions of pounds. This forum will help you to see if you have a valid claim for a refund, and guide you through the process. | Welcome to The Consumer Action Group
and
The Bank Action Group
Before beginning to claim your bank charges be sure to read the FAQ by clicking the link above. Read it carefully and also read as much of the forum material as you can manage before you start claiming your bank charges refund.
You will have to register before you can post or view the materials which may assist you in reclaiming your penalty charges: click the register link above to proceed.
To start viewing messages, select the forum that you want to visit from the selection below. Understand what you are doing and you will be able to Reclaim the Right more effectively.
Why don't you come and introduce yourself in the Welcome section at the top of the forum. Then have a look around the rest of it.
Do not post or start claiming until you have read the entire FAQ section and step by step guides and you have a good basic idea of what to do and of the layout of the forum.
Good luck claiming your bank charges. We strongly suggest that you register under a UserID and not your own name |  | 
13th June 2007, 18:36
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#2 (permalink)
| | Platinum Account Customer |  Re: Ali Vs Black Horse
Quote:
Originally Posted by alibobsy  Decided to chase Black Horse for the PPI on a recent loan after reading up on here. We specifically stated at the time we took the loan out that we would prefer no PPI as I was on a carrear break from my job in the civil service and my hubby was working in local government(so had good sickness cover etc). The loan was for £1500 and the PPI I now read in the agreement was £565.36, with the interest that is over half the cost of the loan!!!! We were told we couldn't have the loan without the PPI. Plus a couple of weeks later I rang to try to cancel the PPi and was told we couldn't and it wouldn't change the monthly payments much anyway? The interest rate is APR 35.9% which is ridiculas. Off to do my initial letter from the sticky, but not sure what to put for the interest,do I need to work out the exact amount or can I just say interest to date @ 35.9%?
Thanks
ali x | Hiya Ali,
Glad you have got of to a good start reading around the threads. PPI is a little more complicated and the company will try to give you as little information as possible 
Have you sent of a subject access request. This may detail the information of the breakdown of the ppi and the interest they applied to it. You should also receive a copy of your credit agreement they hold. I know you have yours, but it will be very interesting to see if they still have a copy 
You have quoted 35.9% which is scandalous 
Do you have a breakdown of the loan.
The amount of the actual loan you wished to borrow and the amount of interest they charged you on the loan. The interest rate applied. I presumme it was 35.9. The term is ran over
Cost of ppi the interest charged on that and the rate of interest.
Total cost of the loan to you. The term it ran over.
I would be helpful to see all of the figures 
__________________
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW | 
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13th June 2007, 21:38
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#3 (permalink)
| | Gold Account Customer | Re: Ali Vs Black Horse
Didn't think I neede a Subject Access Request as I do have the original agreement, but I suppose it might be useful later on if I could get hold of the phone call where she said the ppi couldn't be cancelled (if they still have it lol). The agreement is dated 7/1/05 and if for 36 monthly payments ie 3 years. I beileve the first payment was on 17/02/05 but I am going to check this on my bank statements. There are 2 boxes, the one on the left deals with the loan amount and states cash loan £1500, int rate 35.9% apr, monthly repay £64.56, first monthly payday-this is blank,then it lists total charge for credit,overall total and 36 payments. On the right side it lists joint PPI with a cash price of £565.36, amount of credit £565.36, int rate 35.9% apr, monthly repays £24.33, then the same blank date box and the total credit charges and sub total of £875.88!!!!!! on a £1500 loan for PPI we didn't need or want.
Ali x | 
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Similar Threads | | Thread | Thread Starter | The Consumer Forums | Replies | Last Post | | Ali vs Black Horse PPI | alibobsy | Payment Protection Insurance (PPI) | 7 | 13th October 2007 14:37 | | mtb v black horse | alamand | General Debt Issues | 5 | 4th July 2007 20:45 | | black horse ppi | mo | Payment Protection Insurance (PPI) | 6 | 30th March 2007 12:57 | | Black Horse | stokeybird | Other Institutions | 10 | 11th February 2007 13:43 | | Black Horse | Kay1-9-6-3 | General | 3 | 12th June 2006 00:10 |
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