Blackhorse - signing agreement at their office

Hitme

Hi,

Just after a bit of advice. We have applied for a loan with Blackhorse finance and we have to visit their office bringing proof of income etc with us. Is this normal that we have to go to them in person ?. Are they going to give us the hard sell to sign up to something there and then ?.

Also I vaguely remember seeing something about your rights being different if you sign on their premises rather than at home, is this true or am I just imagining it.

Thanks.

dips_3

I think if you go into their office you no longer have a cooling off period.

Things may have changed but my friend got stung like this a few years ago. She got a phone call from the bank manager asking her to 'come in' She did, thinking there was a problem and when she got there they offered her a bank loan to clear all her credit cards. She signed but when she got home she realised it was costly and not appropriate. She phoned to cancel but they wouldn't let her because it was signed in their office.

i think that was the start of her long decline into debt

Hitme

dips wrote:

I think if you go into their office you no longer have a cooling off period.

That's sort of what I remembered. Thanks.

Any other feedback on Blackhorse ?.

Zippy2006

Blackhorse are owned by Lloyds TSB (Hence the Black Horse). I have used them 3 times to finance my last 3 cars. Rates will vary depending on what you borrow and your circumstances. Normal for any lender to do this.

Best bet is to apply online. You may have to forward some documentation once accepted.

https://www.blackhorse.co.uk

I have had no problems with them at all since 1999. I have been able to clear loans earlier with some discount applied.

Once you have set up an account with them you can easily settle and refinance over the phone. I did this in March - a quick phone call - clearance figure given - paid balance over phone - and got new loan approved in under 20 minutes.

They gave me a loan with rate 7.9% APR not the best compared to A & L - but better than the car dealer. I had defaults on credit file but as a previous customer with 100% record with them they will deal with you no problem.

crazyfj

i've applied twice with blackhorse and twice they have ignored the application through the website (no credit search)

however back to the main point, I got a loan a few years ago and they wanted me to go in, advised I could'nt due to work and we did everything over the phone.

kathyd_2

One bank is very much like the other at the end of the day. They just want to get hold of as much of your money as they can. While they may genuinely need to see certain documents you can bet your life that won't be the only reason they want to "see you in person." They will try flogging you payment protection insurance/life insurance/travel insurance/better bank account/better mortgage/bigger loan amount etc., etc., etc., because they earn commission on all they sell. Just keep saying 'no thank you.'

smudge2006

Zippy2006 wrote:

Blackhorse are owned by Lloyds TSB (Hence the Black Horse).

Just to let you know, Black Horse AREN'T owned by Lloyds TSB. They were sold by them a few years ago but kept the logo (just to confuse everyone!)

Zippy2006

smudge2006 wrote:

Just to let you know, Black Horse AREN'T owned by Lloyds TSB. They were sold by them a few years ago but kept the logo (just to confuse everyone!)

Their website say's 'backed' by Lloyds TSB which is as good as owned.

I recently changed address and called Black Horse to advise. They in turn advised my TSB branch of the changes too via their linked system.

https://www.blackhorse.co.uk

Welcome to Black Horse

We are the leading provider of finance, at Point of Sale, in the United Kingdom.

Available through 13,000 dealers and retail stores around the country, every year Black Horse helps 1 million personal and business customers to buy their car, caravan, motorhome, motorcycle or to fund the purchase of home improvements or something special, such as an exotic holiday.

With the backing of the Lloyds TSB Group, Black Horse has over 50 years experience and is committed to customer satisfaction.

Hitme

crazyfj wrote:

i've applied twice with blackhorse and twice they have ignored the application through the website (no credit search)

however back to the main point, I got a loan a few years ago and they wanted me to go in, advised I could'nt due to work and we did everything over the phone.

Perhaps we should have been a bit more determined in saying no to going into their office as it really isn't very convienient. We applied via the website and thought they had ignored us but about 2 weeks after applying they telephoned and wanted us to go into the office with proof of id / payslips and bank statements etc.

trace1908

hi i have had dealings with black horse we live 25 miles away from the office so everything was done by post takes a bit longer.

Mark7799

Hitme wrote:

Perhaps we should have been a bit more determined in saying no to going into their office as it really isn't very convienient. We applied via the website and thought they had ignored us but about 2 weeks after applying they telephoned and wanted us to go into the office with proof of id / payslips and bank statements etc.

Depends how quickly you want access to the money. The carrot they often dangle is that the loan can be processed quicker if you sign on the premises rather than waiting and going through the post.