black horse car loan

dazzadub

i have car on finacie with black horse, we still owe 13k on it. have 3 half years left on it

i been told i have to stop work prob for 6- 12 months as im due to have an op on my spine

i will be on esa as i dont get sick pay from work, i didnt take payment protection out as didnt think i would need


is there any thing i can do with out getting a default. black horse say that they can give me 3 payments at reduced rate but would look for the remainder in a lump sum after the 3rd reduced payment or they would file a default.

and i wouldnt be in a position to do thsi as the lump payument would be nearlly 600 quid

[Deleted User]

i doubt you will avoid a default if your only income for upto 12 months will be esa,once you stop being paid and start getting esa contact them again and offer them a reduced payment

standupguy

You need to do the sums.
Call them for an up to date settlement figure
Work out the current value of the car
Is there some equity if you sell?

Otherwise is it a hp agreement and if so how far are you away from paying one half of the hp price, as you could vt at that point.

Rather than get into difficuties with arrears, defaults and possible repossession, see if you can sort it under your control rather than leave it and let the Finance company take control of the situation

KingElvis

^^ that's some fine and sensible advice from standupguy, I suggest you read it and get it done.

dazzadub

standupguy wrote: »

You need to do the sums.
Call them for an up to date settlement figure
Work out the current value of the car
Is there some equity if you sell?

Otherwise is it a hp agreement and if so how far are you away from paying one half of the hp price, as you could vt at that point.

Rather than get into difficuties with arrears, defaults and possible repossession, see if you can sort it under your control rather than leave it and let the Finance company take control of the situation

i have done the sums today, it will prob work ok for the time being as we will get finacail help with our rent and that which means the extra can pay car

Apples2

Sounds like you are not going to be driving for up to a year so dumping the car has got to be a preferred option.

If it is HP...as standupguy said, return it if you have paid half.

If it is a personal loan, sell it and use the money to feed the loan whilst you are in recovery.

If the car is around the £10k mark, you could even dump it and get a cheap banger if someone else in the house needs the wheels leaving the extra for the repayments.

The very last thing you should do is wait until it is too late.