Confused about a loan...

pinkfish88

My husband bought a motorbike back in January. He was told by the dealer that he would be taking out a personal loan to pay for it and the dealer set it up through black horse. We have recently found out that it is infact HPI.

We had thought about selling it but now we can't because it is HPI...

Can anyone help?

CLAPTON

Check your loan agreement and see if it is a HP agreement or not.

If it isn't contact Black Horse and ask them to remove it from HPI...it seems they often add loans to HPI even when they are not HP. If they won't then complain to the Information commissioner office. Put matters in writing .. send by recorded delivery and keep copies.

pinkfish88

Thank you,
It says it is 'fixed sum loan agreement'. It details the bike further down but nowhere does it say HP....
Would you say that it is a personal loan or HP?

jonesMUFCforever

If the bike details are on there it sounds like HP to me.
A personal loan would just have financial details on there - they would not care what you spent the money on as long as you repay.

CLAPTON

i would suggest you phone nationaldebtline who will be able to help you.

scotsgirl_3

Hi


I actually work for blackhorse ( no throwing things please!!)
It sounds like the agreement you have is for a personal loan for the vehicle - i.e. it is not formal hire purchase. the bike will be registered on the HPI register however you can contact Blackhorse and ask that they remove this - if it is indeed a loan rather than HP then they will do so - you may have to be persistant as it depends who you speak to!!!

pinkfish88

My husband has spoken to Blackhorse who say it is a personal loan which is secured on the bike - so is this HP????

jonesMUFCforever

pinkfish88 wrote: »

My husband has spoken to Blackhorse who say it is a personal loan which is secured on the bike - so is this HP????

I would say so.

thebaroness

Pinkfish88, If Blackhorse have told you it's a personal loan then i'm sure that's right. However, as they gave you the loan for the bike that's why it's been added to hpi. I think if you sell the vehicle then you have to settle the agreement. If he hasn't already, your husband could request a settlement figure and compare that against the amount the dealer offered you. Hopefully it'll cover it.

scotsgirl_3

It is a presonal loan secured on the bike, NOT HP. however,, because it is not HP blackhorse also do not have reposession rights etc over the vehicle and if you request will have to remove the HPI to enable you to sell it. Ask for a settlement quote and balance and find out what you can sell it for then work out your options.