Help with sticky BlackHorse Finance situation..?

3Dogs

OP can't sell the car - it is not his - it belongs to Black Horse until agreement fully paid.
Did you take out Payment protection on the agreement as you should be able to claim under that?

Emmzi

seriously your parents will make you homelessd because you lost your job?

If they were that evil i think you would have left home by now. Perhaps you should stop with the drama llama and ask them for some help.

Rupert_Bear

CFLest1990 wrote: »

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.

Why do you think I ended with an explanation mark. The poster was obviously stating the obvious and was no reflection on you or your post.

Mrsteve87

nelly12 wrote: »

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.

You have obviously never heard of GAP insurance then?

Please research it a bit if you have no idea before making a comment like that

What difference is the APR going to make? OP knows he cant afford it already...

And how do you expect him to get another loan when he has just LOST HIS JOB?

GAP insurance basically guarantee's the value of the car. normally it comes into effect at the end of an agreement, however if the OP hasnt gone over the mileage agreement he MAY be able to stop the agreement and use this as insurance against the cars value

Someone correct me if im wrong?

ILW

Mrsteve87 wrote: »

You have obviously never heard of GAP insurance then?

Please research it a bit if you have no idea before making a comment like that

What difference is the APR going to make? OP knows he cant afford it already...

And how do you expect him to get another loan when he has just LOST HIS JOB?

GAP insurance basically guarantee's the value of the car. normally it comes into effect at the end of an agreement, however if the OP hasnt gone over the mileage agreement he MAY be able to stop the agreement and use this as insurance against the cars value

Someone correct me if im wrong?

You are wrong.

GAP insurance covers the difference between the outstanding finance and the insurance payout if the car is written off.

Mrsteve87

I knew it was available in the circumstance of writing the car off, but i also thought it worked at the end of the contract against depreciation?

Apologies if it is the case and im wrong, either way i am thinking of a valid kind of insurance - it could well be GMFV ( gauranteed minimum future value) im thinking of. this is direct from ford but i know other companies do similar products

JasX

Soon to be student (ie full time education)

Decided to buy £9000 car on finance

You do realise a) you'll be expected to spend time studying when you are a student and not working a full time job? and b) need some means to support yourself -ref you may have read things in the press about students ending up in debt.

Those are not the ones who thought it sensible to have loaded themselves up with debt BEFORE starting their studies

Get rid of the car asap, and repay what you can of the loan, try to keep your credit intact as you might need it later on in your course of studies. You really don;t need a £9000 car if you're a student, hopefully acting now to reduce your debt burden won;t leave you with too much oa a millstone around your neck to complete your studies

-Financial issses are one of the two top reasons for students dropping out of a course, ending up with all the debt but no qualification after 'doing' the student thing

CFLest1990

JasX wrote: »

Soon to be student (ie full time education)

Decided to buy £9000 car on finance

You do realise a) you'll be expected to spend time studying when you are a student and not working a full time job? and b) need some means to support yourself -ref you may have read things in the press about students ending up in debt.

Those are not the ones who thought it sensible to have loaded themselves up with debt BEFORE starting their studies

Get rid of the car asap, and repay what you can of the loan, try to keep your credit intact as you might need it later on in your course of studies. You really don;t need a £9000 car if you're a student, hopefully acting now to reduce your debt burden won;t leave you with too much oa a millstone around your neck to complete your studies

-Financial issses are one of the two top reasons for students dropping out of a course, ending up with all the debt but no qualification after 'doing' the student thing

And what makes you think i 'loaded' myself with debt knowing i was going to be made redundant and going back to education?

I'm pretty sure i explained that in my OP

I want to keep the car, and obviously i won't be able to, this is why i'm asking for advice.

scotsgirl_3

You will have difficulty selling the car due to it being on finance - BH will likely refuse to remove their interest in it. You would be able to do a voluntary surrender to BH - you sign the car back, they sell it at auction and you are left owing the shortfall which you will be able to make an arrangement to pay off over time.

nelly12

Mrsteve87 wrote: »

You have obviously never heard of GAP insurance then?

Please research it a bit if you have no idea before making a comment like that

What difference is the APR going to make? OP knows he cant afford it already...

And how do you expect him to get another loan when he has just LOST HIS JOB?

GAP insurance basically guarantee's the value of the car. normally it comes into effect at the end of an agreement, however if the OP hasnt gone over the mileage agreement he MAY be able to stop the agreement and use this as insurance against the cars value

Someone correct me if im wrong?

At least you admitted you were wrong. FSA registered in the sale and recommendation of Insurance products mate!!!!! Earn decent bucks talking about motor finance all week!!! And your qualifications to be judgemental are???