Thread: BlackHorse Car Finance - Help Urgently Needed

Hello everyone.... have just joined this site and had a good look through... it looks fantastic. Keep up the good work... will definetley donate to the site as it looks interesting....

I have a MAJOR problem that needs sorting and I was wondering if I could have some advice... it is a bit long winded so please bare with me...

Basically....

Me and my mate went to look for a car for himself... he saw one and when it went to the finance, his details got rejected because his credit rating is poor.... so me like an idiot offered to use my details as long as he paid the monthly payments out his bank account... he agreed and I agreed and the finance went through.

Well ever since day one, this whole agreement has been a nightmare. His bank details are in the system and I keep getting letters from Blackhorse saying that my payments are behind and need to pay arrears urgently....

Remember, the car is his and the payments are coming out his bank account... but these late payments are messing up MY credit rating... here comes the worse bit..

I currently work as cabin crew for an airline, and I have been offered to go and live in Dubai in the UAE and work for an airline out there. They have strict rules with regards to resident visas etc and they ask I have NO outgoings in my home country which is obv England..... I have paid off my OWN car, insurance etc and have no debts... accept this one from my mate. To top it all off, he told me last week he has lost his job.... so how the hell is he going to be able to pay his payments?

I really have messed up here and was wondering for some advice. I have asked Blackhorse if they can transfer the name and address of the agreement to his - after all its HIS bank details in the system but they say No, but at least this will solve the problem so I can be out this agreement and can go and enjoy a few years in Dubai - but this is stopping me.

Can you please give me ANY advice or am I screwed here? Only if BlackHorse can change the details all this would be sorted. Its a huge loan so its not like I can pay it off myself and I dont think I should when the goods are not even mine!! Its just my Name/Address on the agreement - and my signature which has messed me up big time!!

Any help appreciated

Cheers All

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If you signed the credit Agreement then the debt is yours. I realy can't see a way out of this. It looks like your mate has stiffed you. You should get your mate to sort out a way of clearing the debt, or at least hand over the keys. then you could at least sell the car and pay off most if not all the debt. You have probably inccured late payment charges as well. One other possibility would be to try and negotiate a settlement with the finance company.

Is it a car finance (loan) agreement or Hire-Purchase?

Personally I think you should take the car back, depending on the agreement you may be able to sell it to raise funds.

Hey Guys, thanks for the reply...

Yea I guess I am in a no win situation here....

I am trying to find ways to try and get out of this whole mess! His credit rating is quite low - is there not any loan companies that might take him on? Theres loads of loan companies that advertise that people with bad credit and poor credit histories can be issued loans.

At least it will get me out of this !!

Cheers

is it a finance (loan agreement) or hire-purchase?

Its a hire purchase....

Originally Posted by BuffNess

Its a hire purchase....

Do you know how much of the agreement has been paid? (as a percentage)

Have you received a default notice?