black horse finance

jammar13

hi can any one help
i have a finance agreement with black horse which the interest (10.8%) is crippling me.
its on a motor home.
i have asked black horse for help if they can lower the interest rate but they are not interested. in dont want to loose the vehicle. but i see no way out

Nice_Weather_For_Ducks

Sell the motor home and pay of the finance if it is "crippling you"

There is no way they will reduce the interest, if anything they should increase it knowing you are high risk as you are "struggling"

jonesMUFCforever

OP you might get more replies in the debt free wanabe section - we don't know how much you are paying or why the loan is crippling you now but not when you purchased the vehicle.

TadleyBaggie

10.8% isn't a high interest rate, many would love to get that type of rate.

Poppops

Nice_Weather_For_Ducks wrote: »

Sell the motor home and pay of the finance if it is "crippling you"

There is no way they will reduce the interest, if anything they should increase it knowing you are high risk as you are "struggling"

Not true. I had a car with Black Horse. They reduced the interest rate every year. They told me when I took the loan that they would consider this if my account was kept in excellent order and as long as I went into their office to discuss. They were as good as their word.

Apples2

Poppops wrote: »

Not true. I had a car with Black Horse. They reduced the interest rate every year. They told me when I took the loan that they would consider this if my account was kept in excellent order and as long as I went into their office to discuss. They were as good as their word.

What was it when you started and how did they reduce it (how much % per year/review)?

10.8% isn't a bad rate overall. I can see them reducing if they gave a huge APR at the start to bring it to a more sensible level but unlikely from 10.8%.

iolanthe07

The 10.8% might be flat rate.

Poppops

Apples2 wrote: »

What was it when you started and how did they reduce it (how much % per year/review)?

10.8% isn't a bad rate overall. I can see them reducing if they gave a huge APR at the start to bring it to a more sensible level but unlikely from 10.8%.

My loan was in 2005 for 4 years. Think it was about 12%. It came down 0.5% in year 1 and 1% in each of years 2 and 3 ( as in at the end of each year).

I found them ( as in the office closest to me) to be really helpful. No problems at all.

finallyfreeatlast

Deal is probably £30 k over 120 months at 6% flat rate. Monthly payment in region of £400 a month.