Black Horse Loan

grb1975

Hi all,

I have a bit of a problem with Black Horse at the moment. Some 18 months ago, i took out a loan with them for £5000 at 28% (i know, i know). I wasn't happy with the interest rate and they told me before i signed that after a year of trouble free payments, then no matter what, to ring them to discuss a further loan, or even to just re arrange the loan to bring the interest payments down. Now unfortunately, i still have a bad credit rating although it is getting better. I have never missed one payment with Black Horse and they cannot negotiate a better deal with me because of my rating. Also, they are refusing to believe me when i feel i was mis sold the loan because of their false promises on a re negotiation of the loan.
Any ideas on where i stand and what to do next? Already paid back nearly £4500 yet still have another 42 months to go. Is there any justice at paying this silly interest amount when the B of E rate is at 0.5%?
I would like to stress, that i don't want any extra money, just a better rate on the interest.
Someone help me please.

grb1975

PNPSUKNET

Im afraid its whats in the agreement that counts, the bank clerk could of said anything but it comes down to whats in it.

mrburns_2

MMmmm, the same thing happened to me. Bit of a dodgy practice I suspect. Was told with my Black Horse loan ( a couple of years ago and thankfully now paid off) I could renegoiate the loan with a lower payment. What they failed to say was that I had to take out a new loan and my credit rating would be assessed at the time again. I couldnt just renegotiate - I had to ask for a minimum of £500 plus add on my existing loan. As ever they were hoping for you to want a new car etc at the time and thus getting the amount owed bigger and the more interest coming.

sferris

The same thing has happened to me over a matter of 5 years, they promised to improve our rating, but each time all they did was to advise on taking out a larger loan, to pay off the old one and leave some left for car etc. I recently rang them to tell them that I was not happy to find out that my husband is now not covered as he has been self employed for two years. They said if I cancelled PPI it would only drop my 252 a month payment to 238 a month, what a con. Surely there must be something we can do to stop such companies taking advantage of us in this financial climate.