Black Horse refunding Customers interest after annual statement error

[Legal Beagles]

Customers who have taken motor finance from Blackhorse have been receiving unexpected payouts. The company has admitted to failing to include information in annual statements relating to the option for customers to voluntarily terminate the contract before completion. This is required in the UK under the Consumer Credit Act The payments are a refund of […]

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[OB1M]

Re: Black Horse refunding Customers interest after annual statement error

I have received a similar letter from an agreement I took out in 2009 and traded the car in for another agreement with a different FC over 2 years later. I also felt that the tone of the letter was a bit too pushy in asking me to bank the cheque right away, it felt like there was more to it.
Would be interested to know if anyone has investigated this further.
Thanks

[Amethyst]

Re: Black Horse refunding Customers interest after annual statement error

This thread has more people on who have received the letter http://www.legalbeagles.info/forums/...418#post488418

Anybody fancy calling the FCA and seeing if it's an 'ordered' thing by them or just off blackhorse's own back ?

[Nibbler]

Re: Black Horse refunding Customers interest after annual statement error

Another example.

I'm looking for a bit of help and advice. Yesterday I received a letter from Blackhorse finance about a loan I took out with them back in 2008 to help purchase a new car. The loan was over a 3 year period and the outstanding lump sum (as it was a pcp) was paid off in full at the end of the agreement. The letter states that they have carried out a review of my account and noted that they made an error. When I signed up for the agreement they neglected to inform me that I was free to terminate the contract voluntarily before its completion.

As a result they are not entitled to retain the interest I paid on the loan and therefore have to refund it in full from the date of the error, which happens to be the start of the loan. They have informed me that a cheque for the ineterest will be sent out in the next 7-10 days for the amount of £1800.