Blackhorse Settlement?? HELP

a11nak

Wonder if anyone can help me with this one!! I have an agreement with black horse on car finance and been paying the correct amount for 1 year now. I am now wanting to pay the account off but havent got the full 6000 that is left oweing.

Can blackhorse give me a settlement figure on the account and what would be a relistic amount to offer to close the account off? Not sure if they would do a settlement figure with me making the installment ontime for the last 2 years?? :A

Wonder if anyones knows if they would offer a less figure? Not sure how their comany works.

JasX

read the small print as to what the exit clauses are and whether there was any 'front loading' of interest (quite common basically all interest for the full loan period gets added on at the very start).

Yes Blackhorse will be perfectly capable of giving you a settlement figure if you ask, you should expect it to be a sum quite considerably more than you originally borrowed to clear the account. Thats how loans work

a11nak

thankyou, i have 6000 outstanding, do you think that they would settle for 4000? Or is that too low? Dont want to look ridiculous when i call!!

Common_Sense_2

if you click on this link http://www.fla.org.uk/consumer/documents?page=3

and then open the "repaying your loan early" you will have a leaflet written in Plain English about how settlement figures are worked out.

PaEa1411

i work for a car dealership and we use Blackhorse, you will need to read your documentation very carefully to see if there is something called halves and thirds, can't explain anymore cause it varies from finance company to finance company however please be careful when trying to settle your agreement off for an agreed amount cause it can sometimes affect your credit rating

Hope this helps

JasX

a11nak wrote: »

thankyou, i have 6000 outstanding, do you think that they would settle for 4000? Or is that too low? Dont want to look ridiculous when i call!!

No as per the other advice, if you have £6000 outstanding that figure is the MINIMUM you'll likely be able to settle early for, expect to be paying more.