Help with sticky BlackHorse Finance situation..?

CFLest1990

Hey folks, I'm Claire a soon-to-be 20 year old student.

I, over the last 2 years, have been in full time employment and 3 months ago bought a £9,000 car on finance with BlackHorse, but last week unfortunately lost my job and am now struggling to pay the £215pm payments.

I have phone BlackHorse who have said they cannot help because i have paid less than 6 payments..

I was stupid, overly-eager, and now facing my credit going down the pan, being made homeless from blacklisting my parents address and my life potentially slipping from my grasp..

I'm simply looking for a bit of advice on how to sort this mess out with the car finance. I am aware this is my fault..but i really would like some sound advice on how to handle this situation before i genuinely give up and end up like Marvin from The Scheme

clairbear1000

You need to check what the agreement says about nonpayment and repossesion. I assume you still have the car good as new etc sitting there? Have you offered a set repayment plan for a short period of time to see if you can get back on your feet?

do you think you will be able to find another job? Is there anyone who can help you with the payments even for a short time?

As an aside, an address wont be blacklisted, any credit issues will be yours, although if you did default on the agreement they will correspond with you at your home address, telephone, letters, potentially visits etc.

It looks like you could jeopardise your credit rating unless you can negotiate with them for a short period. I am sure someone else will be able to advise better than me.

ILW

Best bet is to find another job fast.

paulmcerlean

You cannot blacklist an address. Any ill effects of not paying will not affect your parents.

Rupert_Bear

ILW wrote: »

Best bet is to find another job fast.

I bet the OP never thought of that!

laurel7172

How much would you get for selling the car? There's bound to be a painful hit, but newish cars depreciate frighteningly fast, and every month the gap between what you owe and what the car is worth is likely to widen. And if you're going onto college, you know you can't afford to keep the car anyway.

So, as long as Black Horse will allow it, get rid of the car ASAP. You may need a small loan of some description to cover the probable shortfall-easier if you haven't missed any payments yet. Student account free overdraft?

CFLest1990

Rupert_Bear wrote: »

I bet the OP never thought of that!

Ofcourse i've thought of that, and i'm working my butt to the bone to find another job and keep my head above water.

I am looking for advice on how i can avoid ruining what little credit history i have, due to this recession costing me my job, my home, my family..my life.

I have always worked hard in school and in work, and i will continue to do so and if that means juggling student life with long nights in another customer service job, then i will.

I only wanted advice, yet i'm having people poke fun and make snide remarks about (not only) my situation. God forbid you need genuine, life saving advice some day.

Mrsteve87

CFLest1990 wrote: »

Hey folks, I'm Claire a soon-to-be 20 year old student.

I, over the last 2 years, have been in full time employment and 3 months ago bought a £9,000 car on finance with BlackHorse, but last week unfortunately lost my job and am now struggling to pay the £215pm payments.

In 3 months you should just be able to give the car back to the dealership and they refund you what you havent used.

IIRC, reposession is possble without your permissoin untill a 3rd of the contract has been paid.

This may hit your credit rating somewhat - but that is the reason why HP is easier to come by than unsecured loans - your car is the collateral

Did you buy GAP insurance when you bought the contract?

CFLest1990

Mrsteve87 wrote: »

In 3 months you should just be able to give the car back to the dealership and they refund you what you havent used.

IIRC, reposession is possble without your permissoin untill a 3rd of the contract has been paid.

This may hit your credit rating somewhat - but that is the reason why HP is easier to come by than unsecured loans - your car is the collateral

Did you buy GAP insurance when you bought the contract?

I did buy GAP insurance yeah, and i can just give the car back? How does that work? Like..a refund so to speak?

nelly12

Not sure that someone isn't taking the mick out of you with that post. The reference to GAP insurance probably meant 'torch the car' and claim on the GAP policy which is really helpful for you. not!

How much was the cash price of the vehicle? ie. did you put any deposit down? What is the Apr on the finance agreement.

Think your best option is to sell the car and find a loan for the difference between the figure that you get and the amount of finance outstanding.

3Dogs

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