Black Horse urgent advice needed !!!!!!

rjex666

Hi any advice would be very helpful.

My wife and I took out a loan with black horse for finance on a car back in 2003. We began having difficulties paying after a year and eventually had to give the car back on black horses advice. Furthermore after the sale of the car the remaining balance was £2500/. However since the sale of the car this debt has almost doubled because of interest and charges they have added. The original agreement was for £10,200. But the car salesman had problems getting the finance from black horse. As we had other debts at the time our credit rating must of been bad. As you are probably aware car salesman are a dab hand at fiddling the figures. So the car salesman told black horse that we had paid an £1100 deposit, which we had not paid. Also we did not notice this until much later in the agreement.

What I would like to know in light of this are the following:

-Would it be worth going to court to get the interest and charges wiped as it was obvious we were in financial diffculty because we gave the car back. These charges have been punitive in my mind as a result of our financial hardship.

-Secondly as the car salesman fiddled the figures so to get credit when it should have been refused. Does this null the credit agreement under the unfair relationship section in the consumer credit act (1974) and amendments. Therefore should black horse pursue the car dealership rather than myself for the remainder of the debt.

Any help will be greatfully accepted.

[Deleted User]

basically NO no and erm NO

ilovebanksMCMLXXXI

rjex666 wrote: »

Hi any advice would be very helpful.

My wife and I took out a loan with black horse for finance on a car back in 2003. We began having difficulties paying after a year and eventually had to give the car back on black horses advice. Furthermore after the sale of the car the remaining balance was £2500/. However since the sale of the car this debt has almost doubled because of interest and charges they have added. The original agreement was for £10,200. But the car salesman had problems getting the finance from black horse. As we had other debts at the time our credit rating must of been bad. As you are probably aware car salesman are a dab hand at fiddling the figures. So the car salesman told black horse that we had paid an £1100 deposit, which we had not paid. Also we did not notice this until much later in the agreement.

What I would like to know in light of this are the following:

-Would it be worth going to court to get the interest and charges wiped as it was obvious we were in financial diffculty because we gave the car back. These charges have been punitive in my mind as a result of our financial hardship.

-Secondly as the car salesman fiddled the figures so to get credit when it should have been refused. Does this null the credit agreement under the unfair relationship section in the consumer credit act (1974) and amendments. Therefore should black horse pursue the car dealership rather than myself for the remainder of the debt.

Any help will be greatfully accepted.

Hi

I used to be car salesman (for my sins) and have also experienced my own financial difficulties.

I'm not an expert but have seen an insight into the law through my own experiences and also an understanding from the the finance point of view.

A judge (if you went the CCJ route) would take a dim view of Black Horse if they had clearly been increasing their charges when you were in obvious financial difficulties - I assure you, the law is not black and white.

Secondly, it's difficult to 'fiddle' the figures on a HP agreement without the customer knowing what is going on. 9 times out of 10 the average car salesman will tell you what he's doing because he'll get a feather in his cap for getting you the finance you probably shouldn't have.

The Credit Consumer Act is a great thing but be careful, it will be difficult to prove the salesman 'fiddled' the figures because you signed the paperwork and ever Black Horse agreement I've ever been involved with clearly shows the cash desposit so in effect, you would possibly be accused of fiddling the agreement also - a big no, no.

In 2003, if you could put a deposit into a HP agreement it was a big plus towards your agreement and £1100 would've been more than 10% so you got an extra tick!! The salesman was switched on!

You need to speak to the FSA because if you feel you were in financial difficulties when you entered the agreement you will 'probably' find a loophole of two.

The FSA were not as bigger power in 2003 as they are now but without doubt, they will give you some form of assistance.

Hope that helps a little