Black Horse loan

IN_LIKE_EVERYONE_ELSE!

I am trying to help a friend sort this one out:

Loan amount £5,000

PPI £3,482

Interest 23.9 on both original amount and insurance.

over 120 months

total repayable:

£173.17 X 120 months = £20,780.40

and to cap it off, Blackhorse have secured the loan against the property.

I would like to have the charge on the property removed and get rid of the insurance.
You input would help a struggling family.

Regards

In Like.

jonesMUFCforever

You have no chance of getting Blackhorse to agree to withdraw its charge because if you default this is how they will get their money back!
Other similar posters on these boards have found that even by cancelling the PPI they save nothing as the premium for the PPI buys a bond that is paid up front.
You don't say how good or bad your credit history is like but IMO your only option is to refinance the loan elswhere.

Have you tried your present mortgage provider to see if you can get a 5 year term further advance to cover the Blackhorse loan?

I know it is easy to be wise after the event but Blackhorse did not just take a charge over your property YOU AGREED TO IT by signing whatever agreement with the loan company. If you did not understand any of it then you should have consulted someone who did who could have explained the consequences of not keeping up with repayments.

IN_LIKE_EVERYONE_ELSE!

THANKS FOR THAT.

I am trying to help a friend sort this one out:

Loan amount £5,000

PPI £3,482

Interest 23.9 on both original amount and insurance.

over 120 months

total repayable:

£173.17 X 120 months = £20,780.40

and to cap it off, Blackhorse have secured the loan against the property.

I would like to have the charge on the property removed and get rid of the insurance.
You input would help a struggling family.

Regards

In Like.

jonesMUFCforever

Your friend has no chance of getting Blackhorse to agree to withdraw its charge because if they default this is how they will get their money back!
Other similar posters on these boards have found that even by cancelling the PPI they save nothing as the premium for the PPI buys a bond that is paid up front.
You don't say how good or bad their credit history is like but IMO their only option is to refinance the loan elswhere.

Have they tried their present mortgage provider to see if they can get a 5 year term further advance to cover the Blackhorse loan?

I know it is easy to be wise after the event but Blackhorse did not just take a charge over your property THEY AGREED TO IT by signing whatever agreement with the loan company. If they did not understand any of it then they should have consulted someone who did who could have explained the consequences of not keeping up with repayments.


Repeated question with repeated answer just changed from you to your friend.

regularsaver1

Whats the settlement figure?

The only way the charge is removed is by paying it off - could an unsecured loan be taken to pay it off so it is no longer secured?
or like ejones999 says - a further advance (still secured but is increasing mortgage balance so one monthly payment)

I agree with ejones999 in that they signed for it. It was porbabaly a non-advised service

get them to find out the settlement figure now