I had a secured loan with Black Horse and when I was made redundant I agreed to make reduced payments.

I was not entitled to any benefits due to my partner working. I kept up those payments

when found work increased back to the correct amount they added this to the loan amount .

I then was made redundant 18 months later and missed 2 or 3 payments

I spoke to Black Horse again and agreed reduced payments until I found another job I increased again.

In between I noticed I was in arrears and black horse said my reduced payments

and missed payments were added together and I was being charged £30.00 per month.

they wouldn’t add to loan or accept my offer of an increase ,

I sent my expenditure in but my incomings and outgoings showed I couldn’t really afford anything extra.

They kept adding £30.00 per month which increased the arrears to £6,000 .

(my monthly payments are £385.00). I owe more now than what I borrowed.

I have not missed a payment of £385.00 since 2012.

They have sold the debt to Idem 2014 or 2015

the letter stated there would be no changes and my monthly payments will just come out as normal.

They were trying to contact me during working hours.

I have not missed any payments with them.

When speaking to them they wouldn’t accept any increase without an expenditure form.

I have now received a letter saying out of my £385.00 they are charging £246 interest on the loan

and £74 interest on the arrears of £6000 per month .

My questions are :

Can I find out how much they bought my debt for

and was it for Am I allowed to see how they purchased the debt

i.e. the total amount together or separate.

Can I dispute it being put separate

Can they change the interest and charges to anything they want

I do not disagree in paying but feel it unfair how much interest they are charging thanks

sorry I think you are being fleeced blind here.

have you all the statements?

if not get an sar running to BH ASAP.

what paperwork do you have?

the agreement p'haps?

they shouldn't have charged any arrears fees

or indeed any other 'penalty' fees like

letter/phonecall,debt management' etc etc.

is the charge still showing on land registry

&

who's name is it under

I had a secured loan with Black Horse and when I was made redundant I agreed to make reduced payments.

 

I was not entitled to any benefits due to my partner working. I kept up those payments

when found work increased back to the correct amount they added this to the loan amount .

 

 

I then was made redundant 18 months later and missed 2 or 3 payments

I spoke to Black Horse again and agreed reduced payments until I found another job I increased again.

 

In between I noticed I was in arrears and black horse said my reduced payments

and missed payments were added together and I was being charged £30.00 per month.

 

they wouldn’t add to loan or accept my offer of an increase ,

I sent my expenditure in but my incomings and outgoings showed I couldn’t really afford anything extra.

They kept adding £30.00 per month which increased the arrears to £6,000 .

(my monthly payments are £385.00). I owe more now than what I borrowed.

 

I have not missed a payment of £385.00 since 2012.

They have sold the debt to Idem 2014 or 2015

the letter stated there would be no changes and my monthly payments will just come out as normal.

They were trying to contact me during working hours.

I have not missed any payments with them.

 

When speaking to them they wouldn’t accept any increase without an expenditure form.

I have now received a letter saying out of my £385.00 they are charging £246 interest on the loan

and £74 interest on the arrears of £6000 per month .

 

(...)

 

I do not disagree in paying but feel it unfair how much interest they are charging thanks

The £30.00 sounds like a fee, rather than payment arrears.

Your account would have gone into arrears by the difference between your payments and the regular instalments, so your arrears balance will be different to the total default balance.

As for the interest some companies charge interest on fees, some don't. If they did you may want to challenge it if you're going to contest the fees. You will be charged interest on payment arrears however so there isn't really any getting out of that.

If Black Horse allowed you to remain in arrears without actually doing anything, as in they were not attempting to get you into some kind of arrangement or trying to litigate, then they probably shouldn't have been charging you and you should make a complaint about this.

With the new company I'd advise going through the I&E with them, even while the above complaint is ongoing, and either setting an arrangement to clear the arrears and extending the term if necessary.

There are other options depending on circumstances (especially if this is secured) but these are the two most common solutions.

My questions are :

 

Can I find out how much they bought my debt for

and was it for Am I allowed to see how they purchased the debt

i.e. the total amount together or separate.

 

Can I dispute it being put separate

Can they change the interest and charges to anything they want

You probably won't be able to find out how much they paid for the debt, if it was secured it was probably between 90p and £1.10 on the pound (sometimes it costs over the outstanding balance as profit is expected to be made on the remaining term).

Loans are usually organised into tranches when they're sold and the price determined based on loan performance.

I'm not sure what you mean by it being separated, but you can't really dispute it being sold. It's a common practice and will be covered in the terms of the loan agreement.

sorry I think you are being fleeced blind here.

 

have you all the statements?

 

if not get an sar running to BH ASAP.

 

what paperwork do you have?

the agreement p'haps?

 

they shouldn't have charged any arrears fees

or indeed any other 'penalty' fees like

letter/phonecall,debt management' etc etc.

is the charge still showing on land registry

&

who's name is it under

They're entitled to charge arrears fees as they cover the cost of managing accounts in arrears, and whilst a SAR has it's uses it's not really particularly productive here.

Just ask for a copy of statements that cover the period the fees were applied, or they should have issued statements to you when they sold the loan to Idem so you could ask for those.

They'll probably send them without the admin fee needed for a SAR (and you won't get boxes of stuff you don't need).

If the loan was secured then it will still be showing on the land registry as well, they wouldn't release the charge before the account redeemed and they'll have transferred it to Idem on selling the debt (and if they didn't, they can do it at a later date anyway). Checking land registry is a waste of £3.00.

Thank you for your advice,

I have spent time looking for my old statements and agreements,

I can’t find the original agreement showing the interest rate.

My concern is that I still owe £19,000 after paying £385 for the last 8 and half years

I have had 2 payment breaks and did not know these are added to the end of the contract.

I have received another letter from Idem that they will be putting a lenders fee of over £1000 onto the account.

Idem are not on my land registry only Black Horse.

Should I request a SAR from Black Horse or the original signed agreement from Idem

or should I request both.

I am really concerned as my loan is suppose to finish next year,

what will happen when the term ends and there is still money owing?

I don’t want to ring them yet without knowing what I need to do

and if it is right what they are charging or what they are doing

Can you please suggest what I should do

Thanks Etta

They can't add anything

Personally as I said before

You are being had blind here

Get a CCA running to idem

And an SAR to BH

Hi

I have sent a SAR to Blackhorse and CCA to Idem,

Idem

I have received a letter back from Idem

just showing the balance

no arrears and no administration fee

( previous correspondence showed arrears and an administration charge)

no information or credit agreement

just saying thankyou for the payment of £1.00 (I pay them £385.00 per month)

no reference to my request for the credit agreement .

should I chase them how long do they have to send this?

I have received no response from Blackhorse yet regarding the SAR how long do I give them to respond. thanks

CCA request is 12+2 working days

if they've failed that

then one option is to stop payment.

the sar is 40 calendar days

its typical of idem to do this

write back and complain

the payment was not for the account but the fee for the CCA request

there playing games I wonder why???

[well I don't=cash cowed!!]