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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Originally Posted by jonboy

Go along to your local CAB office and see what help they'll give you.

That would be my advice too

Originally Posted by jonboy

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 ) 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 ..............

Originally Posted by jonboy

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.

Originally Posted by Iceman

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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Originally Posted by jonboy

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.

Originally Posted by jonboy

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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