Is there anything I can do? Please help me

[bluegal]

I am so sorry if this is the wrong section but I joined today as Im at my wits end, My Husband and I took a secured loan out with Black Horse 18 months ago this was done very quickly, so much so I was dazzed at the speed, the sum was for £20,000 over period of 10yrs, but out of the we got £11,000 as we had to clear the exsisting loan which was not secured, in all I have had 9 Loans from Black Horse over a period of time. This one for £20,000 we were okay with for a few months, but I suffered a collasped lung and lost my work, We tried to keep up payments but was unable to do so, I wrote to Black Horse Several times to ask for a reduction on monthly payments as income was very low, they refused, there was no mention of PPI, My Husband then became seriously ill in October Last Year, I was still trying to get a response from Black Horse about a reduction but was pasted from one person to another, In January Black Horse contacted me and offered me another Loan to clear this one completely, I refused and informed them that I had lost my work and my Husband had suspected Cancer, I was then told I had PPI and to contact them but doubt they would make any payments as they will not back date them, so I was getting deeper in debt, My last results was to sell our Home, I told them I shall pay this Loan as I have to sell our home to do soas I have had no help from them at all, We did make some payments but not many and our Balance was £17,000,Also in the paper work it states before a quarter has lasped to pay £17,000. We had to let our home go at rock bottom price and I know in the area where I live you would be lucky to get a 1 bedroom flat for the price we let our home a 3 bed house for 26yrs go for, The Black Horse has charged us £28,435 with the knowledge that we could not sell the house till they were paid, out of the sale of our home we were left with £83, Yes £83, I have asked the Black Horse what the £28,435 was for excatley, as we owed £17,000 and with Interest £20,000, which I felt Okay we will pay this, But they wanted £28,435, all I got from them when I caledl was being past from one person to another, and the reason they have charged us the extra £8,000 is Interest on the Interest, I am very baffled as to how a Bank can charge £4,000 per year Interest? Am I able to get any of this money back at all? I could not claim when I lost my job as I did not know we were covered as everything was done so fast, Also when I was told we could claim on my Husband as Full cover was put on this Loan, I was also told they would not back date that either, and that resulted in the only option we had left open to us the sale of our home, I am heart broken over this and also we do not even have enough to place a deposit on a rental accomendation, we are staying at a friends at the moment and my disabled son at his Brothers. Please forgive me if you have trouble understanding this, but any help would be so welcomed, I have applied for the refund of PPI, its the £8,000 extra they have taken I am so concerned about.

Thank You for reading this ,

Bluegal x

Edited June 11, 2010 by bluegal

[dec22]

You have been though a really rough time but hopefully things will look up going forward.

 

You probably need to start by reclaiming your PPI which might explain your high settlement as well. There is a form on FOS website which you complete and send to Black Horse. You have grounds for a misselling claim as you weren't aware that you had PPI. Have you had PPI on your past unsecured loans, if so apply for that as well.

 

Have you asked Black Horse for a detailed statement to show how they arrived at the settlement figure? might be worth making an appointment at your local Citizen's Advice bureau for some assistance with this. If you are not happy with the resposne from Balck Horse then send a complaint to the FOS.

 

Hopefully someone will come along soon and give you more useful advice!

 

Good luck!!

[bluegal]

Thank You for your Advice, Yes I have just found out all the Loans we had with Black Horse all had PPI on them and every one was settled early, after approx a year each one even the 7yr one was cleared 12mths later, We have had 9 Loans in total from them,I am reg Disabled due to the collasped lung I suffered, I am so heart broken as my Husband has worked hard for our home and all we got was £83 from the sale to get Black Horse off our backs, as they threatened to reprocessed even though they knew the situation, and did nothing to support us all they did was refuse a cut in the monthly payments, refused to send me a payment book so i could make some sort of payment, and never informed me about the PPI till this january, so I have had the Loan for 18mths,I can not get an trueful answer about the extra £8,435 they have taken only that it is Interest on Interest on late payment. To me it seems they have charged us £8,435 Interest for 18mths, I am angry and heart broken with them as they could of informed me of the PPI knowing the situation when i became ill when I contacted them about my not being able to work etc, but instead they informed me 18mths later, They just completely refused any suggestion i made in connection with a form of payment and not once mentioned PPI till this January. I feel I was forced by them to sell my home of many years if i had not, they would of taken it from me, I am so devistated/heart broken and my poor husband and son need me to be strong but at the moment im trying but not being very successful, I just need some help, even if i can salvage something would be a bonus,

Bluegal x

Edited June 11, 2010 by bluegal

[alanalana]

Thank You for your Advice, Yes I have just found out all the Loans we had with Black Horse all had PPI on them and every one was settled early, after approx a year each one even the 7yr one was cleared 12mths later, We have had 9 Loans in total from them,I am reg Disabled due to the collasped lung I suffered, I am so heart broken as my Husband has worked hard for our home and all we got was £83 from the sale to get Black Horse off our backs, as they threatened to reprocessed even though they knew the situation, and did nothing to support us all they did was refuse a cut in the monthly payments, refused to send me a payment book so i could make some sort of payment, and never informed me about the PPI till this january, so I have had the Loan for 18mths,I can not get an trueful answer about the extra £8,435 they have taken only that it is Interest on Interest on late payment. To me it seems they have charged us £8,435 Interest for 18mths, I am angry and heart broken with them as they could of informed me of the PPI knowing the situation when i became ill when I contacted them about my not being able to work etc, but instead they informed me 18mths later, They just completely refused any suggestion i made in connection with a form of payment and not once mentioned PPI till this January. I feel I was forced by them to sell my home of many years if i had not, they would of taken it from me, I am so devistated/heart broken and my poor husband and son need me to be strong but at the moment im trying but not being very successful, I just need some help, even if i can salvage something would be a bonus,

Bluegal x

 

Write to them claiming the PPI on the loans was mis-sold and give them 8 weeks to supply a satisfactory response. If they fail to respond or try and fob you off bang in a complaint to the Financial Ombudsman Service (FOS) the link to their complaint procedure is here.

 

They will investigate, charge £500 for the investigation to the company you are complaining against and eventually come up with a result. They have been upholding 90% of complaints in favour of the consumer.

 

 

http://www.financial-ombudsman.org.u...complaints.htm

 

good luck

 

aa