View Full Version : Trouble with black horse finance
Due to unforeseen circumstances I got behind with my monthly loan repayments, I missed last October’s payment.
I have been keeping up with all subsequent payments, but have been getting a letter costing me £25 or so each month to remind me (just in case iv forgot?) plus some other charges.
Being a couple of days late with Feb's payment I have received a notice of default on my loan.
Yesterday I phone Black Horse to try and explain.
I want to pay Feb's payment and ask if I can brake the missed payment into lumps of £40 and pay it over the next 3 months,
I am told I can but as I have now got a default notice they will send me a default letter every 10 days costing me £25 a time. So costing me an extra £225 approximately.
No other options other than pay the entire outstanding payment now would be excepted AT ALL by the lady I spoke to. At that point I ended the conversation as I was in a temper and didn’t want to be rude to the Lady, not her fault etc..
As I had forgot to make the payment for Feb while on the phone I phoned back later when a bit calmer to make it,
This time I spoke to a different Lady who I explained the situation to. She immediately responded by adding the late payment to the end of the loan i.e. one more month to pay on the end, and as I am now up to date no more £25 default letters.
No other point to this post than this. If any of you are unfortunate enough to get behind with repayments to Black Horse, don’t just settle for the extra fees they will try and stick onto you, ask to talk to someone else.
They can't do this. They now actually have to justify their charges. Go along to your local CAB office and see what help they'll give you. That Default Notice is bad news by the way, it'll be on your credit record for the next seven years. Good luck, let us know how you get on.
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Cloggsy
02-03-06, 01:36 PM
Go along to your local CAB office and see what help they'll give you.
That would be my advice too :!:
It'll be on your credit record for the next seven years.
Is this true? I thought it was six months for a defaulted payment?
I missed a payment when i moved bank accounts last year ( didnt leave enough in the old account :oops: ) when i recived the letter from Black Horse i called them and spoke to a very helpfull lady who sorted the whole thing out and refunded the charges incurred ( even though they were my fault ).
You probably just got through to yet enother person who shouldnt be in a job that deals with the public ..............
mysteryjimbo
02-03-06, 01:50 PM
They can't do this. They now actually have to justify their charges. Go along to your local CAB office and see what help they'll give you. That Default Notice is bad news by the way, it'll be on your credit record for the next seven years. Good luck, let us know how you get on.
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Yup tis true..... 7 more years of poor credit history for me! 1 x IVA soon to be paid off.
It'll be on your credit record for the next seven years.
Is this true? I thought it was six months for a defaulted payment?
There's a difference between a missed payment and a Default Notice - the DN is a right b*stard and can't be got rid of - unless I think you go the route of an IVA or bankruptcy (which if you don't have any assetts is now a doddle and you can be free of all debt within 12 months).
You can of course make your own written comment on your your credit record, which if worded correctly can make a difference to some credit decisions.
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You can of course make your own written comment on your your credit record, which if worded correctly can make a difference to some credit decisions.
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True - up to 200 words. It's a statutory right.
Incidentally the person who registers the DN can remove it, so if you make a big enough fuss you might find that you don't get stuck with it.
If they refuse then I'd do the 200 words thing basically saying that it was exceptional, you felt very upset about it, never defaulted before, circumstances different now, etc etc.
Samurai
02-03-06, 02:49 PM
You can of course make your own written comment on your your credit record, which if worded correctly can make a difference to some credit decisions.
a NOTICE OF CORRECTION as they call it, not sure if all companies are the same as my company but according to our policy if there is a notice of correction on your file, your application with automatically go to referal and then be looked into.
Will never get an auto accept untill you remove it from you file
Which would probably be in your favour then I reckon.
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northwind
02-03-06, 06:51 PM
Once the default's been satisfied it's less damaging on your record as well. Depending on the credit agency and the search being conducted, it may not effect you at all once that's been done.
You didn't say, but did you discuss this at all with Black Horse when it first started to go wrong, or did you just carry on paying? If you just carried on without discussion, that was a bit of a mistake I'm afraid- they'd treat it as an open defaulted payment, rather than a change to the repayment structure. I've never come across a company that goes straight to default notices without increasing degrees of severity in their letters, and proper notification beforehand. Not having a go, just making an observation. These things are always better dealt with sooner rather than later.
From an impartial position- you've missed a payment, and I suspect they'd say you've been incommunicative after their attempts to contact you (the letters). Both black marks. However, you've missed only a single payment, and you've shown the intent to repay the loan. That's a huge mark in your favour.
I think this is going to go something like this. Speak to the CAB. They may not be particularily helpful. Then, you want to check one essential thing- the Financial Services Ombudsman would normally be your final step, but they do normally exclude "firms that provide personal loans and consumer credit but are not banks or building societies". This might well include Black Horse, who're owned by Lloyds TSB but may not be considered a bank.
Then, make a complaint, in writing, as soon as possible, stating the situation in full, and what you're willing to do to fix it, and what your issue is with their ridiculous policy. Be polite, and totally honest. Say "Disappointed" not "upset" or "angry"
And be sure to use the words "punitive charging" at least once. Punitive charging was specifically made illegal a while back. It's still very common, but most banks will know they're on shaky ground and are likely to back down if politely threatened.
If it turns out that the Ombudsman would be prepared to take on a complaint against the company then you also want to use this :
"I hope that this matter can be settled amicably. However, I am aware of my statutory rights, and I am fully prepared to take this matter up with the Financial Services Ombudsman if a mutually satisfactory conclusion can't be reached."
It's cheap, but it's a good way to establish yourself as a genuine complaint with the willingness to be a thorn in their side, not just an opportunist. I'm a bit out of date on the law these days, unfortunately, been a while since I had to deal with it (from the Evil Bank's side!)
i havent read all of the posts, but i just thjought id mention that my brother works on phone customer care, and its amazing the muppets he speaks to that think they know it etc, as a result it is hgard to remain very nice to everyone and give them the best deal, i know they should be fair and calm for all but sometimes its just impossible, especially with call time targets and massive phone ques pressuring them as well...
best bet be exceptionally polite in all you do and say, do not patronise, have relevant information handy when you phone up
andy
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