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HP loan vs repayment plan
Hi folks,
Bit of an odd conundrum I find myself in. in Sept 2006 I took out a £5k loan when buying a car - I'll be brutally honest and say I thought it was a standard personal loan, and only now have I realised it's actually HP (with Black Horse). As far as I'm concerned it was taken out as a personal loan.
Anyway, in April 2010 due to a failed business our debts got out of hand and we put ourselves in the hands of a debt management agency...all good so far (not bankruptcy or an IVA).
Ok, so now I need to sell my car. It's too costly, we both work from home anyway and I have other stuff to pay off. I've had a decent offer but the car was flagged up with finance oustanding.
I've repaid all well over the repossession minimum, and my question is this: bearing in mind the repayment plan has been agreed, will Black Horse remove the 'HP owing' notice against the car and allow me to continue to repay my loan and sell the car? Or will they insist I either keep the car or pay full settlement?
Bit of an odd conundrum I find myself in. in Sept 2006 I took out a £5k loan when buying a car - I'll be brutally honest and say I thought it was a standard personal loan, and only now have I realised it's actually HP (with Black Horse). As far as I'm concerned it was taken out as a personal loan.
Anyway, in April 2010 due to a failed business our debts got out of hand and we put ourselves in the hands of a debt management agency...all good so far (not bankruptcy or an IVA).
Ok, so now I need to sell my car. It's too costly, we both work from home anyway and I have other stuff to pay off. I've had a decent offer but the car was flagged up with finance oustanding.
I've repaid all well over the repossession minimum, and my question is this: bearing in mind the repayment plan has been agreed, will Black Horse remove the 'HP owing' notice against the car and allow me to continue to repay my loan and sell the car? Or will they insist I either keep the car or pay full settlement?
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the latter i should imagine0
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