Black Horse Finance

neolight90

Hi there,

I am new so bare with me. Here is my tale of woe


I decided two years ago to buy a £15k car, I was not really sure at the time and my misses said no but somehow I let the car sales man sell it to me! I know aint they good, the finance turned out to be with black horse, I should have read the documents better but he said it would be ok, Anyhow as soon as I got the car and all the documents I saw how much it was costing me, I borrowed 15K they wanted 22K back over the 5 year period, plus the monthly payments were £353 a month!

I rang them and said I don't want the car I cant afford it please take it back, to which they said no, fair enough I thought I will sell it and give them the money I owe, I tried to sell it a few times but it was taking ages I asked them for a final value fee they said I owe them £15,553 now with interest, yes thats 2 months interest!! £553!!

so 2 months went by and I could not sell so I told them to take it back which they did and sold at auction for £14,100 I thought fair enough I would have to pay the difference, but I got a letter from them stating I now owe £7335 and if I don't pay they would take me to court, of course I did not have that kind of money nor did I think it was fair that they said they had added the interest for the 5 years even though I do not have the finance with them anymore.

I know I was stupid and I would never get into anything like that again, I dont want it to affect my Police role nor do I think its fair they ask this much of me!

I just got a call from the Lewis group who have taken over the debt after 2 years of them being quiet?

Any ideas?

If you need any more information let me know.

Thanks

xmaslolly76

Hiya OP

Yes it was very silly thing to do. Do you have any money you can pay off the balance maybe they would accept a full and final settlement offer through the debt collection agency. There is a correct way of doing this and someone with far more knowledge than me will more than likely be along shortly who can advise you better. :-)

betti911

Hello Neolight,

I didn't just want to read and run although am not up to speed with car loans. I'm sorry you got a negative reaction from the other poster. We're not all like that. I hope someone comes along soon who can offer some good advice.

Betti

standupguy

There is quite a lot to consider.

Firstly, was the car repossessed due to arrears? Were you sent a default notice? When did the default notice expire? When was the car repossessed?

Otherwise if you were not in arrears did you voluntary terminate the agreement?

Whichever it was there will a differing amount of liability outstanding and you should check that it is correct?

have you got a full statment of Account to see how the sums add up - if not ask for one.

Has Black Horse still got the account on their system and just passed info to a debt collector to try and get some money back?

Or, have they actually sold the debt on?

So, you may able to challenge the amount due if things were not done correctly by BH or you may be able to negotiate a one off final payment with lewis if the agreement has been sold on

neolight90

Black horse did offer me 2K ages ago, which I was willing to take buy they took the offer back, the account fell into arrears by 2 months as I never paid a single payment from the start. I tried to sell the car but in the end they said I would have to give it back which I said yes thats fine I want to give it back and arranged for them to come and collect it. As for when the default notice expire I am unsure I will have to check to see if I have the details when I get home and post that up.

They have not sold it on from what I can tell but just passed my details to a debt collector called Lewis group

Thank you all who posted with help

standupguy

Ok, First thing is to dig out the default notice (NOD).

On the NOD there is a date that you have to pay the arrears by - what is that date?

What date was the car actually repossessed? To be correct it has to be repossessed after the expiry date on the NOD.

If it was repossessed before the expiry of the NOD then you may have something to start to fight back with.

Did you get the 2k offer in writing?

Do you have a full statement of account ( is that how you found out the auction sale proceeds amount)?

If BH still have your account then all is not lost and I am sure they will listen to some sensible negotiation if it means they will make some recovery

neolight90

standupguy wrote: »

Ok, First thing is to dig out the default notice (NOD).

On the NOD there is a date that you have to pay the arrears by - what is that date?

What date was the car actually repossessed? To be correct it has to be repossessed after the expiry date on the NOD.

If it was repossessed before the expiry of the NOD then you may have something to start to fight back with.

Did you get the 2k offer in writing?

Do you have a full statement of account ( is that how you found out the auction sale proceeds amount)?

If BH still have your account then all is not lost and I am sure they will listen to some sensible negotiation if it means they will make some recovery

I know that they took the car after the date on the NOD had passed so that wont be an option, I dont believe I got the 2k offer in writing, I do not have hardly any of the forms with me anymore as I went to a friend of a friend for help and we ended up falling out and the forms have gone!

So yeah pretty much I am stuffed I know! I will end up having to pay 7k for a car I owed for no time at all! I could have brought a nice car for that price!

neolight90

They told me on the phone, how much it went for at auction, they are a truely rubbish firm and would lie to me on the phone quite often

standupguy

You need to see a full statement of account - that will tell you how much was credited from the sale proceeds.

It will also tell you the amounts of any other added fees or charges.

You seem resigned that there is little you can do but if the account is still with BH then there is some hope of coming to a compromise if you can come up with a lump sum in final settlement?

Some might say that you appear to have buried your head in the sand before rather than face this at a time when it would have been easier to resolve.

If you bury your head again,both the debt and the stress from the debt collection agency will get worse and more charges will add to the balance.

You took a step forward getting some opinion on this forum - it is up to you now if you want to try and sort it once and for all and if so, your starting point is the full statement of account and only you can get that.

neolight90

standupguy wrote: »

You need to see a full statement of account - that will tell you how much was credited from the sale proceeds.

It will also tell you the amounts of any other added fees or charges.

You seem resigned that there is little you can do but if the account is still with BH then there is some hope of coming to a compromise if you can come up with a lump sum in final settlement?

Some might say that you appear to have buried your head in the sand before rather than face this at a time when it would have been easier to resolve.

If you bury your head again,both the debt and the stress from the debt collection agency will get worse and more charges will add to the balance.

You took a step forward getting some opinion on this forum - it is up to you now if you want to try and sort it once and for all and if so, your starting point is the full statement of account and only you can get that.

Yes I should not have buried my head in the sand, thank you for your advice I am going to send them this letter to get all the information I need



Your address

Their address

Date

DATA PROTECTION ACT 1998
SUBJECT ACCESS REQUEST

Dear Sir/Madam


Agreement/account number: xxxxxxxxxxxxxx

I understand that you currently hold details of my personal and financial information within your internal record systems with regard to car finance loan(s).
Please supply me with a complete list of transaction and charges relating to my history with your organization, INCLUDING loans, payment protection insurance and other products. Alternatively a complete set of statements for the accounts or associated accounts is acceptable. I would be grateful if you would provide the following for ALL accounts or associated accounts I have held with your organization:

-Original Consumer Credit Agreement

-Full copies of all contracts which you believe exist or have existed between myself and your organization, including true copies of any documents you hold in support of the same.

- A complete list of all transactions or statements relating to ALL of my loan accounts with your organization.

-Copies of all documents which include any of my personal information including copies of any contacts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.

-Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains my personal or financial, or which pertains to me.

- Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.

-Full hard copy print outs of my personal or financial information, held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

I enclose a postal order in the sum of £10 to cover your fee.

IF YOU UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIATELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROTECTION.

I look forward to hearing from you in the first instance of receipt.

Yours faithfully

neolight90

Question though is Black horse allowed to load 5 years worth of interest onto a loan I only had with them for 2 months, so I borrowed 15k they want 22k still even though the loan lasted 2 months?? If they are allowed we live in a very upside world huh where banks are allowed to openly rip people off