Company Details:
- Company Name: Black Horse Finance Limited
- Company Number: 02123008
- Registered Office Address: 25 Gresham Street, London, United Kingdom, EC2V 7HN
- Incorporation Date: 14 April 1987
- FCA Firm Reference Number (FRN): 313409
Trading Styles:
Black Horse Finance Limited operates under various trading styles, including:
- Black Horse Motor Finance
- Black Horse Car Finance
- Black Horse Vehicle Finance
Were You Overcharged on Your Car Finance Agreement with Black Horse Finance Limited?
If you financed a vehicle through Black Horse Finance Limited, or one of its trading styles, you may be entitled to claim compensation.
Many UK drivers are now discovering that they were charged more than they should have been on their car finance agreements, particularly PCP (Personal Contract Purchase) and Hire Purchase (HP) plans which are generally the plans provided by prominent car garages.
What’s the Issue?
Recent investigations by the Financial Conduct Authority (FCA) have revealed that many car finance companies, including Black Horse Finance Limited, used commission models that encouraged dealers to increase interest rates to boost their own earnings.
This means:
- You may have paid hundreds or even thousands of pounds more over the term of your agreement than necessary.
- You were likely not told that a higher interest rate would result in a higher commission for the broker or dealer.
- The finance was not always offered in your best interests, but instead in the interests of car dealers and finance providers like Black Horse Finance.
This has prompted regulatory changes and the potential for millions of pounds in compensation for affected drivers who purchased vehicles, on finance, in the UK, before January 2021.
Could This Apply to You?
You may be able to claim if:
- You took out a PCP or HP agreement with Black Horse Finance Limited
- Your agreement was signed before 28 January 2021, when the FCA banned discretionary commission models
- You weren’t told that the interest rate could be increased based on the commission structure
- You now believe you paid more than a fair rate.
What You Can Claim
If successful, you could be refunded:
- The difference between the fair interest rate and the one you were charged
- Associated interest on the overpayment
- Possibly compensation for unfair treatment or lack of transparency.
What To Do Next
It’s easy to check if you have a case. Start by gathering:
- Your finance agreement (or any paperwork from Black Horse Finance Limited or the dealership)
- The make and model of the vehicle
- The start and end dates of the finance plan.
You can then:
- Submit a complaint directly to Black Horse Finance Limited
- Contact the Financial Ombudsman Service if you’re unhappy with their response
- Use Claim My Loss to help review your case, especially if you’re unsure what interest rate you should have been charged.
Can’t find your Car Finance Agreements? Use our Online Agreement Finder.
Need Help Reviewing Your Agreement?
Claim My Loss can help you check if you were overcharged and support you through the claims process – no upfront costs, no obligation.
- Check for Undisclosed Commissions: Determine if any commissions were included in your agreement without your knowledge.
- Seek Professional Advice: Consider consulting with a financial advisor or a claims management company to assess the validity of your claim.
- Contact Black Horse Finance: Lodge a formal complaint detailing your concerns.
- Escalate if Necessary: If unsatisfied with the response, you can escalate the matter to the Financial Ombudsman Service for further review.
Taking these steps can help determine if you’re eligible for compensation due to potentially unfair practices in your car finance agreement.
You can learn more about Car Finance Claims here.
