Black H orse ppi

[linda m]

M y son took out a loan in dec 2005 payable over 48 months and even after telling them he did not need ppi[he is in the forces signed up for the next 9 yrs]they still added on the ppi . We did not realise he could cancel [thought he was stuck with it ]until I started claiming my bank charges and found this section. He phoned them up ,local office in february and he was told he could not cancel we then had a look at his contract which says he can cancel at any time and receive a partial refund. So we sent of letter found in the templates on the 13th march with 14 days to reply NO REPLY AS YET .

On looking at his paperwork for the loan there is only 1-- a contract with details of ppi

2---a terms and conditions 3--- a copy of the direct debit form There are no details of terms and conditions ,policy ,key facts about the ppi Can anyone suggest what kind of letter to send back:-|

[hellhasnofury]

M y son took out a loan in dec 2005 payable over 48 months and even after telling them he did not need ppi[he is in the forces signed up for the next 9 yrs]they still added on the ppi . We did not realise he could cancel [thought he was stuck with it ]until I started claiming my bank charges and found this section. He phoned them up ,local office in february and he was told he could not cancel we then had a look at his contract which says he can cancel at any time and receive a partial refund. So we sent of letter found in the templates on the 13th march with 14 days to reply NO REPLY AS YET .

On looking at his paperwork for the loan there is only 1-- a contract with details of ppi

2---a terms and conditions 3--- a copy of the direct debit form There are no details of terms and conditions ,policy ,key facts about the ppi Can anyone suggest what kind of letter to send back:-|

 

Hello Linda,

 

I understand the stage you are at, but can't understand the last bit in your post. Can you clarify what your mean by

 

1-- a contract with details of ppi

2---a terms and conditions 3--- a copy of the direct debit form There are no details of terms and conditions ,policy ,key facts about the ppi

[linda m]

Sorry I was not very clear.

On the loan agreement right hand side it has details of the loan

on the loan agreement left hand side it has details of the ppi

there are terms and conditions attached for this

there is no policy for the ppi telling you what you can claim for and what you can not or where to phone up for a claim form, the only details wee have about the ppi is the amount the interest and the payments:-(

[whatnext]

Linda - since Jan 2005 PPI has been regulated by the FSA. The rules stipulate that a policy summary and policy document must be provided by the loan company at the time the agreement is signed. The regulator has closely examined single premium PPI (which is genreally sold with loans) and has recently published a statement on refunds. It might be helpful to include the fact that there was no policy summary or policy supplied with the agreement (which is in breach of the Insurance Conduct Of Business rules Section 5).

 

Hope this helps.

[linda m]

Thanks Iv'e written my letter will post today

[linda m]

At last I have got a reply to the two letters sent to Black Horse. In veiw of the issues raised they will undertake further investigations and they have passed it on to their CUSTOMER CONCERNS DEPARTMENT [ sounds funny]who will contact me shortly when investigations are complete.Hopefully some progress at last.

[linda m]

Got a letter back from b/h will cancel ppi from 19/04/2007,cancellation documents being sent out [ will look at this very carefully ] hoping to get the £48 a month ppi taken off the payments.but not to sure on how this works as the ppi was put on the loan at the begining and would their be interest .

They reveiwed the Demands and need questionairre and could not find anything to suggest the ppi was mis-sold.

On the subject of no policy documents being sent out I have to take that up with the insurers directly--if only I knew who they were----

The ppi was as follows

£1319.50

total charge for

ppi credit £1000.34

TOTAL £2319.84

 

 

Amount of monthly repayment £48.33 for 48 months

Any assistance would be fully appreciated

[hellhasnofury]

Got a letter back from b/h will cancel ppi from 19/04/2007,cancellation documents being sent out [ will look at this very carefully ] hoping to get the £48 a month ppi taken off the payments.but not to sure on how this works as the ppi was put on the loan at the begining and would their be interest .

They reveiwed the Demands and need questionairre and could not find anything to suggest the ppi was mis-sold.

On the subject of no policy documents being sent out I have to take that up with the insurers directly--if only I knew who they were----

The ppi was as follows

£1319.50

total charge for

ppi credit £1000.34

TOTAL £2319.84

 

 

Amount of monthly repayment £48.33 for 48 months

Any assistance would be fully appreciated

 

Hello Linda,

 

At least you are getting the ppi cancelled at last. I read that you are wary of the paperwork that they are going to send you (smart move).

 

I think because it was a single premium ppi they will refund the balance left into your loan and reduce the total you need to pay.

 

Ask them to send you a breakdown of the ppi payments you have actually paid and once you know, send them a prelim letter asking for the money back. They have denied mis-selling, but they have to. Not many people do know who the insurance is with, very interesting:lol:

[linda m]

Thanks Helhasnofury,still no cancelation documents back from b/h,will see what tomorows post brings.

PS my sister-inlaw also lives in a house in manchester don't know if owned by natwest though. lol.

[hellhasnofury]

Thanks Helhasnofury,still no cancelation documents back from b/h,will see what tomorows post brings.

PS my sister-inlaw also lives in a house in manchester don't know if owned by NatWest though. lol.

 

Hello,

 

Unfortunatly Natwest own all of me, but not for very much longer.

 

Had a bit of success with them though and more to come I think:-D

[linda m]

At last got cancelation documents back [after 2 phonecalls]

 

1 The PPI will be canceled and will be backdated to19/04/07------GOOD

2 The original monthly payment for ppi was £48.33

they estimate the new monthly payment for ppi will be£31.62

3 we phoned them up to ask why was it only being reduced by £16.71 a month when we were told it would be canceled

This was their answer ''they have re-adjusted the payments to incorporate five months cancelation

 

So we will be paying£31.62 for the remainder of the loan [31months]which totals £980.22 but 5months full ppi payments only add up to£48.33for 5 months which totals 242.68.

 

PLEASE ADVISE

[stan5131]

What Black Horse do is they sell you a single premium policy. Then they lend you the full amount of the ppi premium and add it to the loan and then charge you interest on the ppi premium. Because you have paid up front for the policy (and not continuing monthly payments ie pay as you go) it is virtually impossible to get a refund. You sometimes, as in your case, get a slight reduction for early settlement.

 

I think its time for you to go to the FOS. You need to write a strong letter to Black Horse asking for a full refund of the mis sold ppi policy or a 'final reponse' letter. Once you receive the final response, you can take your complaint to the FOS.

[linda m]

My son phoned up oft consumer phoneline and went through everything with them (letters to b/h and letters back etc) they did not like the situation at all and arranged for our local authority trading standards to give us a call.

Trading standards asked for a copy of all documents and letters and are now dealing with it ,I am waiting on word back from them:razz:

[hellhasnofury]

My son phoned up oft consumer phoneline and went through everything with them (letters to b/h and letters back etc) they did not like the situation at all and arranged for our local authority trading standards to give us a call.

Trading standards asked for a copy of all documents and letters and are now dealing with it ,I am waiting on word back from them:razz:

 

Hiya linda,

That looks promising and I do hope ts do get their finger out of the b** and do something about these financial institutes, which have robbed their customers blind:D and got away with it till now:-x