Can you help ? -Secured loan Black horse

Pingporp

After very bad advice from Lloyds tsb - stupidly took out a secured loan of £30,000 from Black Horse Finances in 2005 to pay off debts. Struggled all along with £400 a month repayments and took payment breaks and skipped some payments. Been back on track for a few months and just received letter from Black Horse to say they have sold the outstanding loan (31,838) to Marlin Europe II Limited on 16th July. Had letter from Marlin saying they have been assigned all right, title, interest and benefit of this account and asking us to contact Mortimer Clarks Solicitors to confirm notice of this and sort out future payments. Just received a monthly income expentiture from them for us to fill in with offer of monthly payments. What am i getting into here - seems allI have paid off original loan is interest and now owe more than I started with. Do I go ahead with expenditure form and offer more comfortable monthly amount ? Will I then end up with even more interest added onto to this? advice needed please! Am also recently diagnosed with cancer so added stress doing head in

DevCoder

What am i getting into here - seems allI have paid off original loan is interest and now owe more than I started with.

Blackhorse have sold your debt to a debt recovery agent, if youve been taking payment breaks and missing payments (which will add on further charges then depending on what payments you have made and what you've missed and what charges then the amount owed could be more than what you started with. Can you post a payment, missed payment and charges history for this loan?

Do I go ahead with expenditure form and offer more comfortable monthly amount ?

You normally fill out the form and they will determine what they view as acceptable minimum monthly payment, you can argue this but they could take it to court, with it being a secured loan you really dot want to go down that route. But by all means if what they are asking for a month is beyond your means (and you are not buying luxuries, sky tv etc) then any court will not order an unreasonable monthly repayment.

Will I then end up with even more interest added onto to this?

Unless they freeze interest and charges then any underpayment of the repayment schedule will create additional compound interest which will increase the arrears.

You're best to post the payment history and loan details first so we can analyse them, and then post a SoA (statement of affairs) see the header of the debt free wannabe forum for a link which helpful people can comment on where you can save or cutback etc.

natalie18

Blacks horse charges extensive as i have been struggling financailly and emotionally

the lady from balck horse said to me over said 'other the phone 'people don't realise the extent of interst black horse charge '

she was very kind and think trying to keep me optimisic

as originally i was told nothing paid off the £16,000... But i think this lady was trying to get me something off the loan

feel very disheartened to go on at times
had to leave my job before i was fired due to upset and stress
now i have two jobstrying to save my home, have struggled now since 2007
life has been hell really

lost 3 members of my family around the time of getting the loan , one after another year after yr

have lost my family tax credit as both children now at uni


hadn't realized the interst that black horse and charges they have occured

i have asked for a list of their charges but they haven't sent a full list

since this request they have put me on a default which i intend to complain agaist ..somehow

and can i claim back these expensive charges that have been applied to my loan and have you a template for the letter to send , if so?

PS I KNOW MY NEIGHBOUR IS IN THE SAME POSITION WITH BLACKHORSE NOTHING PAID OFF

Clive_Woody

natalie18 wrote: »

Blacks horse charges extensive as i have been struggling financailly and emotionally

the lady from balck horse said to me over said 'other the phone 'people don't realise the extent of interst black horse charge '

she was very kind and think trying to keep me optimisic

as originally i was told nothing paid off the £16,000... But i think this lady was trying to get me something off the loan

feel very disheartened to go on at times
had to leave my job before i was fired due to upset and stress
now i have two jobstrying to save my home, have struggled now since 2007
life has been hell really

lost 3 members of my family around the time of getting the loan , one after another year after yr

have lost my family tax credit as both children now at uni


hadn't realized the interst that black horse and charges they have occured

i have asked for a list of their charges but they haven't sent a full list

since this request they have put me on a default which i intend to complain agaist ..somehow

and can i claim back these expensive charges that have been applied to my loan and have you a template for the letter to send , if so?

PS I KNOW MY NEIGHBOUR IS IN THE SAME POSITION WITH BLACKHORSE NOTHING PAID OFF

You might be best off talking to one of the debt charities for help such as Stepchange. They have a freephone number you can call.

http://www.stepchange.org/#

iolanthe07

Once you start taking payment holidays and then defaulting, charges and penalties soon rack up very quickly, so you find yourself owing more than you borrowed originally. It's a hard lesson, but you really need to keep to the schedule of repayments you agreed to when you took out the loan. As suggested above, you can get help in sorting this, and stepchange is a good start. If you can get the interest frozen at least the charges won't go up any more.

natalie18

iolanthe07 wrote: »

Once you start taking payment holidays and then defaulting, charges and penalties soon rack up very quickly, so you find yourself owing more than you borrowed originally. It's a hard lesson, but you really need to keep to the schedule of repayments you agreed to when you took out the loan. As suggested above, you can get help in sorting this, and stepchange is a good start. If you can get the interest frozen at least the charges won't go up any more.

thanks I will contact step change

and after searching on the I internet
there is a good chance of getting this default removed as they did not send me a letter stating this may happen

also I hadn't broken our agreement

also another good web site : learnmoney.co.uk

opinions4u

Long term borrowing = slow debt reduction.

Miss payments, pay late, take payment holidays = debt increasing as interest (and sometimes fees) accrue.

If you're not paying payment on time your debt will go up.

Apples2

natalie18 wrote: »

also I hadn't broken our agreement

skipping payments is breaking the agreement.

This is why consolidation loans are not advised on here, it just makes things much worse later on.

I'm not sure if was black horse at fault, you went to a money lender for a solution, you should have gone to a debt charity.
In a lot of cases people will simply not face facts, will not change the lifestyle & outgoings which led to such debt so chose to simply borrow more.

All this does is clear the way for more debt.

Is selling up an option?
I don't mean, do you want to?.I mean is there enough equity?

How does removing the default help you?
Surely you aren't considering borrowing your way out again?

natalie18

I've just calculated that I have paid Blackhorse approx. £14,958 ... to wards a £16,000 in the last 5 years

yet I still owe them approx. £14,014

the term of the agreement started april 20008 over 10 yrs

natalie18

it would be cheaper if I can get the amount owed to Blackhorse reduced to the maximum as possible and add it to my mortgage

not sure if I can but going to try written explain thus also unfair because they know my situation and doing my upmost best to keep on top of the payments

I had to pay money for my child going to uni carr tax and mot so this month was very short

natalie18

the house would take ages to sell and I wouldn't get another mortgage elsewhere I don't think

the value has dropped a lot would be best to try and keep my home rent is so expensive