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We took out a secured loan for £12,00 with Black Horse in 2004, this was to consolidate a huge overdraft that had built up on a current account and other loans.
At the time it should have been obvious that we were struggling financially but now, with the benefit of hindsight, we feel that we were coerced into taking the loan. The loan is regulated under CCA 1974 and did have PPI which was reclaimed in 2010.
When Black Horse settled the PPI they made a mistake with their figures which unbeknown to us resulted in the arrears on the account not being settled in full from the payment we were due and so apparently the account was still at that point in arrears.
We wrote to Black Horse many times trying to find out why the account was stated as in arrears as we were under the impression that they had been cleared from thr PPI settlement. Black Horse NEVER tried to explain things.
Roll forward to 2014 and the time when the loan was due to end we are told that the outstanding balance was still £8,000+, this was a complete shock as since 2010 we had not received any statements from Black Horse but had continued to pay more than the contractual payment since 2010. The loan was then sold to Idem and we complained to the ombudsman who sided with Black Horse.
Now some of the questions, we have paid much more than the amount stated on the original agreement although there were missed payments in the first 6 years which we truly believed had been settled from the PPI reclaim. Do I have any recourse?
The property which is used as security on the loan is in my sole name but as I would not have been earning enough to get the loan my wife had to also be a part of the agreement, would this be mis-selling?
The agreement clearly states Total amount payable £xxxxx, we have already paid more than this amount but still Idem say the balance is £8,000+ (we are paying more than the contractual payment per month to Idem to stop the balance increasing) How can this be right?
At the time it should have been obvious that we were struggling financially but now, with the benefit of hindsight, we feel that we were coerced into taking the loan. The loan is regulated under CCA 1974 and did have PPI which was reclaimed in 2010.
When Black Horse settled the PPI they made a mistake with their figures which unbeknown to us resulted in the arrears on the account not being settled in full from the payment we were due and so apparently the account was still at that point in arrears.
We wrote to Black Horse many times trying to find out why the account was stated as in arrears as we were under the impression that they had been cleared from thr PPI settlement. Black Horse NEVER tried to explain things.
Roll forward to 2014 and the time when the loan was due to end we are told that the outstanding balance was still £8,000+, this was a complete shock as since 2010 we had not received any statements from Black Horse but had continued to pay more than the contractual payment since 2010. The loan was then sold to Idem and we complained to the ombudsman who sided with Black Horse.
Now some of the questions, we have paid much more than the amount stated on the original agreement although there were missed payments in the first 6 years which we truly believed had been settled from the PPI reclaim. Do I have any recourse?
The property which is used as security on the loan is in my sole name but as I would not have been earning enough to get the loan my wife had to also be a part of the agreement, would this be mis-selling?
The agreement clearly states Total amount payable £xxxxx, we have already paid more than this amount but still Idem say the balance is £8,000+ (we are paying more than the contractual payment per month to Idem to stop the balance increasing) How can this be right?
