Thread: Black Horse - PPI Claim - Result - WON

Hi Everyone, I recently made a claim for mis-sold PPI against Black Horse, following threads on this forum I drafted letters and sent them registered post and today I received the letter I had been waiting for. I have an agreement off black Horse to pay back all monies paid plus interest at 8% along with cancellation of the PPI, RESULT!! For others I have attached the letters I used, as I say with guidance of members of this Forum, thanks guys
------------------------------------------------------------------------------------------------
1st Letter Sent

22/09/09

Black Horse Ltd
St William House
Tresillian Terrace
Cardiff
CF10 5BH

Dear Sir or Madam,

Re: Account number: ***************
I am writing in relation to the above payment protection (PPI) policy which I believe was mis-sold to me.

I believe you have not treated me fairly for the following reasons;


·The salesperson selling the insurance told me I could not get my Loan without the PPI as the Loan was a secured loan against my property.

·I was not informed that stress and back problems were excluded from the insurance.

·I was not asked whether I already had any existing insurance or employer benefits that would cover my repayments.

·You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.


Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy.


I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.


Yours faithfully

-------------------------------------

I then received a letter off Black Horse where they quoted terms and conditions etc, not out done with this I drafted a second letter

-------------------------------------

PAYMENT PROTECTION INSURANCE COMPLAINT

11/10/09

Black Horse Ltd
St William House
Tresillian Terrace
Cardiff
CF10 5BH

Dear Sir or Madam,

Re: Account number: ****************

Dear Sir/Madam

This letter is secondary to my first letter you dated the 22/09/09.

Whilst I appreciate your prompt letter I do not agree with your reply, In that I do not agree that Payment Protection was sold to me correctly and that I was indeed mis-sold the policy and I wish to clarify several points.

• I was told that I had to take the Payment Protection Insurance at the same time as the loan or not at all.

• I was not asked whether I had any other insurance, which would cover the loan.

• I was not told I could buy Payment Protection Insurance elsewhere to cover the loan.

• I was told that I would stand more chance of getting the loan if I took the Payment Protection Insurance.

• I paid upfront for the Payment Protection Insurance (in the form of extra credit added to the loan agreement) but it was not explained to me that there were some Payment Protection Insurance policies where I could pay monthly, indeed as per the point above, none were mentioned at all.

• It was not fully explained to me how my repayments would be affected if I cancelled the Payment Protection Insurance part-way through the loan period

All of the above points are clear breaches of both FSA regulations and guidelines and the Banking Code of Practice provided to the financial services industry. As a respected financial organisation, you will have been quite aware of these regulations and this makes your organisation's action even more serious. It is poor business practice to say the least.

In taking out a loan with Black Horse, I reserved the right as your customer to receive appropriate information to enable me to take out an insurance product that suited my demands and needs. Black Horse had an obligation to me the borrower, to provide sufficient and appropriate information to enable me to make an informed decision as to the suitability of both the loan and the Payment Protection Insurance to meet my needs and financial circumstances. I should also have been made aware of alternative options available, or comparative costs of similar PPI products from other suppliers, which information as a well known financial institution you would most certainly have had access to.

At no point did I receive any such information, either by letter, document or telephone call, which followed the above guideline. The documents that you provided me with do not contain any of the information that I have outlined above and cannot, therefore, be deemed as meeting the standard of care, which you should have provided.

I assert that I have been deprived of the right to choose PPI, alternative or not, when taking out the loan, and that you have taken advantage of my lack of knowledge and that of my financial situation at the time of taking out the loan.

I reposed absolute trust in your ability as a respected financial institution to provide a reasonable level of care and skill in ensuring that my best interests were met when taking out a financial product with your organisation. This has not been the case and I am extremely disappointed.

I would remind you that the Financial Services Authority takes the mis-selling of PPI extremely seriously. You will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poor sales practices".

I request the return of the full amount of the PPI insurance I feel I was mis-sold which totals £3501.36 (£97.26 per month from 01/09/06) Plus the immediate cancellation of the PPI outstanding until my complaint has been dealt with accordingly, plus I require a reply within 14 days of receipt of this letter by you. If you do not comply with my request, I will have no option but to escalate my claim to the Financial Ombudsman Service, who in many cases have imposed large fines on financial institutions who are in breach of regulations.

I trust that you will treat this matter with due haste and diligence.

Yours Sincerely,

------------------------------------------


Today I received a Letter off Black Horse, here is an snippet of the letter,

I refer to your letter of 16 October 2009. I am sorry that our response of 30 September 2009 has not been accepted.

I have reconsidered your comments and although we do not accept that the insurance was mis-sold, solely as a gesture of goodwill and without admittance of liability, we are willing to uphold your complaint and cancel the policy from the inception of the agreement and refund you those sums you have paid against the insurance.

In line with the award that would be given by the financial Ombudsman Service we are also willing to pay statuary interest calculated at 8% simple on those sums paid against the cost of insurance


Again thanks guys, I'll let you know when I get my cheque!!

Thanks mkb,

They are lowering the monthly payment, an extra £150 in my pocket!!

full refund of £5000 payed direct into bank account plus payments reduced, well suited , now onto the Halifax and Barclaycard, wish I'd known about PPI all those years ago. Ah well let the claims begin (again)