Wends SIL V Blackhorse PPI

[WendyB]

Re: Wends SIL V Blackhorse PPI

I've already submitted the new complaint form to Black Horse, have kept a copy and if have no joy will send to FOS. Not my claim though so will have to check with SIL to see if she's had any response, I reckon the 8 weeks is up in about 3 wweks time.

[pompeyfaith]

Re: Wends SIL V Blackhorse PPI

Great all you need do then is send copy of that form then with the evidence.

FOS are quite quick with black horse claims as they know the majority are missold.

PF

[Amethyst]

Re: Wends SIL V Blackhorse PPI

Cool, keep it with FOS. Gave you that case as its a PPI claim where the claimants said it was sold to them else they wouldnt get the loan, which is probably what happened, but the judge preferred to believe the black horse lady over them. Which I think is same as what your sis was claiming.

[WendyB]

Re: Wends SIL V Blackhorse PPI

Update. Still no word from Black Horse as far as I know, although the post will go to SIL's old address, which is ok as her daughter lives there and passes the post on, but just means there may be a bit of a time delay before she gets it then advises me. So have reminded her to have a look, and then we'll take it from there.

Looking back on the thread, I posted the signed authority from her OH on 5th July or thereabouts so 8 weeks is well up.

[WendyB]

Re: Wends SIL V Blackhorse PPI

Further upate. It turns out that there was a letter dated 20th August at her old address. Basically Black Horse say that they don't think she was missold but on the balance of probabilities it may not have been suitable for her needs and are prepared to "cancel the policy and put you in the position that you would have been in had you not taken out the policy"

Soooo. looks like a result I should say at this point that she has, without asking me, already sent back the aceptance, so it's a done deal. It doesn't state how much and says that they will not be able to provide her with a redress figure until she's accepted and the redress figure has been calculated.

I don't quite understand what they are saying, so I've typed below, can someone please explain cos my brain isn't functioning at the moment and I can't get my head round it..

The redress we will pay to you will consist of the following
A refund of the sums that you have paid towards your policy which will include the monthly added interest paid on the cost of the policy. NB Whilst the agreement will be credited with the cost of the policyyou will only receive a refund of what you have actually paid towards the policy. The remainder of the cost of the policy will be deducted from the balance of the agreement.
They also state Stat Int of 8%on each payment made, from the date the payment was received till the date they make the refund.

Original cost of the policy was 4315.95, payments of 59.08 per month, inc the interest. So, does the above mean that they will be refunding xxx payments of 59.08, which comes to approx 2600, then deducting the 2600 from the 4315, with the balance being credited off the remaining balance of the loan? It says any redress due will be paid either into bank account or by cheque.

So, like I say, a result, albeit I don't know how much for. And it's too late to argue about it now as she has already sent back the acceptance. But as the letter was dated 3 weeks ago, I reckon we should have a figure soon as they have stayed it will be paid within 8 weeks, so I reckon by 16th October latest.

For info, PF and/or Bill, if you fancy working it out for me (pretty please)1st payment was 1st Feb 2007, 59.08 per month, amount 4315.95, interest 2773.65, total 7089.60, apr 11.4, monthly interest rate 0.904 per month.

[enaid]

Re: Wends SIL V Blackhorse PPI

This has been the major grievance with people re these refunds Black Horse will not produce any figures until the acceptance is signed. The FOS are allowing this to happen which I personally think is a disgrace.
I think she may have jumped the gun here but that is only my opinion, lets wait and see what figures they come yp with.

[Bill-K]

Re: Wends SIL V Blackhorse PPI

Yes - this 'foregone conclusion' acceptance form has been a major problem - along with the FOS 'Standard Questionnaire' that has been used. I am becoming more amenable to idea of 'standardising' these claims by the FOS, as it seems to be a way of 'fast-tracking' them. Considering what seems to now have become a flood of claims, then this seems a way of dealing with this in a practical way.

However, I do worry that the FOS seem to think that we should now trust them any more than we trusted our banks while they were systematically plundering our accounts. Who - at the FOS - really thought that we would be so happy to sign these "Yeah - I'll accept anything you say, because I trust you and love you" forms, without giving it some thought - considering recent 'Fiduciary' history ?

I personally suggest that we do NOT sign and return these forms, but instead send a letter of acceptance which is clearly CONDITIONAL upon the offer being clearly set out, with clear calculations, and that the offer is an acceptable amount.

"Notwithstanding" this - I feel that any refund that has been accepted under the dubious circumstances now suggested by the FOS is still able to be contested by virtue of the fact that the acceptance is a blind acceptance of the 'principle' - and not the 'amount.'

The 'principle' seems to be full restitution. This leaves the 'amount still open toi further discussion under that topic headline, IMHO.

But I still think it's a stupid idea for the FOS to ask for this 'blind' acceptance - and that the FOS should know better than to expect us to trust ANYBODY in the banking business, any more. Whether it be the FOS, the FSA, the ICO, - the IMF, even !!!

[pompeyfaith]

Re: Wends SIL V Blackhorse PPI

indeed and is one of the reasons i will not sign the form the fos send me the bank has already exercised damage limitation or tried to i maybe disabled but im not green (im orange) lol

[WendyB]

Re: Wends SIL V Blackhorse PPI

Thanks for your comments guys, and I agree with you that she has jumped the gun by acepting, but what's done is done. In the meantime, any offers on my question? Cheers

I don't quite understand what they are saying, so I've typed below, can someone please explain cos my brain isn't functioning at the moment and I can't get my head round it..

The redress we will pay to you will consist of the following
A refund of the sums that you have paid towards your policy which will include the monthly added interest paid on the cost of the policy. NB Whilst the agreement will be credited with the cost of the policy you will only receive a refund of what you have actually paid towards the policy. The remainder of the cost of the policy will be deducted from the balance of the agreement.
They also state Stat Int of 8%on each payment made, from the date the payment was received till the date they make the refund.

Original cost of the policy was 4315.95, payments of 59.08 per month, inc the interest. So, does the above mean that they will be refunding xxx payments of 59.08, which comes to approx 2600, then deducting the 2600 from the 4315, with the balance being credited off the remaining balance of the loan? It says any redress due will be paid either into bank account or by cheque.


For info, PF and/or Bill, if you fancy working it out for me (pretty please)1st payment was 1st Feb 2007, 59.08 per month, amount 4315.95, interest 2773.65, total 7089.60, apr 11.4, monthly interest rate 0.904 per month.

[enaid]

Re: Wends SIL V Blackhorse PPI

Further upate. It turns out that there was a letter dated 20th August at her old address. Basically Black Horse say that they don't think she was missold but on the balance of probabilities it may not have been suitable for her needs and are prepared to "cancel the policy and put you in the position that you would have been in had you not taken out the policy"

Soooo. looks like a result I should say at this point that she has, without asking me, already sent back the aceptance, so it's a done deal. It doesn't state how much and says that they will not be able to provide her with a redress figure until she's accepted and the redress figure has been calculated.

I don't quite understand what they are saying, so I've typed below, can someone please explain cos my brain isn't functioning at the moment and I can't get my head round it..

The redress we will pay to you will consist of the following
A refund of the sums that you have paid towards your policy which will include the monthly added interest paid on the cost of the policy. NB Whilst the agreement will be credited with the cost of the policyyou will only receive a refund of what you have actually paid towards the policy. I take this to mean your sis will get this paid into a bank account or by cheque.
The remainder of the cost of the policy will be deducted from the balance of the agreement.This total will be taken from the balance as it is now.
They also state Stat Int of 8%on each payment made, from the date the payment was received till the date they make the refund.This is clear enough but I think it will only be added to the amount refunded and not what they take off the alance but i maybe wrong.

Original cost of the policy was 4315.95, payments of 59.08 per month, inc the interest. So, does the above mean that they will be refunding xxx payments of 59.08, which comes to approx 2600, then deducting the 2600 from the 4315, with the balance being credited off the remaining balance of the loan? It says any redress due will be paid either into bank account or by cheque.

So, like I say, a result, albeit I don't know how much for. And it's too late to argue about it now as she has already sent back the acceptance. But as the letter was dated 3 weeks ago, I reckon we should have a figure soon as they have stayed it will be paid within 8 weeks, so I reckon by 16th October latest.

For info, PF and/or Bill, if you fancy working it out for me (pretty please)1st payment was 1st Feb 2007, 59.08 per month, amount 4315.95, interest 2773.65, total 7089.60, apr 11.4, monthly interest rate 0.904 per month.

So the way I read it she should get £59.08 by how many months she has actualy paid it + 8%.
The remainder will go off the balance, this is only how I see it and could be totally wrong as these are a law unto themselves as we know. They may also now the PPI has been refunded up the original Interest rate so in fact your sis will still be paying the same as she was before.

[WendyB]

Re: Wends SIL V Blackhorse PPI

Thanks, that's what I thought. I don't think they can up the original interest rate, as it's not shown as variable on the agreement, also there is another bit in the letter which states "Amend the monthly payment to the first schedule (loan only) amount". I take this to mean that it will be amended to the amount it would have been if she hadn't taken out the PPI, this amount is clearly shown on the agreement so I don't see how they could do any different. I reckon she should get around 2600, plus the 8%, but that 8% is calculated from a different date for each 59.08 paid so I haven't got round to working that out....hopefully PF or Bill will step in here lol.

Anyway, all will become clear soon, they say that when they pay the redress they will send a breakdown of how the redress has been calculated. Beats me as to why they can't do this in the first place before acceptance, as they obviously have all the figures available. I really wish she hadn't accepted it already but no going back now. And she will also now be saving almost 5k by not having to pay the PPI for the remainder of the loan so that's good.

[Bill-K]

Re: Wends SIL V Blackhorse PPI

I think Enaid's summary reply is about right, Wendy, but they are a bit vague about how the payments already made will be refunded. The usual form is that the refund of PPI payments and interest ALREADY PAID is paid by cheque - UNLESS the loan is in arrears, in which case they will use this to pay off the arrears.

We need to be sure that the £59.08 paid each month is NOT just the initial PPI premium charged, but includes account interest as well. And, yes, indeedy - the 8% interest is then added to this, and calculated from the date of each payment - it is not just 8% of the total paid.

The balance remaining on the account should then be reduced by the amount of PPI which it includes, and therefore the remaining payments should be reduced accordingly.

As I implied above, I don't think that signing the 'blind' F&F acceptance form could actually be construed as anything other than an acceptance of the principle that the the FOS apply that the borrower should be restored to the state they would have been in if PPI were not sold to them. Specific amounts are CLEARLY not included in that acceptance, IMO.

As mentioned previously, Wendy, fill in the top section of the PPI spreadsheet, and you should get a complete set of figures for this. Turbo and I have created the spready, but YOU need to put in the figures, matey !!! It's easy-peasy - honest, guv !!!

[WendyB]

Re: Wends SIL V Blackhorse PPI

Ok Bill, in the absence of sleep, I shall do it now.

[Bill-K]

Re: Wends SIL V Blackhorse PPI

LOL - Insomnia, Wendy ? I do night-shifts, so I'm a permanent insomniac.

I'm sure the figures will soon send you off to sleep !!!:yield:

[WendyB]

Re: Wends SIL V Blackhorse PPI

well they probably would if it would let me enter them!! I've been shouting at you in Shout for the past 5 minutes lol

oh yeah, and I'm not an insomniac, in fact I'm knackered, but after 2 hours of my OH snoring his head off I gave up and got up!!