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Arrears On Secured Loan With Black Horse

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I have defaulted on a secured loan I have with Black Horse. I am behind several months and would obviously like to get it back up to date. They have served me with a default notice and are demanding either the loan be paid in full or the arrears paid in full within seven days.

 

I neither have the full amount outstanding or the arrears. I can however resume the normal monthly repayment with an additional amount added on to repay the arrears.

 

Please could you advise me as to where I stand what with it being a secured loan.

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Do exactly as you indicate - negotiate with them about paying the usual amount + an amount you can afford to start reducing the arrears.

 

Don't offer more than you can afford becaused this will cause you problems later.

 

You will be showing good faith and proving you are able to pay off the arrears - if they don' t accept your proposal, pay it anyway and see what happens. It is unlikely they will go for repossession if you are paying off the arrears, and if they did, the judge would not look kindly on them .

 

BAE :)

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Will do Blossomandebony...thankyou!

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They normally give 14 days in which to remedy the arrears !! Is this a regulated loan or unregulated ?


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