Black Horse Secured Loan

Caponehelp

Official MoneySavingExpert.com insert

For full info on secured loans, see the main website's secured loans guide.

Back to the original post...

---

Hi ,
I am more than a little worried.

I have had major job/finance issues and in the main I am getting there with my debtors. One that worries me a little is Black Horse. My loan with them is secured and to be perfectly honest I am struggling to pay the £400 they are currently demanding in arrears.

I have Googled them and it would appear as its a secured loan they will go for possession immediately which scares me . A lot !! :think:

Anyone have any experience with secured BH loans ? Is it repossess first ask questions later ?


Thanks

Thrugelmir

Caponehelp wrote: »

Is it repossess first ask questions later ?


Thanks

Lenders have to follow due process before taking the matter to court.

So maintain a dialogue with BH as to how you intend repaying the arrears.

Caponehelp

Thanks , I appreciate they must follow the rules. It was more a question of their attititude. My loan payments are £200pcm, my arrears are £400. I can afford to pay them £50PCM. I was wondering if they would just consider that an insult and push for repossession .

thanks

Thrugelmir

They may ask you to produce a statement of income and expenditure. To substantiate the amount you can afford.

Lenders will always respond more favourably to people that attempt to repay their debts and that do not try and hide.

Apples2

You do appreciate that Blackhorse Secured loan is your most important loan?

I hope you aren't repaying non secured debts whilst you are in arrears with the secured one.
Pay the unsecured debts £1 a month and get the secured debt under control.

opinions4u

Caponehelp wrote: »

Thanks , I appreciate they must follow the rules. It was more a question of their attititude. My loan payments are £200pcm, my arrears are £400. I can afford to pay them £50PCM. I was wondering if they would just consider that an insult and push for repossession .

thanks

There are to any variables to be able to answer the question accurately here. But your home is certainly at risk. So make an urgent call to CAB or Shelter for elp.

So how much are you paying each month on unsecured credit?