The Financial Conduct Authority (FCA) has recently highlighted issues with car finance agreements from 6 April 2007 to 1 November 2024, affecting Somerset residents who may have taken out loans through Black Horse. According to the Office for National Statistics (ONS), an estimated 54054 people in Somerset could be impacted by these financial irregularities involving car finance agreements.
Black Horse Finance Agreements in Somerset
In Somerset, which has a population of approximately 572,000 (ONS Census 2021), many residents may have been affected by the FCA's findings regarding car finance agreements. The FCA estimates that 12.1 million eligible agreements (FCA, March 2026) impacted across the UK during this period (FCA estimate). Black Horse, a subsidiary of Lloyds Banking Group, is one of the entities involved in these issues. This means that Somerset residents who financed their vehicles through Black Horse between April 2007 and November 2024 may have been affected by unfair practices such as high fees or undisclosed commissions.
The types of vehicles typically financed through car finance agreements include cars, vans, motorcycles, and other motor vehicles. These agreements often involved discretionary commission arrangements (DCA), where lenders could receive additional payments based on the terms agreed upon with dealerships. This practice can lead to higher costs for consumers without their knowledge or consent.
Somerset residents who suspect they have been affected by these car finance irregularities should know that complaining directly to Black Horse is a straightforward and free process. The official complaint URL for Black Horse is https://www.blackhorse.co.uk/complaints, where individuals can submit their concerns without any cost or obligation. It is important to note that you do not need a claims management company to handle your complaint; the process is designed to be accessible and transparent.
When submitting a complaint, it’s essential to gather all relevant documents such as loan agreements, payment records, and correspondence with Black Horse. Make sure to check the dates of your car finance agreement to ensure it falls within the specified period (6 April 2007 to 1 November 2024). By following these steps, Somerset residents can easily initiate a direct complaint process that may lead to fair redress.
What Somerset Residents Should Do Next
After identifying potential issues with your car finance agreement through Black Horse, there are several proactive steps you can take. First and foremost, gather all pertinent documentation including the original loan contract, payment receipts, and any communications with Black Horse or related parties. Verify that your agreement dates align with the FCA's specified period.
Once you have compiled these documents, visit the dedicated complaints page on Black Horse’s website (https://www.blackhorse.co.uk/complaints) to initiate a formal complaint. Remember, this process is designed to be free and straightforward, allowing residents in Somerset to seek redress without any additional fees or intermediaries.
Black Horse has set aside approximately £2 billion for potential car finance redress payments across the UK (FCA estimate). This provision aims to address the concerns of affected consumers like those in Somerset who have valid complaints. By directly engaging with Black Horse, you can begin a process that may result in fair compensation based on your specific circumstances.
Sources and References
- Financial Conduct Authority (FCA) estimates: 12.1 million eligible agreements (FCA, March 2026) impacted (6 April 2007 to 1 November 2024), £7.5 billion (FCA, March 2026) total impact (FCA estimate)
- Office for National Statistics (ONS): Census data from 2021
- Black Horse complaint URL: https://www.blackhorse.co.uk/complaints
How Many People in Somerset Are Affected?
Based on Somerset's population of approximately 570,000, an estimated 119,104 motor finance agreements in the area may have been affected by discretionary commission arrangements (FCA estimate, proportional calculation). This represents approximately 0.85% of the UK total of 12.1 million eligible agreements.
Black Horse is registered at Companies House (company number 00661204) with a status of active. The company was incorporated on 1960-06-01. Its registered office is at 25 Gresham Street, London, EC2V 7HN. The company currently has 6 directors.
Black Horse Complaint Statistics
According to the Financial Ombudsman Service, Black Horse received 25 total complaints in H2 2024 BUSINESS. You can check the latest complaint data at the Financial Ombudsman Service.
Black Horse's FCA reference number is 157429 (status: No longer authorised).