blackhorse car finance

DIVA07984

Hi i took out a blackhorse car finance in Aug 2006. In that time i probably have missed out 2 payments - which they put on the back of the loan . I missed a payment in August- changed banks dd wasnt set up yet. They constantly phoned me while at work . I did ring them back and aranged a payment date . Then on monday whilst i was at work - someone a a so called representative turned up at my house demanding that i come to the door because they knew i was in because the car was there. Also this person explained my whole buisness to the workman that answered the door.
Surely this should not be allowed - and can they just come to your house when they like???

The car is getting old and i am paying them £269 a month - is there anyway i can get them to reduce payments. Also i have been told that if i try to change the car then they wont refinance me - so i feel so stuck - Help

standupguy

Your options depend on the exact type of Finance.

Take a look at the agreement - does it say "loan" at the top or "hire purchase?"

They can just turn up at the door but of course they are not allowed to discuss your business with anyone else but you

DIVA07984

can you tell me what is the difference with loan or hire purchase??

~Beanie~

With hire purchse you are effectively 'hiring' the car and don't legally own it until you have paid all the payments, the finance company does. Therefore you can't sell the car without their permission. If you have paid more than half of the total under the agreement, you can voluntarily terminate the contract - basically hand the car back and not pay a penny more.

With a loan, the car is yours from the start and you can sell it or do whatever you want with it - you will still have to repay the loan though.