Black Horse Finance

dfh

Good luck and hope you get sorted.

ILW

neolight90 wrote: »

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

Are you sure they sold the car for 14k at the auction?
It does sound very high if the car was 15k new.
You would normally expect a 25% drop as soon as it left the showroom.

Clive_Woody

neolight90 wrote: »

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

That information would have been in the terms and conditions of the contract of sale, which I guess you don't have. I would guess you did agree to pay them back over 5 years at whatever interest rate and there was probably some sort of clause saying if the agreement was terminated early you would be liable to pay the interest in full.

standupguy

neolight90 wrote: »

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



Well done - it will be interesting to see what comes back.

If the car had been repossessed then the amount left owing should be the full balance including interest charges LESS a rebate of charges at time of termination LESS the sale proceeds amount.

In other words they cannot charge you the full 5 years of interest - in fact after only two or three months a lot of the interest would have been rebated.

I suspect a lot of the balance will be shortfall after low sale proceeds and other fees and charges added on.

neolight90

The car was not brand new, it was second hand from a dealer, he was a smooth man who talked me into it somehow without me reading all the documents, I paid 15k for it but he told the loan agency that I had paid 17k so I did not have to pay a desposit if that makes sense?

So he told the loan people I had brought the car for 17k giving him 2k and borrowing the other 15k from Black Horse, Its weird though my credit file is showing this 0 0 0 0 0 0 0 green each month, I will send them the letter but I dont have the account details anymore as the guy who has all my paper work has gone! after fell out

I just know they cant charge me over 7k like this for something I owned for no time at all, I shall start to move this along now as I want it off my file for good, I dont understand though why it shows green each month and they have not defaulted me its been over 2 years and the most I got this year was 1 call from the lewis group.

iolanthe07

he told the loan agency that I had paid 17k so I did not have to pay a deposit

Then he committed fraud and you might have grounds for miss-selling. In view of this new information I would consult a solicitor ASAP.

neolight90

iolanthe07 wrote: »

he told the loan agency that I had paid 17k so I did not have to pay a deposit

Then he committed fraud and you might have grounds for miss-selling. In view of this new information I would consult a solicitor ASAP.

Would it not be his word against mine? It was over 2 years ago now, would this help me?

At the time he said this ok he is doing me a favour, it wont be a problem, I had no clue what I was doing and it shows to be honest.

iolanthe07

Would it not be his word against mine? It was over 2 years ago now, would this help me?

I don't know that anyone here could answer that accurately, which is why you really do need to consult a solicitor. Some will give the first consultation free to see if you have a case.

neolight90

Does him lying null the contract then, I have got the contract in my hand and it states that I did pay 17k for the car with 2k of it being a deposit I paid to him?

I am in the process of contacting a lawyer but funds are tight,

because I have another problem with barclays bank on going with so many £30 fees they took off me over the last 9 years totaling up to 1000s

most of which are fine after fine day after day, they would fine me because they fined me!

but anyhow back to the issue what do you think?

xmaslolly76

Could this not work the same as with houses where the seller can gift the deposit to the buyer car dealers have discretionary % they can deduct from the sale price if it will secure the sale or did he actually fiddle the figures IE: the car was up for sale for 15K and he told the finance company it was up for sale for 17K. If its the former option i dont think you would have any come back but the latter could be seen as fraud and i would follow iolanthe07 advise and see a solicitor asap.