Advice re black horse loan

noff

Hi

My brother-in-law took out a loan with black horse finance 3 years ago, I have checked this for him and realised he is paying 33.24% interest. Therefore, despite repaying hundreds of pounds back already he still owes quite a lot of money. Firstly is there anything that can be done aobut the interest rate paid retrospectively as I would regard this as extortionate. Secondly if he was to settle in full he would have to pay a collection activity charge of £275, again is this lawful and if not what could be done about it. Any help would be greatly appreciated.

jonesMUFCforever

If he has signed up for the terms of the loan he has no reason to quibble now.
How much was the original loan/ what is the state of his credit files?
To answer your question the answer is no to both.
He signed an agreement binding on both parties.
To break this agreement he would have to pay it off in full.

emmareid

Hi There

I used to work for black horse, if your brother rings them up and says that
he has a better rate elsewhere, sometimes they reduce the rate,
as when people first take out a loan with black horse the customer account managers are always told to tell the customer that they can look at lowering the rate after 6 mths of payments.
or even trying to take out more, like £500 sometimes they reduce the settlement figure for new bizz

hope this helps

weebag

Hi Noff

I got a Black Horse loan some time ago, and due to having a really poor credit history, was being charged 19.99% interest......over the next two years I rebuilt my credit status and approached Black Horse saying I wasnted to settle as interest rate too high - they immediately offered me a new rate of just over 10% (still high, but good enough to keep me with them, due to penalities etc) - so try it, gotta be worth a go!

Mark

emmareid

Exactly!
I worked for them for 5 years, left as i felt that finance was very imoral in the way that they sell ect.
But yes they will do anything to keep your business as everytime a customer settles it comes of there monthly/quartley target so lowers their bonus