PPI claim against Black Horse Finance - Where do I start??

[The Debt Star]

Re: PPI claim against Black Horse Finance - Where do I start??

Settled accounts can only remain on one's CRFs for 6 years can't they?

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

Settled accounts can only remain on one's CRFs for 6 years can't they?

That's what I've always been led to believe DS!!!

In actual fact having checked some other points on my CRF on some of my other Settled accounts (cards which have been settled in the last 6 years) it actually states -

"Settled accounts are kept on file for six years from the settlement date. The status history in respect of a settled account relates to the period of time prior to the date of settlement."

I think I will have to get in touch with them and get this put right.

Good morning

First of all some credit reports may still hold details for more than 6 years, so no worries there.

In regards of the payment of BH, maybe that is including all interest etc on top (which i must admit seems extremely high), but when you receive your docs through it can be compared then just to be sure.

Well I thought it seemed extremely high too. I've re-read the flippin thing 100 times over now and even rechecked all the DD payments etc. It definately says £201 over 70 months.

I'm astounded if I actually paid back that much!!

[Amethyst]

Re: PPI claim against Black Horse Finance - Where do I start??

How much were the original amounts for each of the loans (regardless how much you had paid back when you refinanced).

eg. if you were borrowing £10k and had only paid back £500 when you refinanced you have all the interest on the 10k tot he date of the refinance and the redemption penalties etc if any, so the second loan would have been to repay all that (so prob more than £10k) PLUS any extra borrowing which would have been paid into your account, and so on to the next one.

If you don't recall then you might need to try and get the original agreements if you are disputing the amounts.

If that makes sense.

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

How much were the original amounts for each of the loans (regardless how much you had paid back when you refinanced).

eg. if you were borrowing £10k and had only paid back £500 when you refinanced you have all the interest on the 10k tot he date of the refinance and the redemption penalties etc if any, so the second loan would have been to repay all that (so prob more than £10k) PLUS any extra borrowing which would have been paid into your account, and so on to the next one.

If you don't recall then you might need to try and get the original agreements if you are disputing the amounts.

If that makes sense.

Hi Ame,

Yeah that makes a bit more sense now. I think I've confused myself by going over and over it all day (serves me right for reading my Credit Report with a hangover).

I do however still think a total repayment (from start of finance to finish) of £14,074.90 seems a bit extortionate when my original borrowings were only:
1, £1000
2, £688.48
3, £2,978.28

I appreciate that these amounts are not inclusive of interest, PPI and early redemption penalties etc but is it really possible for just over 4.5K of borrowings to turn into 14K repayments?!?

[Turboman]

Re: PPI claim against Black Horse Finance - Where do I start??

Hi Deller---I'll look at the sums etc after tea and post up ready for analysis by Bill

Hi Ame,

Yeah that makes a bit more sense now. I think I've confused myself by going over and over it all day (serves me right for reading my Credit Report with a hangover).

I do however still think a total repayment (from start of finance to finish) of £14,074.90 seems a bit extortionate when my original borrowings were only:
1, £1000
2, £688.48
3, £2,978.28

I appreciate that these amounts are not inclusive of interest, PPI and early redemption penalties etc but is it really possible for just over 4.5K of borrowings to turn into 14K repayments?!?

[Amethyst]

Re: PPI claim against Black Horse Finance - Where do I start??

Hi Ame,

Yeah that makes a bit more sense now. I think I've confused myself by going over and over it all day (serves me right for reading my Credit Report with a hangover).

I do however still think a total repayment (from start of finance to finish) of £14,074.90 seems a bit extortionate when my original borrowings were only:
1, £1000
2, £688.48
3, £2,978.28

I appreciate that these amounts are not inclusive of interest, PPI and early redemption penalties etc but is it really possible for just over 4.5K of borrowings to turn into 14K repayments?!?

Loan 1: £1000

Loan 2: ( how much total loan - as it refinanced the £1000 less payments made and gave you some cash (£688.48??))

Loan 3: as above.

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

Hi Deller---I'll look at the sums etc after tea and post up ready for analysis by Bill

Thanks TM

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

Loan 1: £1000

Loan 2: ( how much total loan - as it refinanced the £1000 less payments made and gave you some cash (£688.48??))

Loan 3: as above.

Yeah I understand that part of it (I think).

Loan 2 will be inclusive of balance from Loan 1 + any interest + PPI + interest on PPI + any early redemption fee (if any)

Loan 3 will be a total figure to settle the above + interest + PPI + interest on PPI + any early redemption fee (if any) + the further cash advance.

Is that correct??

I'm pretty sure I've got my head round what will be included in each re-finance I'm just finding it astounding that it actually accumulates to over £14,000 over all.

I guess there's no point speculating, I will just have to wait and see what the SAR returns (if anything).

I wish I never got my Credit Report now

[Turboman]

Re: PPI claim against Black Horse Finance - Where do I start??

Deller---Who was the loan with?

Most companies have around 20% of the Cash Loan added again as a PPI Loan---but we have seen some at a massive 55%---yep---extra

We'll have a go at reverse engineering using Amortization with a few assumptions on interest rates---I'll also use Rule-of-78 theory to predict what your settlement figures were also--btw----I'm in "catch-up" mode----but be back up to speed by around mid evening

You have got the SAR off anyway---so we can look at that with you---eventually

Di--Doesn't Deller need to just fill in the standard questionairres and send em off anyway----irrespective of waiting for the sar results?----if so -- we can help her fill em in

[Turboman]

Re: PPI claim against Black Horse Finance - Where do I start??

Deller----you got the Loan Statements?

or just the Bank Statements?

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

Deller----you got the Loan Statements?

or just the Bank Statements?

Thanks TM. I've only got the bank statements at the moment so I'm only sure about the credits made to my account and the DD's paid out. It's just this figure on the credit report which has got me really baffled.

Is it possible the Credit Report could be wrong?

[Turboman]

Re: PPI claim against Black Horse Finance - Where do I start??

Look closely at the credits re Loan 3 Deller----does it show ANOTHER credit which immediately has a matching Debit (ie the settlement figure on previous loan---(but on £688.48 that wouldn't be much anyway----give me a couple of hours to get my sums models going---like Bill-k I took a rest too for 4 months----but will be around a lot from now on

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

Look closely at the credits re Loan 3 Deller----does it show ANOTHER credit which immediately has a matching Debit (ie the settlement figure on previous loan---(but on £688.48 that wouldn't be much anyway----give me a couple of hours to get my sums models going---like Bill-k I took a rest too for 4 months----but will be around a lot from now on

Very much appreciated TM, I think my problem is I took a 4 year rest and now I'm struggling to get my head round it all again.

[Deller]

Re: PPI claim against Black Horse Finance - Where do I start??

BTW, I have checked my bank statements and there are no other credits or debits with ref to Black Horse Finance, only the ones I have previously stated.

[di30]

Re: PPI claim against Black Horse Finance - Where do I start??

Deller---Who was the loan with?

Most companies have around 20% of the Cash Loan added again as a PPI Loan---but we have seen some at a massive 55%---yep---extra

We'll have a go at reverse engineering using Amortization with a few assumptions on interest rates---I'll also use Rule-of-78 theory to predict what your settlement figures were also--btw----I'm in "catch-up" mode----but be back up to speed by around mid evening

You have got the SAR off anyway---so we can look at that with you---eventually

Di--Doesn't Deller need to just fill in the standard questionairres and send em off anyway----irrespective of waiting for the sar results?----if so -- we can help her fill em in

Hi Turbo

Yes sorry Deller in my failing to mention this, but you could whilst your waiting for the SAR complete the reclaim questionnaire as you will find in the above PPI section of information - any probs let us know.
But remember to keep a copy as well.

As you may be aware they have 8 weeks, but may ask for more time - since the FSA have given permission for the banks to have extra time, due to the backlogs caused by the Judicial Review.

But there is no harm in continuing with the reclaiming now, as long as you have your reasons, then go for it.