Black Horse Finance

Alwayshappytohelp

neolight90 wrote: »

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

Most likely you have a personal loan car finance agreement. As a result the sales proceeds of your car just prepaid the account by 14k, which is around 39 of your normal installments. Thats the reason why your credit shows as up to date, technically you were ahead of the contract which says you only need to pay your normal installment each month! Every month that went buy after you returned the car your normal installment just came out of the 14k sales proceeds. That will be why years went by with little contact.
However now that a debt collection agency is on the phone to you this may suggest that the credit may now be used up and they are expecting the normal payments again!

easynote11

Hi

Does this mean that you can not claim PPI - if the car has been taken back by Black Horse Finance?

tiggrae

neolight90 wrote: »

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

hi there,

know this is quite a while ago that you posted, but was just wondering whether you still have the paperwork on this loan - did you check to see if they had added on any payment protection insurance as it seems to me they might have done and may have ended up paying for the the whole insurance (ie got a very low rebate) you might want to check to see as low rebates can be claimed against !!

ILW

neolight90 wrote: »

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.

I would be a bit careful.
If you signed an agreement with the 17k figure, you would also be commiting fraud. It may be a can of worms you do not wish to open

neolight90

ILW wrote: »

I would be a bit careful.
If you signed an agreement with the 17k figure, you would also be commiting fraud. It may be a can of worms you do not wish to open

Thats what I was thinking, and I am a police officer now, and the more I think about it, I said i did not have a deposit because Black Horse require one to get the loan, he said dont worry ill say I sold the car to you for 17k and that you gave me 2K so you will only have to borrow 15k from them which is what he was selling it for, I checked the paperwork and it does state that I paid 17k for the car overall giving a 2k deposit. I regret getting involved now. I was blinding by how nice the car was at the time and it was stupid. Where does it say if I got PPI I cant see it anywhere?? I dont remember being asked if i wanted it

ILW

neolight90 wrote: »

Thats what I was thinking, and I am a police officer now, and the more I think about it, I said i did not have a deposit because Black Horse require one to get the loan, he said dont worry ill say I sold the car to you for 17k and that you gave me 2K so you will only have to borrow 15k from them which is what he was selling it for, I checked the paperwork and it does state that I paid 17k for the car overall giving a 2k deposit. I regret getting involved now. I was blinding by how nice the car was at the time and it was stupid. Where does it say if I got PPI I cant see it anywhere?? I dont remember being asked if i wanted it

In your situation I would pay the last £1000.
Hope they have not listed too many defaults, and hope it all goes away.
Getting further in could seriously affect you career, and on the face of it you have not actually lost out at all.
I do think that too many of the threads on this board give the impression that it is "worth a try" at getting debts written off. I think you may have got caught up in this and in your case may pay a high price.

neolight90

ILW wrote: »

In your situation I would pay the last £1000.
Hope they have not listed too many defaults, and hope it all goes away.
Getting further in could seriously affect you career, and on the face of it you have not actually lost out at all.
I do think that too many of the threads on this board give the impression that it is "worth a try" at getting debts written off. I think you may have got caught up in this and in your case may pay a high price.

If it was only 1k to pay I would right now, but they want over 7K and thats mostly interest its not right.

ILW

neolight90 wrote: »

If it was only 1k to pay I would right now, but they want over 7K and thats mostly interest its not right.

Sorry, mixed you up with a very similar thread.
I would still try to pay it up in your position.
You earlier stated that you did in fact enter knowingly into a fraudulent transaction because you were blinded by the shiny new car. As a police officer I believe if this came to light, it would rightly result in instant dismissal. Sorry.

neolight90

Then I will have to be dismissed. The guy set the deal up he only told me after that he told them he said I paid the 2k as a deposit.

The thing is no matter what I did or didnt do I shall have to come up with another way then other then the 2k deposit. I am not a bad person and I work hard as a Police officer and have never been arrested or tempted to do anything wrong while serving and if I have to be dismissed for this then so be it but I shall do the right thing and that is to question the fact they want 7k in interest that never took place.

Thanks for all the advice people I shall get on with it from here

scotsgirl_3

Have you asked at any point recently for a settlement figure - you mention £7k which by the sounds of it is the balance. The settlement figure may be different depending on how long the agreement was for. There is a poster above who has explained what probably happened with your account in that it may have gone prepaid, If you had settled it at the time you handed the car back, the settlement figure asand the balance would have been different but because this has run for a long time since, the account has been active and you have continued to owe money. Most blackhorse car loans are front loaded with interest - so the total amount to pay is the starting balance on the account. If you ask to settle early, like you did at the start, then they give you a discounted figure which means that you only pay interest for the period you borrowed funds for. Because this was never settled, you never attracted this interest rebate.

with regards to the deposit issue, I'm not entirely sure you should be bringing it up - at the end of the day the finance with Blackhorse is still based on the amount you borrowed i.e. £15k, and really you and the dealer essentially committed fraud by lying about the deposit. I'm not sure telling blackhorse would do you any favours as you may end up owing as much, and losing your job from what you have told us.

Your best way forward is probably to try and negotiate a settlement figure and get rid of this. You mentioned that your debt is with Lewis Group - do you know if it has actually been sold, or if they are acting on BH behalf? Either way, with cases which are overdue like this it is often possible to negotiate a settlement which is substantially below the balance if you can find a lump sum to try and clear it.