Black Horse PPI complaints

For many years Black Horse has offered customers loans to finance the purchase of vehicles through a network of 7,000 dealerships. Alongside these loans for many years the lender also offered payment protection insurance. Payment protection insurance covers the borrower if they are unable to work and make loan repayments due to involuntary unemployment. The cover has been heavily criticised; however, due to its cost and the frequency with which it has been mis-sold.

The cost of payment protection insurance can vary quite dramatically, but loan PPI usually costs around 13%-25% of the base loan value. On a loan of £15,000, therefore, the payment protection cover could cost between £1,950 and £3,750. The PPI cover will also attract interest at the same rate as the rest of the loan.

Although it can be expensive, many people still opt to take out PPI feeling it provides valuable protection. An investigation by the Competition Commission into the payout rates of different types of insurance in 2008; however, found that just 15% of those who tried to use their loan PPI policy received a payout. This means that 85% of claims against the policies were rejected.

Over a number of years the dissatisfaction surrounding PPI cover continued to grow. The situation culminated in an investigation by the Financial Services Authority in 2006. They discovered widespread failings with regard to policy sales and this opened the door for unhappy customers to make a payment protection claim.

After an upsurge in the number of Black Horse PPI complaints, the lender took the decision, in the summer of 2010, to stopping selling the cover. Many people who purchased the insurance in the past, though, may still be entitled to make a claim. If you feel you were sold a policy that was unsuitable for your needs or that you were given incomplete or inaccurate information, you can start making Black Horse PPI complaints by calling 0207 471 2000. We have already helped thousands of customers to make a successful PPI claim and settle some claims in as little as eight weeks.

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Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273

Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.

Belmont Thornton Ltd is registered with the Information Commissioners Office to ensure compliance with the Data Protection Act 1998 registration number Z1728023 and holds a Credit Consumer License issued by the Office of Fair Trading license number 634655.

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