Black Horse Car Loan.

Mandoo_2

Hi,

I am posting for the first time, so yay me!

I had a Car HP with Black Horse, but I got it refinanced by them in May for a Personal loan with lower repayments. Big mistake!

I recently when through the process of applying for an IVA but this was refused by Black Horse and thus the whole proposal failed. I am now trying to decide between bankruptcy and DMP. I work 30 hours a week at minimum wage so I take home less than £650 a month and the loan repayment is £125 a month. I just cannot afford it.

I have spoken with BH numerous times and am getting even more stressed by them. They are telling me they will also refuse to accept a DMP because of the amount owed to them.

I need my car as I live in an area that is not served by public transport and I obviously need it to travel to my place of work. BH saying that although they cannot repossess the car because it is not HP they can apply to the court for an order to make me voluntary surrender it so they can put it towards they outstanding balance on the account. The car is worth about £2,000 but the balance of the loan is now over £6,000.

Does anyone have any experience of this sort of problem? A friend suggested that I changed ownership of the car over to one of my parents, but would that cause a problem with not actually gettting any cash to pay to them. Also, would this cause a problem if I then followed the bankruptcy route as I have no assents other than the car at the moment.

Any advice would be great,
Thanks,
Mandoo.

CLAPTON

I think it extremely unlikely that a judge would impound your car as you require it for work and your income.
Even in bankruptcy the judge would allow you to keep the car again because without it would you would have no income.

If you want more specific advice about your situation I would suggest you post your full financial details on the debt freewanabe board where I'm sure you will receive lots of good advice and comments. Over there they are used to discussing DMPs/ IVAs / bankruptcy