BLack Horse Finance..

MrsPitcher2b

Hello Everyone

Just wondered if anyone had any dealings with Black horse finance and if its possible to make overpayments/lump sum payments off the loan (Car finance)

Also, how does lump payments work, our settlement figure is £4000 but obviously its more if we go the whole distance witht he loan, but say we pay off £2000 lump sum, do they shorten the loan term agreement, or lower the repayments or what? I cant ring because its in OH name and they wont speak to me even though he has told them its ok and the money comes out of my bank...

And finally... How do i go about asking for the actual credit agreement. I dont agree with wiping out debt because i borrowed it so i should pay it back - but that panorama program really got on my nerves in the nicest way - Why should i pay it back if no one else is!! I probably will still pay it back, but just would be nice to see what they do if i ask for a copy?

Thank you ...

standupguy

Paying a lump sum will not give you any financial benefit.

It will just put your account into credit.

Your continuing monthly payment will still be expected but you could stop the monthly payment until the credit has been worked off.

The only way you will ever save money is settling the account in full before the end of the agreement - that way you get a rebate of interest charges with the amount of rebate depending on the time of actual settlement, ie, the sooner the settlement the bigger the rebate of charges.

So, it may be better to save your £2000 in the highest earning interest savings account you can get and then withdraw at a time in the future when you can make full settlement.

doodledo_2

I had a loan with Black Horse a few years ago. On mine they wouldn't accept overpayments but they did let us pay it off early with an early settlement figure.

Like the other poster has said this seemed to be the only way with them I could save any money.

I found Black Horse very difficult to deal with when trying to clear the debt and amazingly helpful when trying to offer us more credit lol.