BlackHeath loans - Anybody??

KayJ066

Hi All,

Has anybody had any dealings with the above mentioned company? Good/Bad?
I have been offered a 5k loan with them, just wondering if anyone else has been with them. I have received the paperwork and they have asked me for a guarantor, it also says in the paperwork that they "are pleased to inform me they have an agreed offer" the loan is for 5k and is 229.09 pcm for 3 years.
Is an agreed offer pretty much set in stone??

Thanks in advance.


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Phantom_Flan_Flinger

Can't say I've ever heard of them personally.

Have they said that the APR is fixed or variable?

You know you'll pay £8427.24 back in total, assuming it is a fixed APR.

From their website I see that they like their guarantors to be homeowners.
Someone will have to be willing to take on your debt if you can't or won't make the monthly repayments.

CLAPTON

5000 loan and paying 229 over three years is over 40% APR... that's a really awful rate of interest... why do you need to borrow this money

KayJ066

Thanks for the replies, i need to borrow it to consolidate basically, ive tried my bank but my credit rating isnt all that good so i havent got a chance, i saw these on the net and applied and its looking ok so far, i have asked my aunt if she will be gurantor for me, so i have to wait now. (im 22 so dont own my own home).

CLAPTON

why are you consolidating?
are you saying your current debts are charging more than 40% APR??

without knowing your full circumstances and the details of your income and outgoings it's difficult to advise but basically these loans are for absolutely desperate people

Does your aunt fully understands that if you can't pay she will be wholely responsible for the debts and her house may be at risk... can she afford to pay if necessary without losing her house?

You would be much better off going over to the debt freewannabe board, read the 'stickies' there and post up your full financial details (SOA) and see what advice we can give once we seeethe full details.

KayJ066

Yes my current loan is with welcome finance, so as you can imagine the APR is horrendous.
Yes, my aunt does understand, she is coming back to me with an answer tonight (fingers crossed)
I just want one monthly payment so i know whats going where on what day of the month.

Phantom_Flan_Flinger

Have you found out if the APR on the loan they've offered is fixed or not?

If it's variable, there's nothing to stop them raising the APR even further.

KayJ066

Hi, Yes the rate is fixed, i called them earlier and they said it was, im just hoping that my aunt says yes, ive a good feeling she will, but you never know

CLAPTON

Although I think your would be better going over to the debt free wannbe board and reviewing your spending and debts properly nevertheless, it makes no real sense for your aunt to act as guarantor.

As a guarantor she will be responsible for the payment if you default anyway , so it would be better for her to take out the loan, presumably at a much lower APR and for you to make monthly payments to her.
This would be much cheaper all round and avoids all the complication of being a guarantor and doesn't change the risk to herself and could avoid a secured debt with all the costs and hassle.
Do be aware that if its secured there will be costs associated with removing the charge on her house once the debt is completed.

KayJ066

Thanks for all the replies, well my aunt said no as she was worried it would become secured on her house, (rightly so) so it looks as if im back to square one.
I need an unsecured loan for around 5-6k to consolidate, i know the credit crunch is affecting loan companies and most are reluctant to lend.
My credit rating is pretty poor, (ccj's, defults).
Cant try my bank (big fat no no) and i already have a loan with welcome finance (thats the one on a ccj)

Any help gratefully recieved.

dlake0001

I've just got information from this company too and was wondering if anyone else had heard of them?