Whipped by Blackhorse!

[Jaynekul]

I had a loan accepted for £2000 in May 2005. However, I was pursuaded to agree to a secured loan for £25k (I know why oh why) we were about to put our house up for sale & the salesperson said to clear all the debts first would give us a better mortgage deal. After reading these threads I decided to check the paperwork to my horror single premium PPI was added at £6297.25 with interest on that of £3300.59 monthly payment £114.26. I did not have any conversation with the salesperson about PPI as I would have not agreed bearing in mind we were looking to move home. We subsequently did so & paid off the loan in June 2006. Despite having made 12 payments the repayment was more than the original loan. I accept I signed the agreement and have been very naive. Have sent a letter off asking for refund. How much should I be looking at getting back as I dont know how much the final settlement figure was for the PPI. I have looked at tthe agreement and even though it was after May 2005 it doesnt comply with the new regulations from then as there was no separate agreement for the PPI in line with the OFT decision. Also, it had a nil refund on early settlement. ( I think I sound more knowledgable then I actually am or I wouldnt be in this mess)

Any help would be appreciated

[loukim]

Hi jaynekul

I've just sent my first letter to the blackhorse as they sold me a PPl even though my husband is self-employed tut tut!!!

after reading many threads it seems to me as though you have a case

I phoned the FOS yesterday and they gave me some advice and a referance number and said they would be writing to Blackhorse to inform them that they have taken note of my complant and give them 8weeks to sort it out!!!!!!!!! so give them a call and get some advice

 

Best of luck

[Jaynekul]

Thanks for your reply. I will see what response I get from Blackhorse & if no satisfaction next step FOS

[hellhasnofury]

I had a loan accepted for £2000 in May 2005. However, I was pursuaded to agree to a secured loan for £25k (I know why oh why) we were about to put our house up for sale & the salesperson said to clear all the debts first would give us a better mortgage deal. After reading these threads I decided to check the paperwork to my horror single premium PPI was added at £6297.25 with interest on that of £3300.59 monthly payment £114.26. I did not have any conversation with the salesperson about PPI as I would have not agreed bearing in mind we were looking to move home. We subsequently did so & paid off the loan in June 2006. Despite having made 12 payments the repayment was more than the original loan. I accept I signed the agreement and have been very naive. Have sent a letter off asking for refund. How much should I be looking at getting back as I dont know how much the final settlement figure was for the PPI. I have looked at tthe agreement and even though it was after May 2005 it doesnt comply with the new regulations from then as there was no separate agreement for the PPI in line with the OFT decision. Also, it had a nil refund on early settlement. ( I think I sound more knowledgable then I actually am or I wouldnt be in this mess)

Any help would be appreciated

 

Hello and welcome

 

It shows that you have been reading around the mis-selling of ppi. I would be looking to claim back the whole amount. regardless of any ppi refunded into the settlement figures. Did they apply a early settlement charge. If so I would go for that as well. Their mis-selling of the ppi obviously caused you hardship over the course of the loan.

 

Ask for a refund of the ppi premium and interest charged, pluse interest at the contractual rate of the loan, from the date you took it to the date you ask for it back. If you need a hand with letters or spreadsheets, give us a shout.

 

Go rock their boat:lol:

[Jaynekul]

Thanks very much for your help HHNF. Im not sure what they charged me when I settled the loan in June 2006 when I asked for the original details they just sent me a copy of the signed agreement. What is most annoying is I didnt really want the loan to start with I was talked into it by the really pushy sales girl. It didnt help with the new mortgage either needless to say. So I should be asking for the £6297.25 plus the £3300.59 & interest since June 2006 in addition to any early settlement charge? Im not going to bother with the FOS if I dont get any joy as my experience with them in the past has been they take too long and then dont come up with particularly good results anyway. I have complained to them 2xs before. Once when HSBC bounced a cheque despite money being in the account & after 10 months I got £100 compensation & 1x when the insurance didnt pay out for the redundancy premium to which I didnt even get a response! Problem for me is with the amount involved I cant do it online will have to issued a fast track action. You never know though they may cough up yerrr right

[Jaynekul]

We purchased the above policy from you in June 2005 but now believe that we were mis-sold this policy for the following reasons:

This is due to the fact that we paid a single premium for our policy but did not see it through to the end of it’s initial term after paying back our loan earlier than planned on the 16 June 2006.

Also, due to the fact that we were not given the correct information when the policy was sold to us, as

• Your salesperson stated / implied that taking out the policy would assist our credit application.

• Your salesperson did not tell us that the policy was optional

• Your salesperson stated / implied that taking out the policy was essential for us to get the associated credit

• Your salesperson did not give us full information on what the policy would and would not cover for example that certain medical conditions were excluded, including a condition which my husband suffers from.

• We are concerned the sales assistant that sold us the policy has no financial background and the policy was not sold in our best interests.

• Having recently looked at the paperwork for our loan we now realise that we have paid for insurance that we did not know we had taken out so could not have been explained to us.

Unless you can satisfactorily justify to us that the policy was fair and reasonable we are requesting a full refund of all premiums, and subsequent interest on those payments. As we believe we have been deprived of this money we also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

We look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or we shall be contacting the Financial Ombudsman to investigate my complaint.

This is the letter I sent. I havent been given the settlement figures yet so dont know what PPI was applied to the final figures. They have only sent me a copy of the original agreement which I had anyway which shows the figures as per the first post here. The loan was taken out after the new regulations in 2005 yet we didnt get any additional paperwork for customer needs or for the PPI in accordance with the agreement. I know it sounds numb but I didnt even know I had any PPI until I read this forum and thought I would check. I am absolutely certain the salesgirl did not even mention it when pushing the loan onto me or I would not in a million years have agreed to it

[Jaynekul]

HHNF if you are out there could you help me? I sent off the initial request letter to Blackhorse. 17 days ago. Not heard anything. Could you advise me where to find the template letters so I can do the LBA? Ive cribbed the 1st letter from another website

Thanks for your help

[Jaynekul]

Bump

[hellhasnofury]

Bump

 

Hello Jaynekul,

 

Can you post up the letter that you sent them, but edit your personal details, so we know what to put in you lba. If you don't want to put it on your thread, pm it to me.

 

When the loan was settle, how much of the ppi and interest did they refund into the loan balance.

[Jaynekul]

We purchased the above policy from you in June 2005 but now believe that we were mis-sold this policy for the following reasons:

 

This is due to the fact that we paid a single premium for our policy but did not see it through to the end of it’s initial term after paying back our loan earlier than planned on the 16 June 2006.

 

Also, due to the fact that we were not given the correct information when the policy was sold to us, as

• Your salesperson stated / implied that taking out the policy would assist our credit application.

• Your salesperson did not tell us that the policy was optional

• Your salesperson stated / implied that taking out the policy was essential for us to get the associated credit

• Your salesperson did not give us full information on what the policy would and would not cover for example that certain medical conditions were excluded, including a condition which my husband suffers from.

• We are concerned the sales assistant that sold us the policy has no financial background and the policy was not sold in our best interests.

• Having recently looked at the paperwork for our loan we now realise that we have paid for insurance that we did not know we had taken out so could not have been explained to us.

Unless you can satisfactorily justify to us that the policy was fair and reasonable we are requesting a full refund of all premiums, and subsequent interest on those payments. As we believe we have been deprived of this money we also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

 

We look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or we shall be contacting the Financial Ombudsman to investigate my complaint.

 

This is the letter I sent. I havent been given the settlement figures yet so dont know what PPI was applied to the final figures. They have only sent me a copy of the original agreement which I had anyway which shows the figures as per the first post here. The loan was taken out after the new regulations in 2005 yet we didnt get any additional paperwork for customer needs or for the PPI in accordance with the agreement. I know it sounds numb but I didnt even know I had any PPI until I read this forum and thought I would check. I am absolutely certain the salesgirl did not even mention it when pushing the loan onto me or I would not in a million years have agreed to it

[Jaynekul]

Have not heard a sausage from Black Horse so sent them 2nd letter yest giving them 14 days before I issue Proceedings. I dont want to go down the FOS route as it may take months and also I have read on here that even if the FOS find in your favour the insurers can still decline to deal with it? Im adamant this was missold as I only intended to take the loan out for 1 year & told the sales girl this. Has anyone had any success v Black horse on a voluntary basis?

[podgydad]

FOS are slow but get results. I have found that while many companies go through the motions of defending a court claim they settle pretty early on when FOS get involved. For example Citi are renowned for defending card claims but settle when they get a complaint through FOS.

 

The FOS route is cheaper and less stressful, it just takes a little longer.

[The D.A]

I would reccomend anyone reading this thread to follow the link to the petition set up to raise awareness of the overpriced selling on PPi, with loan agreements.

 

Petition to: Prohibit loan companies from selling payment protection insurance with credit agreements.

 

spread the word, too many people are being steered towards taking overpriced ppi, in spite of the FSA's efforts to regulate the industry

[Jaynekul]

I have signed the petition. Thank you very much Podgy Dad your posting is very helpful I have clicked on your scales. I will go down that road as you suggest as the Court fee would be £225 which I cant afford at the moment! Was reading on another website that lots of people appear to be getting their money back after a couple of letters. Hope its the same for us

[podgydad]

Yes, we have just reclaimed £7k for a customer who was unemployed when they were sold PPI, Barclays initially attempted to claim she was employed as a 'home maker'. They paid out after the second letter

[Jaynekul]

ITs been nearly a month now since I sent 1st letter without any response. IF nothing by next Mon Im going to report to FOS as you suggested

[Jaynekul]

It has now been amonth since I sent the initial letter with no response at all from BLackhorse. Can anyone help with whether the complaint forms for the FOS are available to download rather than having to write to them about it first?

Also if CC proceedings are issued on behalf of a debt recovery company who have bought the debt from a credit card are they entitled to bring the claim on the basis that I am in breach of the CCA agreement I entered into as I didnt have any agreement with them the agreement was with MBNA? Shouldnt I be paying back what they have bought the debt for not the original amount?

Thanks if anyone can help me

[loukim]

It has now been amonth since I sent the initial letter with no response at all from BLackhorse. Can anyone help with whether the complaint forms for the FOS are available to download rather than having to write to them about it first?

Also if CC proceedings are issued on behalf of a debt recovery company who have bought the debt from a credit card are they entitled to bring the claim on the basis that I am in breach of the CCA agreement I entered into as I didnt have any agreement with them the agreement was with MBNA? Shouldnt I be paying back what they have bought the debt for not the original amount?

Thanks if anyone can help me

Hi there

Just ring the FOS there number is 0845 080 1800 they will fill in all your details over the phone then send you a claim form, then post or fax claim form back with copies of all your documents and letter blackhorse have sent you, they will then write to blackhorse asking for copies of all their documents.

As for your other question sorry i can't answer them but perhaps the FOS can or even someone will come back with some answers on here.

 

Hope i have been of help...........GOOD LUCK:-D

[Jaynekul]

Thanks Loukim. I have downloaded the complaint form and am busy filling it in now!

[Jaynekul]

Had a letter back today from LTSB Cockfosters branch. Basically says BOGOFF you had the paperwork you signed it tough. It does say however, that we cant complain to the FOS as the agreement was signed before Jan 2005. Enjoyed drafting reply to the effect "you say we cant read the agreement was June 2005"! REally hoping the FOS find in our favour now as doesnt look like we will get anythign voluntarily