Black Horse Car credit agreement

lizard010

Hello Everyone, I have never posted anything on here before but have read many interesting and enlightening posts over some time. I am looking for some opinions on a credit agreement for a car that I had with Black Horse.
To get to the point eventually due to the circumstances at the time I handed the car back and it was sold by them to go towards the balance. I was left with about 11K owing which after a lapse in payments (my fault) got me a CCJ. The CCJ ruling was 6 years ago so I believe it may have come off my credit report.
I am still paying the token monthly £30 to the company acting on behalf of Black Horse. The balance is now 9K. My question is is there anything I can do to get out of this agreement? I am paying for a car that I handed back about 11 years ago! I never fully comprehended the consequences of the agreement when I signed it all that time ago. #feelingsilly!
Thanks for reading.

sourcrates

Hi,


Well it all depends on your personal circumstances as to what enforcement action a judgement creditor can take against you, if you stop paying.


Worse case scenario, if your a homeowner, then they can obtain a charging order, and if the house is in your sole name, they could, apply for an order for sale, I stress could, as its very rare, and you can fight the judgement at every stage.


If your not a homeowner, the absolute worst they can do is apply for an attachment of earnings order, basically to deduct money from your wages at source, and if you don't work, then they cant do anything to you really.


There is the option of sending bailiffs to your home, but if you don't have assets worth selling, again, its a non starter.

lizard010

Hi Sourcrates yes I am a homeowner and there was a charging order on my house so if I sell I have to pay them the full balance off. I'm not likely to move anytime soon and was told at the time of the judgement that it would not be enforced to make me sell the house. I wouldn't stop paying the token payment though just in case but it seems strange that a credit agreement can be upheld when I don't own the car anymore.

AnotherJoe

lizard010 wrote: »

I wouldn't stop paying the token payment though just in case but it seems strange that a credit agreement can be upheld when I don't own the car anymore.

It's not about the car it's about the eleven thousand pounds you owed and are only making token repayments to.

Tiddlywinks

You borrowed money - it was secured on the car.

You handed the car back BUT the contract and debt still needed to be covered.

After the car sale and costs etc there was still £11k outstanding.

Why do you feel this should just be written off? You have only been making token payments.

You need to stop dwelling on the fact you no longer have the car and accept that the outstanding debt is still alive, kicking and enforceable.

Speak with the company and see if they will accept a final settlement - if you have the funds to do so.

What other debts do you have?