Blackhorse Confusion

[scouserat]

Hi all

 

I have an interest in a car which has been purchased using Blackhorse.

 

I'll give you a bit of background info as this might get confusing.

 

my friend owns the car and the finance is in her name, but neither of us could afford the finance if we were paying it alone.

 

I pay half of all costs for unlimited use of the car, and obviously this includes the finance.

 

If she decides to sell I only have to pay 50% of the book value at the time of sale if I want to buy it

and if I don't I get 50% of what it sells for so it was a decent idea for me and my friend and it's worked well.

 

The only problem is I've had a bit of financial turbulence since January and I've had to restructure my finances so

 

at the moment I've not been able to pay my share of the finance (although this will be cleared up by the end of May).

 

We've got one payment due on 13 April, and then the last and final payment (the amount borrowed was over 60 months) was due on 13 May.

 

As the final payment is double the normal payments, and the fact that my friend has been carrying me for the past couple of months

there's no way she could afford the final £320 that Blackhorse would want.

 

When she rang them up they gave her the following options...

 

1: Split the final payment into 2 payments, but they said they'd place a default marker on her credit file which she doesn't want.

 

2: Cancel the direct debit and pay it on her card (?!?),

but I'm assuming this would end up with another marker on her credit file.

This option also made no sense as I can only assume by 'card' they meant a credit card which she doesn't have.

If they meant debit card then it still comes out of her bank account so that confused me.

 

3: They'll not take the payment out this month, but carry it over until May and then take the double payment in June

(by which time I'll be sorted financially and I'll have caught up with my contributions to the car).

Strangely they said this wouldn't involve a marker being put on her credit file.

 

Now my friend has chosen option 3,

but I'm not sure this isn't going to adversely affect her credit rating.

 

Am I right in assuming it's similar to a 'mortgage holiday' where you don't have to pay for a month?

 

If so, why on Earth can't they just split the final payment as it would still be cleared on the same date.

 

If push comes to shove I can borrow the money and get some money into her account for the final payment in May,

but it would involve a payday loan and I really don't want to end up in that situation.

 

I do feel bad about it as well as my financial problems were entirely avoidable and self inflicted, a

nd I don't see why she should have her credit rating trashed because of it.

 

Anyone who could help clear up the confusion or even give alternative options to present to Blackhorse would be greatly appreciated.

[dx100uk]

if 3 is in writing i'd take that option too.

 

don't trust BH a far as you can kick them.

 

not got PPI or gap or life ins included have you?

 

dx