Thread: Black Horse Loan?? HELP

Hi, My Partner has a loan with black horse finance , he got it about 5 yrs ago, for 9000 over 10 yrs , he has missed a few payments over the years, but not a great deal... anyway, we asked for a final settlement figure and it is still over 7000 ... how is this possible??? 5 yrs paying 260 a month ????
also, the loan was taken out (or was understood to be taken out) in my partners name as account holder and his father and mother as guarantors... black horse now say that his father is the account holder and his mother is the guarantor, so he cant make arrangements because they say it is not my partners loan, Although they have all his details on file... im very confused... anyone help???

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Well if those figures are correct then those are some astronomical interest rates.

Going by what you've said that would total up to £31,200 at the end of the 10 yrs. I'd guess that £260 per month includes insurance at around £20 so without insurance it would make the total amount payable around £28,000????

The figure your partner has already paid (around £15600 if all up to date) seems a more reasonable rate of interest but double is ridiculous.

thats what i cant understand, surely there has been a mistake somewhere. i really dont know where to start with sorting it all out

have i put this in the right thread????? is there anyone who can tell me where to start with getting all this mess sorted out? i refuse to pay any more money until they sort this out, and no way am i paying 31000 for a 9000 loan, they can kiss my ...........

Originally Posted by Redfaze

thanks for your reply I've been absolutely stung by Black Horse in a similar situation fortunately for a lot less money. It may be worth checking to see if they have sneakily added on payment protection insurance for which they charge an extortionate amount. The interest on my loan was 40%APR. It is now in the hands of a collection agency and in order to consider a settlement they have asked me to fill in a form stating all my incomings and outgoings. By the time it is paid off i will have paid double the amount i borrowed.

I would write to them asking for a full Breakdown of the account showing the original amount borrowed, the repayments to date, the amount of interest charged and also any insurance that has been added on. any clever clogs who could perhaps give me a template letter??, as i have no idea what to write, i will send it out in my father in laws name and have him sign it... could i ask for a copy of the credit agreement, would that show who is the main account holder etc etc... also what would happen if they cant provide this??

As for not having your partners name on, i'm just wondering if you just spoke to somebody on the phone who was enforcing the Data Protection Act by refusing to disclose details to anyone other than the account holder. If they won't give any further information then ask your partners father to call and give his authorisation for your partner to speak on his behalf..you should then be able to get to the bottom of why your partners name isnt on there as the account holder.
its my partner who is phoning them, but to make any sort of arrangements to pay, they say that my partner, his father and his mother must all go down to the local office, (which is only open till 5pm weekdays.. which means all three taking a day off work, we cant afford to lose any days pay at the minute) partners father refuses to have anything to do with black horse on the phone as he says it is not his loan and was never in his name, we've had really bad financial worries this last month or 2, as partner was laid off from work, now has got back into work, taking a cut in wages, we are going to "snowball" to get these debts we have paid off..just have to have no life whatsoever lol and stay in for the foreseeable future ! oh, another thing, even tho my partner is not down as named account holder for this loan, both he and his father have defaults for this loan :S

Might be better if a mod moved this to a more relevant forum?
be excellent if they could, as i really need help with this

my post is in red

thanks very much......

where would be best to send the letter? only address i have is my local office, and to put it politely, i doubt anyone there could organise a p*** up in a brewery

sent CCA to black horse on 18th of june (in the name of partners father, as this is who they say holds the account), have heard nothing at all from them so far, have a letter ready and waiting to send on the 30th of july ( following the guide on here)

Mr partners father

Black Horse Finance
25 Gresham Street,
London
EC2V 7HN

30th July 2007

Dear Sir/Madam

Re:- Account Number:- xxxxxxxx

I refer to my letter dated 18th June 2007.

You have failed to acknowledge this request by not supplying the requested documents. The documents I requested should be readily available as proof of your legal right to collect this account.

In my letter of the 18th June 2007 I made a formal request for a copy of the signed, executed credit agreement for the above account under Section 77(1) and Section 78(1) of the Consumer Credit Act 1974 along with any other documents mentioned in the credit agreement.

You are reminded that you are obliged to supply these documents, whether you are the original creditor or not, as defined under Section 189 of the CCA 1974.

The Consumer Credit Act allows 12 working days for this request to be carried out before your company enter into a default situation. If the request is not satisfied after a further 30 calendar days, your company commit an offence. These time limits expired on 30th June 2007 and 30th July 2007 respectively.

As you are no doubt aware, Section 78(6) states:

If the creditor under an agreement fails to comply with subsection (1) -

(a) He is not entitled, while the default continues, to enforce the agreement; and
(b) If the default continues for one month he commits an offence.

Therefore on 30th July 2007 this account became unenforceable at law and no further payment will be made by myself to the account, as you have failed to comply with a request for a true signed copy of the said agreement, and other relevant documents mentioned in it, and failed to send a full statement of the account and failed to provide a true copy of the Deed of Assignment, under the relevant sections of the Consumer Credit Act 1974. Further, i do not acknowledge any debt to {debt agency name}.

I require the following action from {debt agency name} :

1. All payments made to date to {debt agency name} for this account should be refunded in full, including interest at the rate of 8% per annum.

2. Removal of all defaults entered by {debt agency name}. Note this is to be a complete deletion and not merely an amendment.

3. I look forward to compensation under Section 13 of the Data Protection Act 1998 to be offered for the processing of my data in the manner it has been done over the past number of years.

4. After a full refund of all payments with interest and compensation are received by myself, you will be required under Section 10 and Section 12 of the Data Protection Act 1998 to cease and desist all manual and automatic processing of my data within your company and any other company within your group.

If you do not respond positively to my request, court action may be taken under Section 14 of the Data Protection Act 1998 to force {debt agency name} or any other company within the group to comply with the refund of all monies paid, removal of all defaults maintained and compensation for damage and distress as a result of unlawful data processing. I may also pass the matter to the relevant enforcement authorities including, but not limited to, the OFT, the Information Commissioners Office, Trading Standards, the CSA, the fos and my local MP.

I look forward to your reply within 14 days to resolve the matter amicably.

Yours faithfully


Mr partners father



so come the 30th of july i send this off yeah?? then what happens???? new to all this :?

is this the right letter to send?? still havent heard a thing from black horse

anyone else dealing with black horse?? do they normally just ignore you, or is it because they actually dont have the signed agreement?


they have til monday.......

how do i go about getting a MOD to put this thread in the appropriate place... i'm sure this is in the wrong place :o

received a letter from blackhorse.. no mention of agreement, but they are informing me as i have not made payment they have charged me £270, making the amount overdue £508.... makes me think,, how many times have they charged me like this?? quite a few late payments over the years


black horse finance had until today to send me the agreement...what now?

been about 3 months since i last heard from black horse in regards to agreement, i sent the letter above off on the 30th of july, on the 14th of august they sent me the agreement out and a default notice.... and they sent the statements out on the 24th of august.
been reading through the statements and they seem to be missing the charges... they have £300 of charges on, but i have several letters stating i have been charged £270 here and £50 there and £300 here etc etc

on my agreement it says i was sold PPI for £2661.22 plus interest makes £3280.20, i dont actually remember being told i had to have the insurance but i did not ask for it,it was just added on, i have phoned and asked for it to be cancelled and told i cant cancel it.

what can i do and where do i start??

Thanks in advance to all replys

Its possibly this was a front loaded insurance sale, im sure there was some issues with these, try researching it.

Insurance on loans now, you pay an amount amonth, and do not pay interest on the Insurance in bulk.

What Lloyds may have done is sold you insurance from them selves added the money on to the total of the loan, getting more interest out of you , the policy is with them selves , ( how convienient) and say you can not cancel, probably due to the policy being paid up front.

Definately research this as im sure some were reclaimable.

Fuzzy.