Help-Finance Agreement with Black Horse

wendy_

I will try to keep to the point. a few years ago I signed a car hire purchase agreement for a so called friend, who was going through a bad time, this friend failed to pay the payments to me and to cut a very long story short I had to get a solicitor involved to get the car back, the solicitor liaised with the finance company who agreed the car could be sold and the proceeds along with a sum were sent to the finance company and the finance company agreed a balance of 3099.00 to be paid by installments. I have a letter from the finance company stating that £3099 is the agreed balance and due to the circumstances behind this it was agreed I could pay this at 100.00 per month. I then became unemployed, I consulted CCCS and am on a debt management programme with them. After 12 months Black Horse say that I owe over £9,000. I have written to them several times to say that it had been agreed the balance was £3099 but they are not replying to my letters. As I say, this is a very very long story and this person and her husband were eventually imprisoned for fraud. I am now very very wary of anything anyone tells me and yes I know I acted foolishly. Can anyone tell me if Black Horse can do this? should I get someone to look over the Hire Purchase agreement and the letter I got from them confirming the £3099 balance?

~Beanie~

The agreed balance of £3099 was supposed to be repaid at £100 per month. I would imagine that as you are now in a DMP you are paying less than the agreed £100 and due to this, Black Horse are adding charges/interest to that amount.

wendy_

What Black Horse have done is added approx 7,000 in one lump sum, it is as if they have reverted back to the original sum and gone back on their agreement of a "agreed balance" of 3099.00. I received no notification of their intention they were going to do this.

petermb_2

Hi Wendy
I will gladly have a look at the agreement for you. Did you arrange the HP through Black Horse or was it arranged through the Car Forecourt? This could make a huge difference to the outcome of this issue.

wendy_

Petermb

Thank you so much, the finance was done at the forecourt, how do I get the agreement to you? do you have a fax number?

petermb_2

The fact that the finance was arranged

petermb_2

Sorry comp blanked me ...

Because you used a broker ( The forecourt) means that you will have a claim against your lender.

wendy_

Could you suggest where I go from here?

standupguy

Black Horse are regulated by the FSA and it may be that the best way to approach this is by way of a formal complaint which you can then take to the Financial Ombudsman service if they cannot resolve this satisfactorily.

They have put your liability in writing and unless there is a term in the letter that can vary the amount then they cannot just increase it.

It may be best to put a complaint in writing to them with a copy of the letter.

Tell them that "this is a formal complaint which you expect to be dealt with under the FSA complaint handling guidelines and which you will take to the Financial Ombudsman service unless satisfactorily resolved within the permitted time constraints".

They must acknowledge your complaint within 5 working days and then reply within 4 weeks with a final response to your complaint.

If you are not happy with their response then take it to FOS - it does not cost you to do this.

If you do not get an acknowkledgement within 5 days then they are in further breach of FSA requirements and you can then take the matter straight to the FOS on 0845 080 1800.

wendy_

Thank you standupguy, I will do this and keep you posted on what happens