Blackhorse Motor Finance Interest Refund ?

[Amethyst]

Re: Blackhorse Motor Finance

I have received a similar letter today but the amount is £608.80. I have been going through the same thought process! I have checked all the contact numbers etc and it all seems very legitimate.

Spencer - was yours from motor finance as well? exactly the same (barring amounts) as shaggy ? and any chance of posting a copy of your letter up ?

[Amethyst]

Re: Blackhorse Motor Finance

I'd cash it. If it does equate to the interest charged since having had the annual statement.

Could be worth giving the FCA a call and seeing if they know about it and whether its an ordered thing or off their own backs.

I've asked about a bit to see if others have the same.
http://www.legalbeagles.info/forums/...tatement-error

[shaggybfc]

Re: Blackhorse Motor Finance

Well the cheque has turned up today. it has a statement on the letter saying submit the cheque within 30 days or they will make a follow up call..... I might just wait for the 30 days to see what happens

[Spencer]

Re: Blackhorse Motor Finance

I have received a similar letter today but the amount is £608.80. I have been going through the same thought process! I have checked all the contact numbers etc and it all seems very legitimate.

[Amethyst]

Re: Blackhorse Motor Finance

Thank you so much for that.

[shaggybfc]

Re: Blackhorse Motor Finance

here you go, this is the letter - second page is only the if you need further assistance statement.

[Amethyst]

Re: Blackhorse Motor Finance

If you can scan/photograph and upload (or email me admin@legalbeagles.info ) the letter it would be very useful.

[Amethyst]

Re: Blackhorse Motor Finance

So yes, check their calculations, basically all interest that was charged since the faulty annual statement should be being refunded.

Otherwise - YEY !! That's a nice early Christmas pressie for you.

[Amethyst]

Re: Blackhorse Motor Finance

http://www.legislation.gov.uk/uksi/2...ents/made#sch1 ??


PART 3FORMS OF WORDING TO BE INCLUDED IN FIXED-SUM CREDIT STATEMENTS RELATING TO HIRE-PURCHASE OR CONDITIONAL SALE AGREEMENTS

5. The following forms of wording shall be included, as appropriate, in a statement under this Part:
“Termination: Your rights

You also have the right to end this agreement early in accordance with section 99 of the Consumer Credit Act 1974. You will not have to pay all the sums due under the agreement but you will not be entitled to retain the goods if you do this. Details were set out in your credit agreement. If you wish to terminate the agreement you should contact us for further information including any amount payable on termination.”.

“If you wish we can provide you with separate settlement figures for your [hire purchase] [conditional sale] [NOTE 1] agreement and for your insurance finance agreement. Please contact us in writing to obtain this.”.

[Amethyst]

Re: Blackhorse Motor Finance

I can't though find the rules of voluntary termination information to be included within an annual statement - will have a look but if someone happens to know it.

Might be worth other blackhorse custs checking their annual statements included the relevant term.


Btw HSBC did the same in August - http://www.bbc.co.uk/news/business-28639103 on standard loans

HSBC is expecting to pay back $367m (£218m) of interest payments to some UK customers owing to mistakes in paperwork for personal loans.

The bank has admitted to failing to include information in annual statements relating to the option for customers to make overpayments.

This is required in the UK under the Consumer Credit Act.

[Amethyst]

Re: Blackhorse Motor Finance

Yes - http://www.legislation.gov.uk/ukpga/1974/39/section/77A

[Amethyst]

Re: Blackhorse Motor Finance

They may have been warned, I can't find anything though, or they may just have an extra on the ball compliance officer and decided to play things by the book so they don't get investigated, or they are in the midst of an investigation.

They are correct btw in that they aren't entitled to interest after they had failed to provide the correct notice with regards the voluntary termination with your annual statement. I'll dig out the relevant parts of the CCA for you ( 77 A I believe)

[Kati]

Re: Blackhorse Motor Finance

I'm not saying that's what they are doing ... I'm just throwing the idea out on the off chance :tinysmile_grin_t:
It does sound very suspicious to me tho'
K x

[shaggybfc]

Re: Blackhorse Motor Finance

[MENTION=49370]Kati[/MENTION],
exactly why I asked - they just seem far too keen for me to present to cheque. If I take it, bank it, they I waiver my rights to anything else?

[Kati]

Re: Blackhorse Motor Finance

I just wondered if they might be offering you £X because they've checked back through their paperwork and realised you might be due £XX in PPI if you claimed it back :tinysmile_twink_t2:
although ... Blackhorse are a subsidiary of Lloyds aren't they? Maybe they are being extra careful in case they gt taken to court again :lol: