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

[Deller]

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

OMG---Black Horse Finance as in title---lol--anybody got experience of what typical PPI to Total ratio is for previous Black Horse discussions?

Not one of my better observations Deller (dont let Bill know-he'll think I'm going senile)

I will make sure I keep highlighting this point so Bill sees it, he will be highly amused PMSL

Any idea btw why Loans 2 & 3 are such odd amounts with "pence" ?

At a guess, and from memory I would say that when I took out Loan 2 this would have involved settling any balance left on Loan 1. I probably took out Loan 2 as a rounded up figure, therefore if the settlement balance involved pounds and pence, which it most probably did, the the cash advance will also have involved pounds and pence.

Just studied someone else's agreement for Black Horse and they appear to be a low to middle of the road company in adding PPI

18% of cash loan added as PPI
making ratio of PPI to Total loan of 15%----quite low
apr 8.9%---reasonable

SOOOOOO--i'm still playing with your figures-but it does seem like the credit report is wrong

Can you remember if Loan 3 was a 6 year loan Deller?

On the face of it I would suggest the Credit Report is wrong. As discussed yesterday the figures suggested in the report do accumulate to a sincerely high reypayment total.

But could this really be the case? Is it common for data on the Credit Report to be wrong?

Currently I have no recollection of what period I took loan 3 over, all I can go by at the moment is what it states in the Credit Report which is stating 70 months - but we're not even sure if this is correct now.

Right Deller---been playing a bit----I must stress these are very very rough with some assumtions but this could be possible. I've worked by trial and error on an Amortization scheduler.

Loan 1

• £1000 @ 8% over 18 months at £68 pm
• PPI added at around 18% = £180-
• -Total Loan taken of £1,180
• After 8 payments --balance outstanding around £673
• Add (say) 2 months interest so Settlement figure would be £683-ish
• Stewart Rule of 78 calculator confirms in right parish--£670

Loan 2

• So you need £680-ish to settle + £688 in cash (credit) = £1370-ish
• Assume you now getting penalised-PPI extra now at 25% = £330
• Total Loan now needed = £1700
• Also a slight rise in apr to 9%
• So I deduce it is a 24 month loan at £77.99pm
• After 1 payment-balance outstanding around £1636
• Add 2 months interest so Settlement Figure around £1662
• Stewart Rule of 78 Calculator confirms at £1661

Loan 3

• So you need £1661-ish to settle plus cash(credit) of £2979 = £4640
• Assume PPI extra still 25% = £1160
• Total Loan now needed = £5800
• They now jack up your apr (say) to 15%
• So I deduce a 36 month loan (NOT 70) at £201.70
• After 23 payments and with missed payments (extra interest) outstanding balance around £2500
• Add 2 months interest-Settlement figure around £2580
• Stewart Rule of 78 calculator confirms in right parish of £2470

So---

• you have paid in DD £5246
• you have paid £4840 in Settlement fees
• you have paid in total £10,086
• You have reeived £4667 in cash (credits)

I'm very rusty still at moment so will appreciate others looking at my theory above

Deller---I aint going to project any refunds for you yet---theres too many unknowns---we can do that when we got the 3 Loan Agreements in our hands

Hope this helps a bit

Turbs

I had a good look through your Amortization scheduler posts, fabulous stuff but I did struggle to get my head round them so I fully appreciate your input in this area.

I am struggling to get my head around your figures though, but as you're the expert in this field I will take your word for it.

Your theory of Loan 3 seems a lot more realistic, but why would my Credit File say 70 months? Is this something which may have gone against me in anyway!!!

I fully understand there are a lot of unknowns at present and that we wont be able to scrutinise the figures properly until I have full crarification of Totals, APR's and Insurance costs etc. I just hope the SAR returns what we need, the more I read the less confident I am that they will be able to come back with anything due to the fact it's almost 10 years ago.
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Hiya

Not a problem, and yes do call into the branch then see what they can help with.
Shame the online banking does not go back far enough in regards of the loan account numbers, hopefully the bank will be able to track the info down for you.

Defo worth a shot.

BTW

I called into the Branch today and they were unable to help, apparently their records only go back 7 years!!!

[di30]

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

I will make sure I keep highlighting this point so Bill sees it, he will be highly amused PMSL



At a guess, and from memory I would say that when I took out Loan 2 this would have involved settling any balance left on Loan 1. I probably took out Loan 2 as a rounded up figure, therefore if the settlement balance involved pounds and pence, which it most probably did, the the cash advance will also have involved pounds and pence.



On the face of it I would suggest the Credit Report is wrong. As discussed yesterday the figures suggested in the report do accumulate to a sincerely high reypayment total.

But could this really be the case? Is it common for data on the Credit Report to be wrong?

Currently I have no recollection of what period I took loan 3 over, all I can go by at the moment is what it states in the Credit Report which is stating 70 months - but we're not even sure if this is correct now.



I had a good look through your Amortization scheduler posts, fabulous stuff but I did struggle to get my head round them so I fully appreciate your input in this area.

I am struggling to get my head around your figures though, but as you're the expert in this field I will take your word for it.

Your theory of Loan 3 seems a lot more realistic, but why would my Credit File say 70 months? Is this something which may have gone against me in anyway!!!

I fully understand there are a lot of unknowns at present and that we wont be able to scrutinise the figures properly until I have full crarification of Totals, APR's and Insurance costs etc. I just hope the SAR returns what we need, the more I read the less confident I am that they will be able to come back with anything due to the fact it's almost 10 years ago.
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BTW

I called into the Branch today and they were unable to help, apparently their records only go back 7 years!!!

Doh!:tinysmile_aha_t: I take if they did check in front of you did they?

[Deller]

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

Doh!:tinysmile_aha_t: I take if they did check in front of you did they?

Erm No!!

She dissmissed the idea straight away and when I asked if she was sure she dissappeared out the back, asked someone else and then came back with the same answer!

[di30]

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

Erm No!!

She dissmissed the idea straight away and when I asked if she was sure she dissappeared out the back, asked someone else and then came back with the same answer!

If your passing the bank again, tell them you want it checked in front of you, you could always say you require the details for tax reasons. See what they say then. x

[Deller]

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

If your passing the bank again, tell them you want it checked in front of you, you could always say you require the details for tax reasons. See what they say then. x

No problem, I will give that a go.

[Deller]

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

Unfortunately there was no luck with the bank, they are only able to view back 7 years. They did check this in front of me.

Looks like I'll have to see what comes back with the SAR. Hopefully something.

[di30]

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

Unfortunately there was no luck with the bank, they are only able to view back 7 years. They did check this in front of me.

Looks like I'll have to see what comes back with the SAR. Hopefully something.

Sorry about that Deller.......:tinysmile_cry_t:, yes see what comes back.

[Deller]

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

So the SAR has been posted and signed for on Wed 6th. Just the 40 days to wait now!!!!

Now would that be 40 working days or 40 calender days?

[di30]

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

So the SAR has been posted and signed for on Wed 6th. Just the 40 days to wait now!!!!

Now would that be 40 working days or 40 calender days?

I always go by calendar days.

[The Debt Star]

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

The bank will go by months

[Deller]

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

The bank will go by months

What.........40 months!!!!!

Lol DS....

[Turboman]

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

Deller--have faith --lol

[Deller]

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

I lost all faith in the banking system many moons ago!!!

[The Debt Star]

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

You along with the entire population of Ireland, Portugal, Greece and anyone that works in the public sector in this country. However we digress. My practice has been to complaint to the ICO at the same time as sending a SAR because they take so long - like 9 months - and I know darn well the bank won't comply within 40 days. So it speeds things up summut. If and when the bank do send a satisfactory SAR (which I have had in about 1 times in 10) then I write a goodbye leter to the ICO. Oddly enough the ICO are very quick at responding to those letters.

[Deller]

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

You along with the entire population of Ireland, Portugal, Greece and anyone that works in the public sector in this country. However we digress. My practice has been to complaint to the ICO at the same time as sending a SAR because they take so long - like 9 months - and I know darn well the bank won't comply within 40 days. So it speeds things up summut. If and when the bank do send a satisfactory SAR (which I have had in about 1 times in 10) then I write a goodbye leter to the ICO. Oddly enough the ICO are very quick at responding to those letters.

One of the main rights which the Data Protection Act gives to individuals is the right of access to their personal information. An individual can send you a subject access request requiring you to tell them about the personal information you hold about them, and to provide them with a copy of that information. In most cases you must respond to a valid subject access request within 40 calendar days of receiving it.

So what happens if there is no response within 40 days then?

DS, was it a case of you were not getting response to your SAR within 40 days or was it just that they were not supplying satisfactory information?

Also, is there any sort of template letter for complaining to the ICO?