Thread: Me v Blackhorse

Originally Posted by tracyab1972

Hi

Im looking for help reclaiming PPI from Blackhorse. I took out a loan with them in 2006. My loan was for £1500 and the monthly payment for the loan would be £60.96 they added PPI totalling £506.53 and the monthly payment for that was £13.69. This meant my monthly payments would be £74.67. I paid this amount for 2 months then got a further loan with them. The new loan (which includes the first loan) amounted to £3000. Loan amount of £90.03 a month and PPI of £23.63 a month. Monthly payments of £113.66. I paid this amount for 13 months until I realised that I was mis sold PPI and cancelled the PPI with them in October 2007. My payments with Black Horse without the PPI are now £102.00. Firstly can I ask anyone if they know why my payments are not £90.03 as the PPI is now taken off and where can I find a spreadsheet to calculate the interest. I have calculated that they owe me £13.69 x 2 and £23.63 x 13, but still quering why I am not paying £90.03.

Any help would be appreciated.

Thank you

Hello Tracy,

The ppi would have been a single front loaded policy, this means that you pay the majority off at the start of the loan and when you cancel they refund what you haven't pay into the balance of the outstanding loan. So there is not that much refunded and this is why your payments don't reduce by much.

Many ppi's do not even cover the term of the loan, If you take out ppi on a 5yr loan, it may only cover you for 3yrs So if you needed to claim in year 4yr, well you ain't covered.

Start the reclaiming process stating your reasons for mis-selling