Black Horse calculations.

[batman1956]

Hi ims thanks for your detailed reply.

The crux is then that the PPI repayment did not in fact reduce the balance of the account.

As for the interest before the first due payment it was a few days.

I am at work today but will scan up the statements when I get a chance.

Once again thank you for your help.

[ims21]

Hi ims thanks for your detailed reply.

The crux is then that the PPI repayment did not in fact reduce the balance of the account.

 

Well the PPI adjustment did reduce the balance on the account to the tune of £4,873. The balance on the account immediately before the PPI adjustment was £15,155 and immediately after the PPI adjustment it was £10,282.

 

As for the interest before the first due payment it was a few days.

I am at work today but will scan up the statements when I get a chance.

Once again thank you for your help.

 

On this type of account the interest is applied to the account on a monthly cycle, in this case it seems that this date is around 30th/31st of the month. On loan accounts you would usually see the interest being applied just before the due repayment is made.

[batman1956]

Ok. I think I understand what you say.

However if all the arrears were cleared at this point how could the account then be £1,300 in arrears according to Black Horse in March of the same year?

[ims21]

I think a look at the statements for the whole period of the account is going to be useful to see if we can answer that question.

[batman1956]

Here are the statements.They don't make pretty reading in the early years (but who takes a loan when they have got money) However the account was overpaid regularly in the later stages

 

Forgive me as clearly I am not the sharpest tool in the box but as the PPI was mis-sold how can the opening balance be for almost £15,500 when we only borrowed £12,000?

[ims21]

I'll go through those...thanks.

 

The opening balance is right.....£12000 for the cash loan plus £3497.87 for the PPI loan = £15,497.87.

[batman1956]

Fingers firmly crossed that you find something wrong.

[ims21]

I managed to get a look at the statements over the weekend.

 

As far as the maths is concerned I am sorry to say that I didn't find anything wrong. Assuming the payments you made are all reflected in the statements then the interest charges appear to be correct as does the flow of the balance on the account.

[BRIGADIER2JCS]

Ok. I think I understand what you say.

However if all the arrears were cleared at this point how could the account then be £1,300 in arrears according to Black Horse in March of the same year?

 

Hi batman,

 

To answer your question in your PM.

 

I think that he reasons the account was sold off is seen in the statements you have provided.

The arrangement was £225.00 pcm. but often the payments made have been less than that

agreed figure ( account classed as non performing) admin costs high and not reducing at a level

wanted by the lender.

This is very common.

[batman1956]

OK ims thank you.

[batman1956]

A rather strange development today.

 

 

We have been paying £200 per month to Idem against the contracted amount of £173.50,

 

Today we got a doorstep visit from Excel counselling services on behalf of Idem to discuss "arrears on the secured loan".

They left a letter as we were not in.

 

The letter goes on to say

"Should you not have provided satisfactory proposals by 29th July,

legal action will be taken which could result in the repossession of your home"

 

What should my next step be??

Please could someone advise me.

[dx100uk]

Not been getting statements since sept 14?

 

Time for a new sar to idem I think

[batman1956]

We have had some statements and a rebate of interest for a period when the statement was late. I will have to check if all the statements are present. Thanks for your reply.

[dx100uk]

well just make sure you refuse the review at your home

as they WILL be charging you +£100 for the aborted visit.

 

 

if they claim there are arrears they must send a NOSIA [notice of sums in arrears letter

 

 

i'd sar idem

[batman1956]

Thanks dx what would I be hoping that the SAR would reveal?

[dx100uk]

They are/have been fleecing you I expect....

[batman1956]

According to ims earlier in the thread the balance seems correct

but looking at the agreement it says Total amount payable £20820 and we have paid more than that.

 

I really don't know what to think.

 

The ombudsman sided with Black Horse even though they admitted that they had sent the letter in 2010 saying that arrears had been cleared from the PPI redress

and then claiming that they had made a mistake.

 

It is all a big mess as far as I can see.

 

Another thing that has come to mind. The secured loan was taken out in joint names but the property is in my sole name. Would this be classed as mis-sold at all?

[dx100uk]

Sar first me thinks?

[batman1956]

I will get that done. Thank you.