gift (Black) horse

YouTube · Post by **Paul** » Mon Apr 20, 2015 6:08 pm

The tree year balloon finance on my Tiger is just about to run out and I sent in the paperwork to say I'll pay the balance and keep the bike. Just got a letter back from Black Horse Finance, saying they have reviewed their paperwork and realised that they forgot to mention at the time I took out the agreement that I could cancel the agreement at any time. Because of that error, they are refunding me all of the interest I have paid on the loan for the past 3 years... Very nice.

If you have a finance deal with Black Horse, might be worthwhile checking your agreement with them. You could be in for a very nice surprise too!

Cheers,

Paul

f90x · Post by **f90x** » Mon Apr 20, 2015 6:43 pm

That would make me

a lot. That must cover a good part of the final payment.

mh374 · Post by **mh374** » Mon Apr 20, 2015 7:01 pm

This is wrong in so many ways. Don't gloat over their honesty.

Have always found it tragic when people buy things they can't normally afford and then find fault with the seller / lender.

If I want something, I will either buy it or save to buy it outright.

f90x · Post by **f90x** » Mon Apr 20, 2015 7:51 pm

mh374 wrote:This is wrong in so many ways. Don't gloat over their honesty.

Have always found it tragic when people buy things they can't normally afford and then find fault with the seller / lender.

If I want something, I will either buy it or save to buy it outright.

Eh? I don't see any gloating here. Paul took out a finance agreement and at the end of the term (when he was going to pay off the balloon) Lloyd's (who are legally obliged to admit their error) had to refund the interest. It's a bonus from a bank that is minted and I feel pretty certain that even if there are many more cases they won't even feel it. I don't see him finding fault with the lender and clearly he was in a position to make the payments and clear the balloon at the end of the term. HP/Lease whatever the extended term might be called is there for all of us who don't have the 'ready' money to pay for certain items outright. Yes, it would be lovely if we could all afford to do so but this is life. If we could all afford the big ticket stuff that would indicate that that everyone had great jobs and earned loads of cash. That being the case, who would be doing the more menial tasks? I don't mean this in a bad way. (I spent years doing shit jobs and had no direction)there are plenty more people in this situation. it is just the way life is. It 'has' to be, although there is definitely too much of a gap between the have and have nots and there should not be people living in poverty. I genuinely feel for those with less. I don't like to see people struggle and there should not be a 'breadline' but that is a whole different story and this is not that. And it's not what you are portraying in your statement either.

mh374 · Post by **mh374** » Mon Apr 20, 2015 8:03 pm

Gloat = Because of that error, they are refunding me all of the interest I have paid on the loan for the past 3 years... Very nice.

Isn't Lloyds state owned.

Shameful.

f90x · Post by **f90x** » Mon Apr 20, 2015 8:05 pm

mh374 wrote:Gloat = Because of that error, they are refunding me all of the interest I have paid on the loan for the past 3 years... Very nice.

Isn't Lloyds state owned.

Shameful.

It's a statement of fact I feel rather than a gloat. I'd be happy too.

Lloyd's is partially state owned. The vast majority of shares are still in private hands. The current government is about to float what they/we own. I don't see the current 'or' future situation doing me any favours.

Blackal · Post by **Blackal** » Mon Apr 20, 2015 8:10 pm

The banks have been called to account over their underhand methods of selling loans and insurance.

Is anyone actually standing up for the banks? Seriously???

They are a bunch of robbing, duplicitous bastards (from my own experience).

Put it this way - they are only offering Paul the deal they are, as a damage limitation exercise, cos they know they have been rumbled.

Al

mh374 · Post by **mh374** » Mon Apr 20, 2015 8:15 pm

I did say the following

"Have always found it tragic when people buy things they can't normally afford and then find fault with the seller / lender.

If I want something, I will either buy it or save to buy it outright."

Then you agree with me and show why the whole financial system went down the pan a few years ago.

"HP/Lease whatever the extended term might be called is there for all of us who don't have the 'ready' money to pay for certain items outright."

FFS if you can't afford it outright, don't buy it!

Simples

Blackal · Post by **Blackal** » Mon Apr 20, 2015 8:25 pm

mh374 wrote:I did say the following

"Have always found it tragic when people buy things they can't normally afford and then find fault with the seller / lender.

If I want something, I will either buy it or save to buy it outright."

Then you agree with me and show why the whole financial system went down the pan a few years ago.

"HP/Lease whatever the extended term might be called is there for all of us who don't have the 'ready' money to pay for certain items outright."

FFS if you can't afford it outright, don't buy it!

Simples

That is a financial judgement, and a lot of people could subscribe to that.

What you stated before - was a moral judgement, I feel.

I'm not sure you can count on a similar level of subscription to that one.....

Al

mh374 · Post by **mh374** » Mon Apr 20, 2015 8:38 pm

Not sure what you are saying there Al.

No doubt Paul will be honorable and will pay the amount that he knows he should pay to settle his debt.

No doubt he will confirm this in due course...

f90x · Post by **f90x** » Mon Apr 20, 2015 8:42 pm

mh374 wrote:I did say the following

"Have always found it tragic when people buy things they can't normally afford and then find fault with the seller / lender.

If I want something, I will either buy it or save to buy it outright."

Then you agree with me and show why the whole financial system went down the pan a few years ago.

"HP/Lease whatever the extended term might be called is there for all of us who don't have the 'ready' money to pay for certain items outright."

FFS if you can't afford it outright, don't buy it!

Simples

This is a big subject and definitely 'not' 'simples'
"Have always found it tragic when people buy things they can't normally afford and then find fault with the seller / lender."

There is no question that it is tragic that some people have very little and perhaps enter into finance agreements that they cannot afford. I'm not so sure that I understand the 'then find fault with the seller/lender' bit. If we are talking about Paul's situation, this is not what he did. There was no moaning or finding fault and complaining. Just stating an error and subsequent recompense.

"If I want something, I will either buy it or save to buy it outright."

That's great for you. Perhaps you can save £10k+ quickly to buy your car/bike etc. Maybe you dropped £250k or more into the pocket of the previous owner of your house without a mortgage (more of the mortgage situation shortly)

"Then you agree with me and show why the whole financial system went down the pan a few years ago"

I don't understand the "agree with you" bit but for the rest of it... Here we are, the Mortgage thing as promised. The whole financial system went down the pan because some greedy banks (surprise) decided to lend to the 'sub prime' (read 'very poor' market) by selling them very low interest mortgages 'without' telling them that after an initial period that the mortgages interest rate shall rocket up to an amount that those same 'sub prime' applicants can no longer afford. Therefore resulting in foreclosure on 100's of thousands of peoples homes, unpaid loans and those people becoming homeless 'and' penniless. Ahhh poor banks. Unfortunately the knock on effect of this is all the people who used to have a bit of money now no longer having any and those that had a lot still having a lot and buying up everything cheap and 'oh look' now they've got even more money having made a killing in the resultant years.
(Edit, I've just re read it). The banking crisis wasn't caused by people taking out a loan for a few thousand quid. It was for the reasons above)

"FFS if you can't afford it outright, don't buy it!"

Yes' that's a lovely sentiment for those in a position to be able to buy things after saving for a short while or for whom just pulling the money out of their bank account and buying outright is possible. Those who might actually have a half decent income an CAN ACTUALLY AFFORD TO DO THAT but there are those out there that 'cannot' afford to do that and that is why there are loans available to those that need them. Yes everyone who takes out a loan should be aware of the pitfalls and ensure that they can afford the payments but the lenders also have a very important responsibility to ensure that the applicants can afford it too. For you to just dictate "If you can't afford it outright don't buy it" is pretty bloody arrogant quite frankly.

Have a nice evening
Steve

f90x · Post by **f90x** » Mon Apr 20, 2015 8:48 pm

Hey Paul. I bet you regret posting this now eh?

f90x · Post by **f90x** » Mon Apr 20, 2015 8:50 pm

mh374 wrote:Not sure what you are saying there Al.

No doubt Paul will be honorable and will pay the amount that he knows he should pay to settle his debt.

No doubt he will confirm this in due course...

Jesus! Did you used to work for Lehman Brothers or something.

slparry · Post by **slparry** » Mon Apr 20, 2015 9:20 pm

Paul wrote:The tree year balloon finance on my Tiger is just about to run out and I sent in the paperwork to say I'll pay the balance and keep the bike. Just got a letter back from Black Horse Finance, saying they have reviewed their paperwork and realised that they forgot to mention at the time I took out the agreement that I could cancel the agreement at any time. Because of that error, they are refunding me all of the interest I have paid on the loan for the past 3 years... Very nice.

If you have a finance deal with Black Horse, might be worthwhile checking your agreement with them. You could be in for a very nice surprise too!

Cheers,

Paul

Nice one Paul, now if only BMW Finance can make the same error

andy griff · Post by **andy griff** » Mon Apr 20, 2015 9:29 pm

Good luck to you Paul.
Cannot see how anyone can take exception to another's good fortune.
It is damn annoying that Lloyds has been dug out by the tax payer but I cannot see how criticising someone for benefiting from their cock up helps.

I think you should really wind up certain posters on this thread ( you know who you are) by telling us how much this cock up has cost Lloyds !

Also, Lloyds are obviously doing this to prevent another massive fine in 5 years time when their bad practice was found out - so Paul is actually saving the country money by accepting their offer and not claiming compensation 10 years down the line when the Triumph is long gone

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