Black horse late payment charges on car finance

[cheesenpickle]

My husband current has a car loan with Black Horse.

 

It has been on going since 2008.

 

He now has 2000 left to pay and they have decided to take him to court regarding this matter.

(Due to his own fault of not paying on time etc etc)

 

There is however a number of charges on the account that they have added.

 

He got behind on the payments due to other bills and finances etc etc.

 

Is there anything i can do about this?

[slick132]

Hi C&P,

 

YH should make a list of all penalty charges added to the a/c and put them onto a spreadsheet, to see what amount can be reclaimed.

 

Use a compound interest spreadsheet and the interest rate applicable to the loan.

 

Can you confirm, has the bank just threatened court action or has YH rec'd a claim issued by the courts.

 

[cheesenpickle]

Sorry for late reply. They have threatened for court action and said they are in the process of doing it now. I called them for offer of payment and they said it is too late they are taking it for the court to decide. We are continuing to make they payments.

 

I have also requested a list of the charges that have been applied to the account

[slick132]

Hi C&P,

 

If you haven't already done so, send the bank a formal SAR with the £10 fee.

 

They may not supply the data in response to an informal request and you really need this info, in case they do actually take court action.

 

This is not necessary if you have all the a/c statements showing all penalty charges added.

 

[cheesenpickle]

I have the statements in hand now. Can anyone tell me where i can find the compound forms and what letter i should send next

[cheesenpickle]

having added it all up there is 893.45 of extra charges on the account including interest they have added

[slick132]

You can use this spreadsheet but enter just the penalty charges, the dates and the a/c's interest rate - http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

This will show you interest you can claim in restitution, instead of reclaiming interest that they have charged you, which is more complicated.

 

Let us know the interest rate you use and the figure for compound interest.