Car Finnace - Black Horse

[sammih1616]

Hi I wonder if anybody can help I really need some assistance.

 

 

I bought my 08 fiat Punto in 2012 and was paying £101.00 per month which was fine

but I then got into some really bad financial difficulty

 

 

for the last Id say 9-10 months I haven't kept up to date much and have been paying them a reduced payment of £30.00

as I just coulnt afford it

 

 

sometimes I couldn't pay them at all but most of the time I have paid them £30.00 due to my circumstances so

I am now in about £867.00 of arrears.

 

 

I want to go back to paying £100 a month

 

 

they are now asking for the amount of £867.00 in full and I just cannot do that.

 

 

My agreement is due to end in September 2017

and am just really worried on what I can do

 

 

I need this car but am too scared to phone them because I tell them the same things every month

but its just been so hard but now my partner is back in work I can pay them more

am just worried what they will do about my arrears.

 

 

Any help please that will be great and get the worry off my mind,

[renegadeimp]

How much was the total original amount and how much have you paid so far. If you've paid more that 2/3 then they can't touch the car without a court order.

[Peterbard]

Are you receiving notices of default sums from the finance company and are they putting charges on the account after every incomplete monthly payment.

 

Have they issued a default notice.

 

It will probably come down to you making an offer regarding paying the contracted repayment plus paying an amount off the arrears. If you cannot do that within the agreement term you may have to ask them to extend it and take a lesser monthly payment.

[theoldrouge]

assuming this is an hp agreement? so long as you have paid more than one third of the agreement then the car cannot be taken without a court order

 

if they will not negotiate a repayment agreement as outlined by dodgeball

 

you may wish to consider a time order

 

any insurances on the agreement you were sold with the car?

 

https://www.nationaldebtline.org/EW/factsheets/Pages/06C%20EW%20Time%20order%20-%20hire%20purchase%20or%20conditional%20sale/Default.aspx#

[Peterbard]

Hi OR

 

Yes that was my thought also, it is why I asked if they have yet received a notice of default sums(section 86) as this is when they can mention applying to the creditor.

 

Be interesting to see if they have added the arrears to the repayment also and if so what interest they are applying to it, as they are only allowed to charge simple interest as you know.

 

Really need to know also if the account has been terminated as this would remove the option of VT ing at a later date if the OP should ever consider that option.

[cosalt]

Its common for Black Horse to finance cars using a fixed sum loan, this can work to your advantage as they can't repo the car. However this is exactkly what happened to us when we tried to VT and realised what they had done, the crafty devils still managed to put a marker against the car which showed as having finance outstanding even though it wasnt an HP agreement.

 

Is it definitley HP that you have?

[Peterbard]

Its common for Black Horse to finance cars using a fixed sum loan, this can work to your advantage as they can't repo the car. However this is exactkly what happened to us when we tried to VT and realised what they had done, the crafty devils still managed to put a marker against the car which showed as having finance outstanding even though it wasnt an HP agreement.

 

Is it definitley HP that you have?

 

If it is fixed sum there is no danger of loosing the car.

[theoldrouge]

to the OP, you really need to answer all the questions raised above in order to help you correctly

in summary

 

1)is the agreement hp or personal loan?

 

2)have you received a default notice?or n otice of sums in arrear

 

3)has the agreement been terminated?

 

4)if hp have you paid more than 1/3 of the total agreement inc the deposit

 

5)have any insurances been added to the agreement?

[sammih1616]

to the OP, you really need to answer all the questions raised above in order to help you correctly

in summary

 

1)is the agreement hp or personal loan?

 

2)have you received a default notice?or n otice of sums in arrear

 

3)has the agreement been terminated?

 

4)if hp have you paid more than 1/3 of the total agreement inc the deposit

 

5)have any insurances been added to the agreement?

 

Hi in regards to this. It not a personal loan so it must be HP. I have received default notice and only letters about my arrears Agreement has not be terminated Need to check how much I have paid No insurances to agreement

[theoldrouge]

so the heading on your agreement says "HP Agreement regulated by The Consumer Credit Act 1974" or words to that effect?

[sammih1616]

so the heading on your agreement says "HP Agreement regulated by The Consumer Credit Act 1974" or words to that effect?

 

No it doesn't say any of that it just shows me the price of my finance etc about my car, my addres etc but nothing about it being a HP agreement etc but I know I didn't take out a loan for this as I bouht the car from Motor Range and then was put to Black Horse for my finance

[theoldrouge]

can you post it up please minus personal details

[sammih1616]

can you post it up please minus personal details

 

sorry I don't know how to it just says manage attachments but doesn't let me

[theoldrouge]

follow the upload guide

[Peterbard]

Does the agreement contain figures for one third of the price and half of the price under termination rights .