Black Horse repayment plan - credit ruined

chrisdem

I purchased a car financed by Black Horse around 4 years ago.

During Covid I was made redundant, called them and we did the budget and they proposed a payment plan, that was helpful - so I did not pay anything for 3 months.

Monthly rates went from £398 to around £441, which is what I still pay today. From what I remember, this recalculated instalment was based on the payment plan.

I have noticed last year my credit history is full of missed payments. My mistake.

Since then I received letters about re-discussing the payment plan which I ignored thinking I have one in place anyway, I am paying to cover the whole sum and it will not make a difference, plus my financial situation didn't improve much.

I called them last week to find out that I still have to do the plan but before I call them, I really don't understand, why am I still paying the revised sum after we agreed on a payment plan if my credit history has been ruined with missed payments?

As apparenly, the payment plan is still in place, right?

Should I even bother fighting this or I don't stand a chance.

Just need some general advice before calling them again. Obviously, this is a huge issue for me since I won't be able to get any credit for the next 6 years.

Or could I/they leave a note on the file explaining the misunderstanding, as this is what this is from my point of view?

Thank you.

sourcrates

Your still paying £440 a month for a car after 4 years?

How long is the agreement for?

Any payment arrangement other than contractual repayments will be recorded as missed payments, yes.

Others manage quite well without the need to borrow money, I guess you will have to learn to do the same.

Herzlos

Did they agree to give you a 3 month payment holiday, or did you just fail to pay for 3 months and then renegotiated a payment plan to cover the new balance?