Black Horse - Termination

kirkie_2

I currently have a finance deal with Black Horse for a car loan with I took out over 60 months.

I have been told that if you have paid half of what you borrowed you can give them the car back at no cost, the debt will be finished and you will not get a negative credit score.

Can anyone confirm this please?

CLAPTON

for HP you can voluntary return the car after half the money has been returned
but if its a personal loan then no you can't.

kirkie_2

CLAPTON wrote: »

for HP you can voluntary return the car after half the money has been returned
but if its a personal loan then no you can't.

It is definitely HP and halfway down my proposal sheet it gives me a figure and I have paid this. The only worry was that I got some sort of a negative mark on my credit score...

CLAPTON

your credit record will probably be marked vt.. voluntary termination... it may mean that other HP providers might not be too keen to agree HP in the future but shouldn't otherwise affect your credit worthiness.

kirkie_2

CLAPTON wrote: »

your credit record will probably be marked vt.. voluntary termination... it may mean that other HP providers might not be too keen to agree HP in the future but shouldn't otherwise affect your credit worthiness.

Thanks for that. Do you think it would be a good idea to enquire with Black Horse or will that just get there backs up?

wadia860

Kirkie, have a look at my thread HERE

Black Horse may get stroppy, that's the risk you'll have to take. The way i viewed it was, it's nearly £300 p/m that I'll be better off so I'll take that chance. Also, I bet there are many people phoning finance companies atm asking for VT's that it would be difficult for them to be an !!!! to their customers.

If they use proper/external companies to inspect the car prior to you handing it back, then it's harder for them to be so picky about the tiniest little thing that may be wrong with your car.

Good luck

Icecoach

Hi all,
We have a loan with Black Horse for our caravan, and it too has become too expensive for us. can we VT on this ?
What will happen if we just inform them we can no longer afford the payments.
What happens to our credit rating if they reposess the caravan.

Thanks for your help
:cool:

CLAPTON

Icecoach wrote: »

Hi all,
We have a loan with Black Horse for our caravan, and it too has become too expensive for us. can we VT on this ?
What will happen if we just inform them we can no longer afford the payments.
What happens to our credit rating if they reposess the caravan.

Thanks for your help
:cool:

is it a HP arrangment?

Icecoach

i think so ?
How do i check ?
sorry and thanks

CLAPTON

Icecoach wrote: »

i think so ?
How do i check ?
sorry and thanks

your loan agrement should say Hire Purchase agreement and the terms for voluntary termination should be included