Blackhorse Motor Finance Interest Refund ?

[nemesis45]

Re: Blackhorse Motor Finance

Hi welcome to LB,

I would suppose they could both be correct as it is possible that not all finance have
been guilty of the same " mistakes".

You could try a Formal Complaint which requires the finance house to fully investigate your complaint and respond within 56 days.

nem

[xxz109]

Re: Blackhorse Motor Finance

Hi,
I have recently received a similar letter from Black Horse regarding refund on Interest payments because of wording omission in the annual statement relating to voluntary termination, along with a cheque for over £2k. My question is this: I still owe them over £20k (though I have not paid them anything for a long time), and yet at the end of the letter they have the same statement: "Once you have presented the cheque for payment, you do not need to take any further action. Your agreement with us is regarded as closed."

Seriously? Why have they written off the unpaid amount? Could they wait till I cash the cheque and then come after me for the full amount?

[harri]

Re: Blackhorse Motor Finance Interest Refund ?

Hi All

I also have received a letter, with a rather disappointing cheque for £24. I called them to find out how they got to that figure (I had finance on an A4). They said that I took out my loan in 2006 and the 'legislation' didn't come in until 2010, luckily for them in the last month of my loan! Can anyone validate if this is correct? Anyone else had payment back on a loan pre 2010?

[nemesis45]

Re: Blackhorse Motor Finance

Hi,
I have recently received a similar letter from Black Horse regarding refund on Interest payments because of wording omission in the annual statement relating to voluntary termination, along with a cheque for over £2k. My question is this: I still owe them over £20k (though I have not paid them anything for a long time), and yet at the end of the letter they have the same statement: "Once you have presented the cheque for payment, you do not need to take any further action. Your agreement with us is regarded as closed."

Seriously? Why have they written off the unpaid amount? Could they wait till I cash the cheque and then come after me for the full amount?

I think if BH went back on that statement it would be in further mire, cash your cheque enjoy the money and Keep That Letter Safe!!

nem

[coverfan]

Re: Blackhorse Motor Finance

I took out a fixed sum loan on a car from a Car Finance company (not a big operator, part of a dealership) in August 2010. Not HP. All annual statements issued to me including those after Feb 2011 have NOT included information on the right to overpay the loan. They did mention early settlement of the whole loan. My question is, in the same circumstances, HSBC has repaid me interest for annual statement periods when they did not mention overpayments, so, what's different about a loan for a car? the company are refusing to accept that my loan is covered at all by the new rules as it was taken out before Feb 2011. But, the loan seems to fall into the 'gap' period from June 2010 to Feb 2011 and so my understanding is that annual statements issued after Feb 2011 should have mentioned overpayments.

Any views? I suspect this is potentially a big issue for these smaller finance companies.