Payment break from Car Finance

Nemesis28

Hi,

I was wondering if anyone has had a payment break with Black Horse Car finance. I am currently on maternity leave and with the massive drop in salary, Christmas and other bills to pay, i was contemplating taking a payment break of maybe 2 or 3 months if it was allowed. If possible i would like to add the 2/3 payments to the end of the agreement rather than increase the remaining payments.

Has anyone done this with Black Horse? I'm not sure how likely it is that they will agree to it. My agreement with them is actually due to end in March 2013 but finances are a struggle and i was hoping that a short break from them will help until i return to work at the start of Feb.

Can anyone advise of their experiences with Black Horse in similar situation? Thanks!

opinions4u

It will screw your credit file fox six years.

YorkshireBoy

Forget Christmas this year, it sounds like you can't afford it!

Protect your credit rating by avoiding 'arrangement to pay' (AP) markers being placed on your credit file. As o4u says above, they'll be there long after you've settled the loan.

Apples2

Extremely unlikely they would do this by agreement. You would have to default.

Missing a few payments does not mean making a few extra at the end, whilst payments are being missed, the interest carries on being accrued along with additional charges. It would take a loooong time to catch up.
Your credit file is smashed for 6yrs.

As you would have broken the agreement they could reposses the car, withdraw your right to VT and a host of unsavoury issues.

pheonixrising21

opinions4u wrote: »

It will screw your credit file fox six years.

Why would it? I do not believe that the OP is planning to default on the loan. I believe she is asking if anyone has experience of taking an AGREED payment holiday when using Black Horse.

OP, it should be in your T&C's if a payment holiday is allowed and what the maximum is. If you can't find it, give them and a call and ask. If they say its not possible, then make sure you continue with the payments otherwise your file WILL be trashed for six years.

DCFC79

Nemesis28 wrote: »

Hi,

I was wondering if anyone has had a payment break with Black Horse Car finance. I am currently on maternity leave and with the massive drop in salary, Christmas and other bills to pay, i was contemplating taking a payment break of maybe 2 or 3 months if it was allowed. If possible i would like to add the 2/3 payments to the end of the agreement rather than increase the remaining payments.

Has anyone done this with Black Horse? I'm not sure how likely it is that they will agree to it. My agreement with them is actually due to end in March 2013 but finances are a struggle and i was hoping that a short break from them will help until i return to work at the start of Feb.

Can anyone advise of their experiences with Black Horse in similar situation? Thanks!

Why would christmas being next month mean your considering a payment holiday. Christmas doesn't need to be expensive or you can postpone it. Rejig/look at your finances to be able to make the car finance payments.

opinions4u

pheonixrising21 wrote: »

Why would it? I do not believe that the OP is planning to default on the loan. I believe she is asking if anyone has experience of taking an AGREED payment holiday when using Black Horse.

The vast majority of unsecured credit agreements do not have a contractual payment holiday. The post makes no reference to such a contractual right.

Therefore any arrangement agreeing to reduced payments will be highly likely to have a detrimental impact in credit records.

OP, it should be in your T&C's if a payment holiday is allowed and what the maximum is. If you can't find it, give them and a call and ask. If they say its not possible, then make sure you continue with the payments otherwise your file WILL be trashed for six years.

Precisely.

Nemesis28

Thanks for the replies.

I didn't want the payment holiday to cover Christmas as such but more to cover our bills. I had a baby in October and my maternity pay has seen my pay drop dramatically. My partner has been out of work for most of the year and has only just started a job at minimum wage so the break was more to ease the pressure for the next 8 weeks until I return to work early. I'm not frivolous at all and Christmas is already cancelled this year. Things are going to be tight for a while which i understand.

I only wanted to know if anyone had any experience of a payment holiday but it's not an option if it will affect my credit file. I'm already working to improve it so would not do anything to jepordise it.

debtcutter

If there's anything you can do to tighten the purse strings, do it.

If there's not and your options are calling them to ask for a payment holiday, or defaulting, then call them. It can't hurt to ask. If they say no, make sure you do literally everything you can to save or make extra money, I know that might be hard with a new mouth to feed.

Congratulations on the new addition to the family btw!