Black Horse wrongly default on credit file

michael_quigley

Hi everyone, new to the forums so please bare with.

I had car finance with Black Horse, taken out in November 2007.

I then had a brain aneurysm in Jan 2009 and was told not to drive for 12-18 months. Due to the recession the car had dropped a lot in value, it was a fast sports car which had terrible fuel consumption.

If I sold the car privately I was getting around £10,000, but there was still £18,000+ left to pay.

Black Horse then said they could take the car from me as a voluntary termination, give me what the car would sell at auction for, (it went for £13,500) and then pay them the remainder back monthly.

I was obviously quite ill at the time, agreed and thought that was that.

I ended up with a default on my credit file and later learning a voluntary termination is just as bad a a default etc etc.

Anyway my credit file just hadn't been updated by them for around 6 months then the default appeared. I called them up and told them I never defaulted and it was removed that week. The problem is it then happened every single month and I had to call and get them to remove.

I was getting a mortgage last month and unfortunately on the day the bank done a credit search the default was showing and was rejected. So I got onto Black Horse again, via letter also, and dealt with someone high up. He personally looked into it and said it was now corrected at their end and it won't happen again.

What do you know, only yesterday, default on my credit file. The strange thing is that it says I defaulted on it the day the finance was taken out.

I'm hoping with everyone's knowledge on here I will be able to get some help on how to resolve this once and for all. Would be ideal if they could wipe the remaining debt due to the stress caused with this each month and being refused a mortgage over it.

Thanks in advance!

Michael

CH27

Did you keep up with all your payments & are they still upto date?

bottleofred

Hi Michael,

If blackhorse have removed the default, it can take around 6 weeks for credit files to be updated and I think it is usually the 3rd sunday of every month when this happens (or thereabouts), so be patient.

Good luck

Red

michael_quigley

Yes I kept up to date with all payments when I had the car, the amounts were then reduced when I handed car back and have never missed a payment.

This has been going on now for over a year, I have did a little searching online and it seems if they have incorrect information on it i.e. a default then it can be completely removed from my file?? Anyone know about this process?

It's the fact that it has been appearing every month and then they obviously amend it in person each month. When I spoke with someone they said there was a note on my account to physically contact their credit team each month to change the account status.

Superbiatch

There is a clause in HP agreements which allow you to voluntary terminate around half way, I know because I did it and didn't suffer any detrimental effects to my credit file. If you bought the car in November 2007 and got rid in November 2009, how far into the agreement were you? Was it a 4 or 5 year agreement?

I walked away and didn't owe them anything. If you were on a 4 year deal you could have continued to pay until the following January and done as I did, without owing them anything. That is unless it was just a personal loan whereby they are completely different?

It sounds to me they have treated you badly and the default is a kick in the teeth to someone who has been through a lot anyway :mad:

michael_quigley

Hi,

It was a 5 year agreement but it was January 09 I had the aneurysm, had to hand the car back around April after having surgery and being in hospital for a month!

The voluntary termination wasn't giving me any adverse credit affects and my credit score was good, it's just that once a month the default pops up and it goes from very good to very poor.

It's like they are a small company and don't have the resources to put automatic updates to peoples credit files!

taxsaver

michael_quigley wrote: »

It's like they are a small company and don't have the resources to put automatic updates to peoples credit files!

They're certainly not small, being part of the LloydsTSB banking group!

michael_quigley

Yeah I realise their size but they seem to have been pretty incompetent when dealing with my complaints so far.

Has anyone ever dealt with a company that have technically continued to provide the credit agencies with wrong information? When I called them to begin with, they say it is not showing as default on their system and to contact experian/equifax as they must have it wrong. After contacting both they confirmed it was indeed Black Horse's problem.

If anyone has been in a similar situation I would love to hear from you and how you got in.

Experian_company_representative

Voluntary termination can only be communicated on credit reports via an information flag and in my experience this doesn't affect credit scores. Defaults of course do. Have you asked the credit reference agencies to take this up for you? We would certainly contact the lender on your behalf if you asked us to.

James Jones

jamie1983_2

Hi I am new so apologise for posting here ..

I to have had the Blackhorse Default issue, the situation is as follows and i would appreciate any advice that anyone can offer ..

I purchased a car through Blackhorse Finance in 2007 and in 2009 ran into some financial issues, i decided to sell the car in order to pay off some other debts to release some money not realising at the time that part of the agreement on page 15 that you cannot sell the vehicle until the debt is repaid in full, however maintained the payments on the account. I had a letter in April 11 saying you have to repay the debt in full within 30 days otherwise we will reposses the car from its new owner and you will be billed for the car plus repossession costs, so i settled the debt in full within that time and had a settlement letter from within.

I have since checked my credit file and they defaulted me on the agreement, i spoke with them and they stated that i had breached the contract completely so they are able to do this, in addition to one missed payment in January of this year then they had substantile grounds to do this. I explained that as soon as they made me aware then the debt was paid in full and perhaps had this been highlighted on page 1 of the agreement then this situation would never have arisen however they blaimed the garage where the vehicle came from and stated the sales man was responsible for high lighting this.

I have written a letter since to them explaining all of the above and asking as a gesture of goodwill for them to remove the default as the debt was settled as soon as i was made aware, they replied with thank you for your time however we are able to do this because you breached the agreement. As i cannot recall ever seeing the default letter am i best off sending the 'prove it with a copy' letter or is there anything else i can do because now this is having a massive impact on my life due to me and the good lady wanting to get married she is going to want a mortgage and this is going to be an issue

cheers in advance

jamie