Mis sold Black Horse Loan?

mel991

Hi, I took out a personal loan from Black Horse for £3500 to consolidate my debts. I was told they would only give me a loan if I paid off my credit card debts as part of the agreement so I agreed. They deposited £1800 into my bank and said they had paid both my credit cards. I checked with my credit cards and they had not received anything from Black Horse, when I phoned them about it they said they were sending me 2 cheques which I would have to send to my credit card companies. I STILL have not received the cheques and after constant phone calls to try and sort it out I am still no further forward. They also said at the time of taking the loan out that legally they were not allowed to take repayments until the money had been in my possesion for 30 days, so as I have not had the money in total, I have refused to pay any payments. Obviously this has now increased the loan because of interest and it now stands at £7500?? Please please can anyone help me resolve this situation as I am still in debt and cant seem to see a light at the end of the tunnel.

adamc260

Seems slightly ridiculous in my opinion. Their end of the bargain is to clear your other debts and your end of the bargain is to clear the debt they have given you. The fact they haven't held up to their end of the bargain means they can hardly start charging you because your going to get payment requests coming from your credit cards + black horse. They've also increased it by 4k which seems unreasonable? Ring up and ask to speak to a manager or make a complaint because your prepared to pay them back AFTER they've done what they said what they would do

kev.s

i trust you had their terms in writing?
to earn 4k in interest due to you refusing payments, you must have had this loan a fair while. i'm afraid you have been very stupid refusing to pay as you have breached your contract with them which they will register on your credit file.

i suspect now your trying to wriggle out paying the whole loan due to regretting your earlier actions of refusing payment.

Apples2

There is an awful lot more to this than the OP indicates.

For a debt to rise £4,000 this has been ignored for a very long time. The opening post comes across as if this has all happened in a few months.

opinions4u

Apples2 wrote: »

There is an awful lot more to this than the OP indicates.

For a debt to rise £4,000 this has been ignored for a very long time. The opening post comes across as if this has all happened in a few months.

I did wonder whether it was a "total amount payable" on the credit agreement.

Regardless, the OP is pretty stupid for refusing to pay.

OP: Pursue it via their complaints procedure and, if needed, refer it on to the FOS in 8 weeks time. But resume your payments.

dunstonh

Please please can anyone help me resolve this situation as I am still in debt and cant seem to see a light at the end of the tunnel.

We can only help if you tell us the truth and the full story. I'm afraid that what you have posted is unrealistic. £3500 does not turn into £7000 in just a couple of months. Please give more information and clarify the timescale.

I can only mirror that above posts in that your refusal to make repayments has been foolish and damaging to you. You should never fail to make repayments, even if there is a dispute.