This is the exact situation I got into with my car purchase too and through Blackhorse. I have a car that is worth £3000 and I owe £9500 to Blackhorse. I believe that Blackhorse and the dealers are protecting each other. The dealers in the past have been exposed to falling car prices and under an HP agreement have been getting lots of cars back giving them the losses. My loan didnt get confirmed to me until a month after I got the car then I got two different confirmations with different fees. I wrote to Blackhorse and the financial ombudsman in London. The Financial ombudsman said because I purchased before the 6th April 2007 it was out side their remit and couldnt do anything, Blackhorse wrote along letter blaming the dealer. Please everyone remember no personal loans when you buy a car this is a massive problem in the UK and is definitely responsible in part for people not being able to purchase new cars. Isnt it a laugh, whats the point of low inflation and low interest rates to stimulate the economy when Blackhorse have millions of people tied in to negative equity ERP