Black Horse PPI and Debt Management Plan

[HONESTKNOB]

Hi,

I've got a few questions. I took a loan out with Black Horse in April 2004 and they lumped £1400 PPI onto the loan plus interest at 31.9%. I've just read on another website that the Ombudsman won't look into any claims from before Jan 2005, is this correct?

The other problem is that in 2005 I took out a debt management plan who now make payments to Black Horse and I'm not sure what interest has been applied to the PPI as obviously the duration of the loan has now changed.

I've sent a template letter to Black Horse asking them to cancel any outstanding PPI and saying that I require a list of their calculations but I know I'll have to fight. Is it a lost cause though as it dates back to 2004??

Please help

[HONESTKNOB]

A week gone and nothing from Black Horse surprisingly. I have been looking through my figures though and the original £1400 is still on there even though the account is now being handled by payplan. Should they have deducted this once the account defaulted to a debt management plan?

[shirleyc]

hello there,

have you sent for an SRA?(Subject Access Request?)

State exactly what you require ie info about loan.

ombudsman not much use to most of us-i'm chasing PPI on loans from 98 +99.Hellhasnofury is the expert on most things PPI.

Keep at em shirl

[HONESTKNOB]

To be honest I didn't send a SAR as I already had the original contract with figures on it. Just that things got a bit messy when it went to payplan. Will probably have to go down that route though if I haven't heard anything by the end of the week

[HONESTKNOB]

Just received a reply from Black horse claiming they did nothing wrong as they say they gave me a leaflet explaining PPI when I took out the loan. To be honest I can't remember if they did or didn't. They also go on to say that I had 30 days to cancel the PPI and as I didn't then they refuse to cancel it now!!

Any advice welcome please..

[shirleyc]

hello,

typical response-they will try anything to fob you off !tell them you are entitled to cancel PPI.keep at them because they will say anything to shut you up!remember you are after your money!!

regards shirl

[HONESTKNOB]

I will keep at them. I'm still waiting for my statements, I sent them a SAR about 3 weeks ago so I'll get onto it properly as soon as I have all the correct figures worked out.

Just wanted to check if they can say they gave me a leaflet and that's all they needed to do?

[shirleyc]

To be honest a leaflet is not a good enough answer.you should have been given details of PPI- insurance certificate applicable to your loan.

When you get all your paperwork back you'll be able to work it all out hopefully. Any probs post on here-good luck!!!!! shirl

[loukim]

Hi there

i'm with blackhorse (highstreet robbers) just had PPI cancelled have a read threw my forum...........Good luck !

[HONESTKNOB]

Interesting reading Loukim. Am I right in thinking they should have automatically removed the PPI when the account defaulted to Payplan as any cover is null and void?

[loukim]

Interesting reading Loukim. Am I right in thinking they should have automatically removed the PPI when the account defaulted to Payplan as any cover is null and void?

I really coundn't answer that question but if i was you ask hellhasnofury as she is very helpfull

[HONESTKNOB]

Well 40 days nearly up and no statements so I've just sent them a non compliance letter

[HONESTKNOB]

Black horse still won't send me any statements or credit agreements. I got a reply to an e-mail to the Ombudsman today to say that I must send a letter of complaint to them, allow eight weeks then they will look into the matter of non compliance

[HONESTKNOB]

Well well, statements finally arrived today with copies of every letter, screenshots etc etc.

Black Horse are still adding interest on the account which is nearly as much as Paypaln are sending them so the loan will never go away.

They've also added £290 in 'collection activity charges' which I'll be claiming back.

The PPI was £1044, which was applied at the start of the loan with an APR of 30.9%. Do I just put that figure in a spreadsheet in a lump sum or does it decrease monthly with my payments?

Any help welcome please.

[hellhasnofury]

Well well, statements finally arrived today with copies of every letter, screenshots etc etc.

Black Horse are still adding interest on the account which is nearly as much as Paypaln are sending them so the loan will never go away.

They've also added £290 in 'collection activity charges' which I'll be claiming back.

The PPI was £1044, which was applied at the start of the loan with an APR of 30.9%. Do I just put that figure in a spreadsheet in a lump sum or does it decrease monthly with my payments?

Any help welcome please.

 

Hello Honestknob,

 

See you off to a good start with them. I am in a similiar position to yourself. Loan taken out in 2001 and with a dpm with payplan. The ppi was still running for 12months after i was making reduced payments, so I would write to them and request confirmation that it has been cancelled. If it has not been cancelled, they may refund any outstanding amounts of ppi and interest off the balance owed, therefore reducing the balance. You would confirmation of the amounts.

 

Have they sent you a copy of the original agreement yet. Did you send them a request under the cca???? Have they sent you the t&c of the loan and under what contractual right can they put on "collection activity charges". and also ask them for a breakdown of it.

 

Do you know how much interest the applied to the ppi????? you need to know this to get the interest back as well.

 

Personally I would put the lump sum on a spreadsheet and work out the first figures at their contractual rate of 30.9% from the date the loan started and that is what I would be asking for first. Then work it out at the statutory 8% that the court would allow.

 

Keep at them and question everthing.

 

Good luck and keep us posted:D

[HONESTKNOB]

Hi Hell,

I did write to them and ask them to cancel the PPI a couple of months ago. After the 3rd letter they wrote back and said I would receive confirmation it had been cancelled but I'm still waiting and there's nothing on the statements they sent me yesterday.

I do have the credit agreement from them, it's dated 20/4/04. PPI £1044.12, Interest rate per month 30.9%, Monthly PPI repayments £38.82.

 

I've just put that in a spreadsheet as a lump sum and it's come up with interest of £1028, does that sound right??

[hellhasnofury]

Hi Hell,

I did write to them and ask them to cancel the PPI a couple of months ago. After the 3rd letter they wrote back and said I would receive confirmation it had been cancelled but I'm still waiting and there's nothing on the statements they sent me yesterday.

I do have the credit agreement from them, it's dated 20/4/04. PPI £1044.12, Interest rate per month 30.9%, Monthly PPI repayments £38.82.

 

I've just put that in a spreadsheet as a lump sum and it's come up with interest of £1028, does that sound right??

 

Hello HK,

 

How long did the term of the loan run for years or months?????

[HONESTKNOB]

The original contract was for 42 months but as Payplan reduced the repayments it is still running and I still have £3048 left to pay!!!!!! Every month I pay them £32 and they add £16 back on in interest :-

[hellhasnofury]

Hello HK

 

If they charged you £38+ per month X 42 months the total comes to £1,639.44, take away the ppi prem and you have been charged £586.32 in interest. So the total you have been charged for the ppi is £1,639.44:-x

 

I have very quickly put these figures on the spreadsheet with interest at 8% (allowed by the court) from the date of the loan and it comes to an extra £487.79, plus the ppi is £2,118.23.

 

At 30.9% (31 on the spreadsheet)needs tweaking. The interest from the date of the loan is £1,884.10. So bring the total of the claim to £3,514.15

 

This is just an insight into the figures, but they will probably change if and when they cancel the ppi and refund the difference into the loan account and should reduce it.

[HONESTKNOB]

Oh my gawd, that's some figure!!!!!!

Wouldn't I be claiming interest twice there? The monthly repayment of £38.82 allowed for their 30.9% APR and they do show interest of £586 over 42 month on the credit agreement, giving a total of £1630 for PPI + interest.

Sorry to be a pest, I just want to make sure I get this right

[alanfromderby]

You have to think of their interest and your interest as two seperate things.

 

To explain it simply, if they levy an unlawful charge of £100, and then add £30 interest to it - effectively you have paid them £130 for the breach. Therefore you are entitled to the recovery of £130 plus 8% interest.

[HONESTKNOB]

I've just been looking through the credit agreements they've sent me and I've noticed the dates are different on them. On the customer copy it's dated 20/4/04 which I believe is the date I actually signed. On the Black Horse Copy it's dated 1/6/04 which was actually the date they took out the 1st payment. Would this make a difference to anything??

[HONESTKNOB]

Also, the agreement already has all the PPI information filled in on it next to the loan information with just one box to sign for everything. I was never given an option to decline the PPI which I would have done as I had cover at work.

[HONESTKNOB]

Does anyone think the 2 different dates on the agreements mean anything or not?

[hellhasnofury]

Also, the agreement already has all the PPI information filled in on it next to the loan information with just one box to sign for everything. I was never given an option to decline the PPI which I would have done as I had cover at work.

 

Hello Hk,

 

I am unsure that the dates will make any different, Your date may be the date you signed and their date is the date is when the agreement was executed.

 

Is there anyway that you could post up a copy of the agreement on the thread, ommiting your personal details, for others to check it.

 

I am sure that they are not allowed to apply the ppi and interest in the total charge for credit.

 

Any other comments appreciated.