Thank you sooo much for a fantastic website - found you through Martin's Money Tips. I have a Lloyds TSB account & mastercard - the mastercard wouldn't accept lower monthly payments & charges were completely out of control - it's been going on & on for months but every now & then they would help themselves out of my current account to make a payment on the mastercard!! Opened a co-op cashminder & have moved everything out. I'm in the process of getting my letter together & working out total they owe me.
Anyway, BLACK HORSE FINANCE. I purchased a motorhome for £29,950 now two years ago. Have been struggling terribly with the repayments which are £470.19 per month. The idea was to use it for family but also go to shows & country fairs & it would pay for itself. Attended a number of shows (lost money on everyone) was told by the 'pros' it was the worst trade they had seen for 30 years!!
Black Horse have hammered me with charges. I now owe nearer £40,000. I can't sell it, has depreciated so much, as have all motorhomes, the petrol prices, people still aren't happy parting with money. Have already had a visit from the heavy mob, 2 big men. I was told by customer services that I would get this visit, I was 6 weeks behind & it was an opportunity to make an arrangement & as long as I kept to it everything would be fine. Once they arrived I realised they were bailiffs. Wanted to use the toilet (to enter the property), wanted to check the mileage (need keys to do that). Anyway, stood my ground after an hour of being intimidated & lectured I got rid of them - said I needed a day or two to decide what to do & it was past my little boys bedtime. They said all arrears were due now + £1000 charge - it was about £2750 or they would take it back.
Contacted National Debtling & they said all I could do was try to plead with Black Horse directly as a last resort. I understand now that once Black Horse pass your account over to this company the BH customer services are not allowed to speak to you at all. I was very forceful (in a nice way) & he said I didn't owe £2750 - that I was only a month & a half behind. He then reset up my account & payment schedule with little fuss (nice man!). Thankfully he sent it out to me in writing. When I called the bailiffs they didn't believe me & went mad at Black Horse & then they denied it all, said that I was lying. I faxed them all a copy of the letter & they had to back off.
I have been told that because the debt is over £20,000 I have absolutely no rights at all & am not even covered with the Credit Consumer Act. National Debtline have told me that if I had been covered by CCA I could at least offer it back, & the difference owing would be halved, then that could be negotiated over monthly payments. I had no idea at the time I purchased & signed on the dotted line, I thought it was higher purchase.
I've been told I would be lucky to get £10,000 at auction for the motorhome in the current market & I would owe the remaining £30,000. I would be liable for all of it & this would be enforcable with bailiffs.
Any advice would be greatly appreciated as I just don't know what to do. It's causing so much stress.
Thank you