Black Horse Fixed Sum Loan Agreement

Bob_M_2

Hello,
I'm new on here so please be gentle....

I wanted to get out of this agreement and contacted Black Horse to see what I could do.

They said that it was a loan and I could sell the car and pay them back. Sorted so I thought!!

So I contacted a friend who could do acouple of repairs needed, MOT etc and he is linked to a 'proper' car sales forecourt who offered to sell the vehicle on my behalf. This way I should attract the best possible price.

Anyway the vehicle is repaired and ready for sale and the garage does a HPI on the car and guess what Black Horse are showing an interest in it...

So I contact Black Horse telling the situation ie they said that I could sell the car but also make it impossible to do so.

They respond with the I'm sorry but that's our policy!!!


So can they legally show an interest on a car that I have a personel loan on?

Thanks for reading my rant!

Bob

oldbanker

when did you get the loan with them????

standupguy

They have registered their interest with HPI to keep an eye on the car - so that they are notified if you sell.

They are not really entitled to register an interest as they do not have title to the car as they would have with HP.

I am sure if you complain and state you will take the complaint to the Financial Ombudsman service if not resolved you will get the interest on HPI lifted.

You can still sell the car but a private buyer or indeed a garage will want the HPI interest lifted at time of purchase if not before.

Beware selling to a garage and trusting that they will forward monies to Blackhorse - you need to follow up and check with Blackhorse that monies are received.
Dealers often delay settlements to Finance companies to give them some additional cash flow and if they cease trading before they settle the account it still leaves the debt with you.

Bob_M_2

Had the loan for 2 and a half years out of 4 ...


Thanks for the advice!!

So a letter to BH should do the trick?

Got nowhere with them on the phone so in for a pennie will get my letter writing skills back up to scratch!

Bob

tictax

If you check the terms and conditions of your loan you will find that BH have a condition that yo cannot sell the vehicle without settling the loan.

This is standard on car loans taken out through car dealerships.

Bob_M_2

tictax wrote: »

If you check the terms and conditions of your loan you will find that BH have a condition that yo cannot sell the vehicle without settling the loan.

This is standard on car loans taken out through car dealerships.

I don't have an issue with settling the loan when the car is sold but I can't sell the car until the 'claim' is taken off it.

seems like i'm stuck in a catch 22

Anyway letter will be posted tomorrow.

Thanks


Bob

tictax

Did you phone BH? They will be used to queries like this so there should be no problems in getting this sorted out.

bigstevex

Just inform the new/potential buyer of the situation, ideally tell them before they do a hpi check so you don't appear to be hiding something, just make sure the sale amount covers the amount outstanding on the loan.

I bought a car still down as money owing on the hpi but the day i bought it the money was all paid off and black horse faxed a letter through to state this aswell!