black horse finance

redwell

hi i have a motorhome on finance my husband is no longer able to drive it due to medical problems so this vehicle is no longer any good to use and we cant afford to keep it, we contacted black horse to see if we could terminate but we dont have a certain type of finance agreeement to do that. we can let them sell it at auction then they will come back on us for the outstanding balance. we know they will sell it for peanuts and we will be left paying back about thirty thousand we have had the agreement 6 years. we dont know if they would let us pay this back at a reduced rate but we will be:cool: paying for something we dont have for years. we wondered if anybody has had any luck in black horse reducuing the monthly payments for a while until we decide what to do. we feel we are stuck paying 9500 per year.

Tixy

How much do you currently owe on the finance?

How much was it originally for?

If you check your paperwork does it mention whether you can voluntarily terminate after a certain amount of time? if not it is even a secured loan?

How much it is realistically worth at auction? How much if you could sell privately?

simon2010

nothing to add, tixi has summed it up!

redwell

the motorhome was 45 thousand total with interest is 61 thousand,so it is not regulated under the consumer act so cant do voluntary termination. if we sell it we might get 20 thousand if we are lucky as the market has dropped out of the american rvs due to fuel costs

jonesMUFCforever

No way out unless you want to consider bankruptcy.
You need to see a debt adviser ASAP.

chalkie99

we have had the agreement 6 years.

we feel we are stuck paying 9500 per year.

Is this really what you are paying?

If so, then you have already paid £57,000.

So, when you say:

the motorhome was 45 thousand total with interest is 61 thousand

it looks like it is nearly paid for.

This doesn't make much sense when you also say:

they will sell it for peanuts and we will be left paying back about thirty thousand

Surely, even if it only sells for £20,000 you have enough to pay it off with money left over.

Unless you have actually paid back much less than you stated in the first two quotes above???????

redwell

chalkie99 wrote: »

Is this really what you are paying?

If so, then you have already paid £57,000.

So, when you say:



it looks like it is nearly paid for.

This doesn't make much sense when you also say:



Surely, even if it only sells for £20,000 you have enough to pay it off with money left over.

Unless you have actually paid back much less than you stated in the first two quotes above???????

that 9500 figure includes storage insurance tax mot etc

Tixy

So how much do you currently owe on the agreement?

redwell

Tixy wrote: »

So how much do you currently owe on the agreement?

we owe 28000 o the agreement