Black Horse offer of money out of the blue

[Keffs]

On Saturday I received a letter from Black Horse, completely out of the blue offering me a settlement of £830 as they had neglected to insert a right to cancel in a PCP car loan deal.

I finished paying off the finance about 3 years ago and they wrote and said that in my annual statements they had neglected to inform me of a right to terminate the deal early and that they are no longer due the interest I paid during this period - £830

 

I didnt apply for a refund, or know I was entitled to one. They seem very keen for me to accet and cash a cheque quickly. Is this normal?

 

Thanks

[BankFodder]

On Saturday I received a letter from Black Horse, completely out of the blue offering me a settlement of £830 as they had neglected to insert a right to cancel in a PCP car loan deal.

I finished paying off the finance about 3 years ago and they wrote and said that in my annual statements they had neglected to inform me of a right to terminate the deal early and that they are no longer due the interest I paid during this period - £830

 

I didnt apply for a refund, or know I was entitled to one. They seem very keen for me to accet and cash a cheque quickly. Is this normal?

 

Thanks

 

No, I'm sorry to tell you that this is not normal. This is a terrible mistake made by Lloyds who have misappropriated so much of everybody else's money that they scarcely know what to do with it and their accounting procedures can't handle it.

 

I earnestly recommend that you keep a clean conscience and receive it and pass it on to us by way of a well earned donation as quickly as possible.

 

You will then feel much better – and so will we.

[Keffs]

I cant quite believe my luck.

[citizenB]

I think there will be quite a few people who will be receiving monies they didn't know they were entitled to - I think there has recently been an announcement by the FCA in respect of one of the big 4 banks where they are to compensate people for not having advised them of their statutory rights on statements.. So it looks to me as though Black Horse might be getting ahead of the game before they, too are not only forced to repay people.. but are fined as well.

 

Early Christmas present..

[dx100uk]

yes there was a notice issued some time back that banks were being told to do this by the fca.

[GraemeK]

I think there will be quite a few people who will be receiving monies they didn't know they were entitled to - I think there has recently been an announcement by the FCA in respect of one of the big 4 banks where they are to compensate people for not having advised them of their statutory rights on statements.. So it looks to me as though Black Horse might be getting ahead of the game before they, too are not only forced to repay people.. but are fined as well.

 

Early Christmas present..

 

 

I've also had a letter intimating that Black Horse intend giving me an early Christmas present from a motorcycle deal.

 

What I'm wondering is whether this is a situation limited to Lloyds Banking Group/Black Horse or is it an industry wide situation - my specific interest would be Volkswagen Finance, which my wife has used, and this is for chunkier sums of money than the motorbike deal.

 

Any pointers on where I could learn more about this issue?

[register]

I have received 600 £ from vfs (Volkswagen) this month for not providing me with statements. I closed the account in July.