Thank you for your reply. I have received a default notice from them. The guy from Ascent told me that if I can prevent the agreement from going 3 months in arrears then BH will not push for repossession. If I am unable to make the payment next week are they likely to go for repossession and if so how long is it likely to take before I lose the car?

Hi, this is my first post and I hope someone can give me some advice. In September 2013 I purchased a car on finance through Black Horse. I am self-employed and over the last few months my business has been faltering. It should pick up again but this could take about 2 months to happen. I have missed the last 2 monthly instalments and am about to miss the third at the beginning of next week. Today I had a visit from a guy who worked for Ascent. They are apparently some sort of debt collection/management agent working for Black Horse. He was very pleasant and didn't ask me for any money but said I needed to sort it out or Black Horse could repossess my car. Obviously I don't want this to happen and I really do want to sort it out but at this moment I don't have the money. Does anyone know how long it would take them to repossess the car or could it happen very quickly? Other information: The loan was a 4 year HP agreement and the current balance is £8000. The value of the car is approx. £7000 or thereabouts. I am nowhere near the 'half' rule. I haven't paid a third of the total amount. Any help or advice is greatly appreciated.