• Welcome to the LegalBeagles Consumer and Legal Forum. Please register to get the most out of the forum. Registration is free and only needs a username and email address.
  • LegalBeagles® is a free forum, founded in May 2007, providing legal guidance and support to consumers and SME's across a range of legal areas.

    Please do not post your full name, reference numbers or any identifiable details on the forum.

Blackhorse Motor Finance Interest Refund ?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Blackhorse Motor Finance Interest Refund ?

    Hi, I purchased a car from Motorpoint in 2010 and subsequently traded that in for another car, taking out a further agreement. I have repaid the second agreement early. Today, out of the blue, I have received a letter from them telling me that for the first car agreement, that as a review of the annual statements of account that they sent me regarding my agreement, they have identified that they did not remind me of my right to voluntarily terminate my contract before completion. As a result they have calculated that I'm entitled to £1194.86 for the interest paid as a refund.... they also go on to say that they will send a cheque and this 'must' be presented at my earliest convenience to benefit from the refund.

    My question is; why are they actively encouraging me to bank and claim this ASAP - is there something more to this?

    Thanks Shaggy

    Last edited by Amethyst; 9th April 2015, 17:55:PM.
    Tags: None

  • #2
    Re: Blackhorse Motor Finance

    Ooo you are cynical....but probably right. I'll try have a dig about see if Motorpoint/BHF have been ticked off for anything or if anyone else has had similar.

    The amount of £1194.86 what does that relate to - is it all the interest that was charged from the time you traded in for another car to what would have been the end of the original agreement ?

    Can probably help you work it out if you give us the amount borrowed, interest rate, term of contract ,date of inception and the date of trade (or upload a redacted copy of the agreement)
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

    If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

    Comment


    • #3
      Re: Blackhorse Motor Finance

      Hi thanks,
      Oh yes completely cynical when it comes to banks and any finance company.... far too many 'scams' they have been involved in recently

      the letter states
      "The consequence of this is that we are not entitled to retain the interest paid by you after the first incorrect statement was due to be sent to you"

      "as we are not entitled to retain this interest, we are refunding back to you all the interest relating to and paid by you during the period that we did not provide the correct notice with the annual statement(s). Our calculations show you are entitled to be refunded interest of £1194.86 in respect of this period"

      Since this agreement is 2 years old, I'd have to go up in the loft to dig out the original paperwork for further detail.

      It sounds like they have been warned about 'improper' trading and trying to make amends,,, hoping I take an early settlement...

      Comment


      • #4
        Re: Blackhorse Motor Finance

        I can't find anything Googling around, but I'd be cautious. I can see no reason whatsoever why they would volunteer the information rather than keep your money as profit.

        If it were me, I'd pay the money into a little used account and leave it for a fair while before risking spending it, just to play safe.

        Comment


        • #5
          Re: Blackhorse Motor Finance

          Could it be PPI related? Maybe they're getting an offer in to stave off you claiming
          Debt is like any other trap, easy enough to get into, but hard enough to get out of.

          It doesn't matter where your journey begins, so long as you begin it...

          recte agens confido

          ~~~~~

          Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

          I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
          But please include a link to your thread so I know who you are.

          Specialist advice can be sought via our sister site JustBeagle

          Comment


          • #6
            Re: Blackhorse Motor Finance

            Thanks Kati,
            it doesn't mention PPI or insurance anywhere in the letter.

            Comment


            • #7
              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:
              Debt is like any other trap, easy enough to get into, but hard enough to get out of.

              It doesn't matter where your journey begins, so long as you begin it...

              recte agens confido

              ~~~~~

              Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

              I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
              But please include a link to your thread so I know who you are.

              Specialist advice can be sought via our sister site JustBeagle

              Comment


              • #8
                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?

                Comment


                • #9
                  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
                  Debt is like any other trap, easy enough to get into, but hard enough to get out of.

                  It doesn't matter where your journey begins, so long as you begin it...

                  recte agens confido

                  ~~~~~

                  Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

                  I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
                  But please include a link to your thread so I know who you are.

                  Specialist advice can be sought via our sister site JustBeagle

                  Comment


                  • #10
                    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)
                    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

                    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                    Received a Court Claim? Read >>>>> First Steps

                    If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

                    Comment


                    • #11
                      Re: Blackhorse Motor Finance

                      Yes - http://www.legislation.gov.uk/ukpga/1974/39/section/77A
                      “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

                      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                      Received a Court Claim? Read >>>>> First Steps

                      If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                      Find Solicitors offering fixed fees on our sister site - JustBeagle.com

                      Comment


                      • #12
                        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.
                        “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

                        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                        Received a Court Claim? Read >>>>> First Steps

                        If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                        Find Solicitors offering fixed fees on our sister site - JustBeagle.com

                        Comment


                        • #13
                          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.”.
                          “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

                          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                          Received a Court Claim? Read >>>>> First Steps

                          If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                          Find Solicitors offering fixed fees on our sister site - JustBeagle.com

                          Comment


                          • #14
                            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.
                            “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

                            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                            Received a Court Claim? Read >>>>> First Steps

                            If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                            Find Solicitors offering fixed fees on our sister site - JustBeagle.com

                            Comment


                            • #15
                              Re: Blackhorse Motor Finance

                              If you can scan/photograph and upload (or email me admin@legalbeagles.info ) the letter it would be very useful.
                              “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

                              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                              Received a Court Claim? Read >>>>> First Steps

                              If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

                              Find Solicitors offering fixed fees on our sister site - JustBeagle.com

                              Comment

                              View our Terms and Conditions

                              LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                              If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                              If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.

                              Announcement

                              Collapse
                              No announcement yet.

                              Court Claim ?

                              Guides and Letters
                              Loading...

                              upgrade to vip

                              Want exclusive access to forums, more privacy and a live chat box? Upgrade to become a bigger part of our community.

                              only £15/yr

                              Offers available. No subscription traps.

                              sign up now



                              Search and Compare fixed fee legal services and find a solicitor near you.

                              Find a Law Firm


                              Working...
                              X