Blackhorse Caravan finance - voluntary termination please help..

[clavinova69]

Hi all,

 

I need some help with a voluntary termination. I have recently been made redundant and can no longer afford to pay for my caravan.

 

When I bought it I signed a 10 year agreement with Blackhorse. The total HP value of the agreement is £27561. I have paid a £1000 deposit and so far made payments totalling £3664.01. I have no arrears and the caravan is in perfect condition.

 

According to the credit agreement, if I want to do a voluntary termination I have to pay Blackhorse £13,780.60. I am assuming that this payment would be reduced by the deposit I paid and the payment made so far. This would equate to £9116.56.

 

This is where I need help. I have not contact Blackhorse yet as I am confused.

 

I contacted the CAB and they sent me a pack about cancelling HP agreements early. They indicated that the settlement fee would be the full HP agreement less the deposit, payments made so far and whatever value Blackhorse manage to sell the caravan for. Does anyone know if this is right?

 

I cannot afford to pay them any money. All I can do is give them back the caravan. Any one got any ideas.

 

Really appreciate any support.

 

Thanks all.

[reallymadwoman]

Hi and welcome.

I don't know that much about HP, but I suspect that CAB's advice is about right. If you hand the caravan back, there is likely to be a 'shortfall' which you will be obliged to pay at whatever rate you are able to negotiate. You might do better if you were able to sell the caravan yourself rather than hand it back, but as I said I don't know much about HP so I don't know if that would be allowed.

Hopefully someone else who does know will be along soon.

[menolady123]

hi

 

i am just wondering if you managed to get any help with your caravan finance as i am having the same problems with evergreen finance as i was made redundent 2 months ago and am now stuck with a caravan i cannot afford

[Surfer01]

Contact Black Horse and tell them that you wish to sell the caravan due to redundancy but if there is a shortfall you will be liable. We did this and they were happy to agree. We sold the caravan but were lucky that we broke just about even and came out with about £80 extra. Purchaser was happy and Black Horse were happy.