Black Horse/Lloyds PPI claim?

[Anarchicant]

On 17th AUGUST 2005 i entered into a hire agreement for a car from a large car dealer. The agreement was with Black Horse. I was advised to take out PPI but i did not fully understand and do not seem to have any policy paperwork about the policy. The gist of what i was told was that i would never be out of pocket if i had crash and claim did not cover value of the vehicle due to depreciation etc. i have since had my car stolen and written off. i did not receive enough for the vehicle to fully repay the loan.

 

the debt was passed to nationwide collction services and when i requested details of the insurance added to the account i received a reply from nationwide "with regard to insurance please call lloyds insurance on 08450700107 who will advise you"

 

i do not intend to waste an expected pointless runaround phonecall on this. Im considering writing another letter to both nationwide and black horse explaining that i am not happy with this response.

 

any suggestions and does this sound like a PPI claim?

[alanalana]

On 17th AUGUST 2005 i entered into a hire agreement for a car from a large car dealer. The agreement was with Black Horse. I was advised to take out PPI but i did not fully understand and do not seem to have any policy paperwork about the policy. The gist of what i was told was that i would never be out of pocket if i had crash and claim did not cover value of the vehicle due to depreciation etc. i have since had my car stolen and written off. i did not receive enough for the vehicle to fully repay the loan.

 

the debt was passed to nationwide collction services and when i requested details of the insurance added to the account i received a reply from nationwide "with regard to insurance please call lloyds insurance on 08450700107 who will advise you"

 

i do not intend to waste an expected pointless runaround phonecall on this. Im considering writing another letter to both nationwide and black horse explaining that i am not happy with this response.

 

any suggestions and does this sound like a PPI claim?

 

First thing is to get the data so it is best to send a Subject Access Request. Template letters here....Full SAR for ppi

 

or here Data Protection Act 1998 - Subject Access Request

 

keep posting for more advice

[leviculus_puella]

hi anarch that sounds more like a gap insurance policy they would normally cover the difference between your own insurance value and the outstanding finance if this is the case beware that they wont cover any outstanding negative equity from previous finance if this has been added to your loan good luck

[leviculus_puella]

forgot to say it may be worth phoning them to see if you can make a claim becuase it is a policy designed to fulfill the shortfall. these policies normally cost between £80 - £300 if you were sold it through a dealership it is most likely an expensive one

[Anarchicant]

sorry for the delay in replying

 

so a shortfall insurance policy is not PPI?

 

I have my original HP agreement and in the insurance box it states ;

 

INSURANCE

Key Financial INformation

amount of credit (H + I) (F) 295

duration of this agreement 36 months

total amount payable (F +M) (G) 419.04

One repayment of 11.64 payable on 1 month after the date of the agreement followed, starting each month thereafter, by 34 monthly repayments each for 11.64 followed one month thereafter by one first initial repayment of 11.64

 

APR 27.4%

 

 

OTHER FINANCIAL INFORMATION

Cash price of optional payment protection plan (H) 0

Type none

 

cash price of other insurances listed below (I) 295

total cash price (J) 295

charge for credit on payment protection plan (K) 0

charge for credit on other insurance (L) 124.04

total charge for credit (M) 124.04

 

INterest rate 24.44% per annum

[alanalana]

sorry for the delay in replying

 

so a shortfall insurance policy is not PPI? I would contest this without seeing all of the documentation on the loan. I would guess and it is a guess that shortfall insurance would mean if you were to be unable to pay premiums the insurance would kick in Sad thing is a lot of the time claims are refused for various reasons So much for the value of PPI or any other insurance on a loan when taken from the creditor providing the loan.

 

Independent providers of PPI charge much less and because they are independent would be unlikely to want to have any reputation damaged by a mis-selling claim.

 

Always best to check.

 

I have my original HP agreement and in the insurance box it states ;

 

INSURANCE

Key Financial INformation

amount of credit (H + I) (F) 295

duration of this agreement 36 months

total amount payable (F +M) (G) 419.04

One repayment of 11.64 payable on 1 month after the date of the agreement followed, starting each month thereafter, by 34 monthly repayments each for 11.64 followed one month thereafter by one first initial repayment of 11.64

 

APR 27.4%

 

 

OTHER FINANCIAL INFORMATION

Cash price of optional payment protection plan (H) 0

Type none

 

cash price of other insurances listed below (I) 295

total cash price (J) 295

charge for credit on payment protection plan (K) 0

charge for credit on other insurance (L) 124.04

total charge for credit (M) 124.04

 

INterest rate 24.44% per annum

 

This is the first I have heard on shortfall insurance policies.I would advise you to google the term shortfall insurance and come back with your results.

 

aa

[Anarchicant]

update. I spoke to black horse who confirmed that there is a shortfall insurance policy mentioned on my account but it is not with them. They also mentioned that i should have confirmation documentation which i definately do not have. However, apparently the shortfall insurance details will be held by the car dealership!

 

so i need to speak to card dealership.

[alanalana]

update. I spoke to black horse who confirmed that there is a shortfall insurance policy mentioned on my account but it is not with them. They also mentioned that i should have confirmation documentation which i definately do not have. However, apparently the shortfall insurance details will be held by the car dealership!

 

so i need to speak to card dealership.

 

 

If your Consumer Credit Agreement is signed by Black Horse/Lloyds TSB you should chase them. A lot of banks are putting the blame on brokers but if the Consumer Credit Agreement is with the bank and it includes the PPI then that is where to aim your claim. If they keep fobbing you off bang in a complaint to the Financial Ombudsman Service. This will exact a £500 fee payable by Black Horse/Lloyds TSB for the investigation. The FOS will then investigate and ask for all of the information from Black Horse/ Lloyds

 

You should of course when submitting a complaint to the FOS send them copies of all correspondence and loan details and keep additional copies if you can.

 

FOS are currently upholding approx 98% of complaints against Black Horse/Lloyds TSB. So go and get your money back

 

aa