Bipolar Caravan purchase Black horse

Joannaswan

I’m new to this site 👍 but almost certainly not new to debt sadly and mental health. I would be very grateful for any advice
My Husband has type 2 Bipolar and was very unwell 2016- end of 2017..after juggling 15 payday loans in a period of mania, a stressful job as a fire officer (seeing much death and loss) 3 kids and 1 wife with disabilities, after 2 suicide attempts he had a nervous breakdown and 6 months off work.. within the time he was poorly he decided to purchase a brand spanking new caravan with finance from Black Horse borrowed 5k to pay a deposit on the caravan (it gets worse) then was approved for finance to The tune of £45k (head in hands) I didn’t know the deal and we have been paying 1k a month solely on a caravan this repayment we barely kept up with we paid in full for 6 months the. We started to fall behind.. his vision for a nice holiday home by the sea was honourable but he wasn’t mentally stable when he took this finance agreement (he was under the crisis team and consultant psych) if I had of known I would never have let him sign.. anyways The van was Reposessed last week sold back to holiday park for 7k less than the asking price.. after paying the HP agreement for 8 months in full out a 5 k deposit down and it’s alresdy been sold we have been told we still owe 21,000 🙈😳 I am seriously in shock.. we even rented it out to make some revenue and that has been swallowed. Don’t know where?? How did my sick husband who had just had 15 payday loans even get credit for £45k anyway.. ?? The Black Horse are irresponsible lenders and I’m worried my husband will get sick again (hebwent back to work in Jan and is now doing so well) thankyou xxx

National_Debtline

Hi Joanna


It sounds like you've all been through a tough time, but it's great to hear your husband is doing better now. Unless Black Horse knew, or should have known, that his mental health was affecting his ability to take out the credit agreement, it cannot be argued they should not have lent to him on this basis. It might be possible to argue irresponsible lending but it will depend on the circumstances of the application. I'd certainly advise getting more specialist advice on this from one of the free debt advice agencies.


Even if he does remain liable for the debt it is now classed as a non priority debt because the caravan has been sold and Black Horse's powers to recover the debt are more limited. It's a really good idea to make sure Black Horse are now aware of his mental health issues as it will make them more understanding.


We'd need to know more about your situation to advise on the best option to deal with the debt. The best place to start is by completing a statement of affairs and posting it back on the board http://www.stoozing.com/calculator/soa.php, or one of the free advice agencies can cover this as well.


Good luck with it all


Susie
@natdebtline

Willing2Learn

Is your husband on a CPA for his mental health? If so, then his social worker could advocate on his behalf and may possibly argue successfully with Lloyds (and other creditors). If not, then maybe your local MIND would be able to advocate instead.

Also, have you tried getting refunds from the PayDay Loan companies for irresponsible lending?

Edit: You need to advise your banks and any other potential lenders of your husbands illness and vulnerability.