black horse/ close contact

blokes2

hi guys,
i have fallen behind with my hp payments on my car, with black horse, this is mentioned elsewhere so i wont repeat. today a rep from a company called close contact called at my house (he did make an appointment) i let him in as i wanted to find out the options, basically he said i could either pay off the whole loan (7500) which is out of the question, or pay the arrears (which they say is 2700, (how i got to that figure i dont know as i have only been paying 80£ short for a year!!) and start up the regular payments in september, this is also out of the question as i dont have the 2700 or the 179.00 a month thereafter.
the third option is to surrender the car and pay off the balance after sale.

I cannot work without my car and would have to give up work altogether if it was taken, i have offered to pay them 100 a month instead of the 179, but they will not budge.
has anyone had experience of this?? i am getting sleepless nights now i have to make my decision by friday.
i am tempted to stick by my guns and still offer the 100 even if it goes to court, would this be a good idea?
the balance to pay is 7700£ but due to high mileage the cars saleable or auction value is only 2500.

any help would be appreciated:eek:

molly73

cant you buy a cheap car we did that and handed the keys back on the hp

Dez-Titute

Contact one of the debt charities ASAP either CAB,CCCS or National Debt Line
Sorry not logged on to my usual PC so don't have the links

sandywindsor

blackhorse aka Llloyds are notorious at this..my son has had major problems with them and car finance..:eek: so was a bit surprised when letter opened today offered him a loan!
i would look at other options

Sandy

tigerfeet2006

Numbers and links in my signature, Hope that helps Dez

standupguy

You have paid over one third of the HP price so The Finance company cannot repossess your car without a court order?

Close Assistance on behalf of BH were trying to get you to give the car back voluntary.

I think they may have been misleading you about the third option because if it definitely is a hp agreement rather than a loan - which reading your other posts sounds like it is - then you may have paid one half the HP price and under those circumstances you can voluntary terminate the agreement and surrender the car with no further cost to you except any arrears in payments.

So, I think you really have two options

1. Investigate what the half HP price is, work out what you have paid and calculate what you would have to pay if you returned the car under a vt - if you can pay that figure then you would then be free of the agreement but you would have to try and get a cheaper car?

2. Offer them what you can afford - which you say is £100.
If they do not accept this they would have to take you to court and it is probable that if you need the car for work the Judge would make a suspended repossession order subject to you paying the agreed amount of what you can afford.
I think BH are aware of this which is why they sent Close assistance to try and negotiate a return of the car with you.

maxmycardagain

you owe £7700 on a car worth £2500?

you must drive to moscow each weekend to accumulate that many miles.

hand it in.

blokes2

yeah i know it seems a bit odd owing that much on a car worth 2500, but cars depreciate sooooo fast, there is 101000 on the clock now. its a 2004 reg and the value was 10995. at auction you would now probably get 2500. more if sold private but black horse wouldnt do that.

the guy from close assistance rang me yesterday at 9am i didnt answer as it was too early, il will write on monday offering the 100£ and send special delivery.
i think they would get more money if i paid them the 100 a month rather than them make just 2500 on a quick sale??
or should i let them have the car?? i have been told that if they have the car, the balance owed could be treated like credit card debt where i could only pay what i can afford.

blokes2

another question!
how long does it take for black horse to get a reposession order??
also what do they do with the cars after reposession, could i trace it at an auction and get someone to buy it back for me cheap??