How to Get Out of Black Horse Finance Debt

If you’re trying to get out of your Black Horse Finance car contract, you’ve come to the right place for help. Each month, more than 170,000 people visit our website looking for guidance on debt matters.

In this simple guide, we’ll cover:

•  Who Black Horse Finance is
•  How to handle your car finance deal
•  Ways to legally write off some Black Horse Finance debt
•  How to give your car back to Black Horse
•  Details on Black Horse Finance’s voluntary termination

Navigating financial difficulties can be challenging, and it’s common to feel unsure about seeking help. In fact, Citizens Advice revealed that 60% of adults facing financial difficulties hesitate to seek assistance.¹

If that’s your case, don’t worry — you’re not alone. We’re here to help you understand your options and find a way forward.

Let’s start exploring your Black Horse Finance solutions.

Can you pull out of a finance deal?

The Consumer Credit Act states that all consumers should be given 14 days to withdraw from an agreement.

This applies to all forms of consumer credit, including car financing agreements. 

Can I get out of a car finance deal?

There are only two ways to get out of a car financing deal:

a) pay off the remainder of the agreement

b) exercise your right to voluntary termination. 

As most people want to get out of their car hire purchase (HP) agreement because they can’t afford to keep up with repayments, the first option is usually off the table.

Ending a car finance agreement early may have implications unless it is within the 14-day cooling-off period.

Implications of terminating a car finance deal can affect your credit score, leading to difficulties obtaining future credit.

You may be required to pay back money already loaned, plus any fees and interest charges.

You may wish to consider other options, such as refinancing car loans or transferring the balance to a lower-interest-rate credit card.

I recommend seeking professional help from reputable debt-help organisations such as the Citizens Advice Bureau Step Change or National Debt Line to discuss the option best suited to your circumstances and to get general advice on managing your debts.

Debt Solutions Comparison

Struggling with debt can be quite challenging. But don’t worry, there are different debt solutions available that can help you.

These are:

Can I give my car back?

It may be possible to return the vehicle to Black Horse and end the HP Agreement. To do this, you must voluntarily terminate the agreement using Section 99 of the Consumer Credit Act.  

The Consumer Credit Act was introduced in 1974 to protect customers in credit agreements, it sets out rules and regulations that lenders must follow when providing credit to customers.

If they fail to follow the regulations, then action can be taken against them.

Section 99 Consumer Credit Act states that;

1. The customer can terminate the agreement within 14 days of signing. However, if there is any damage to the vehicle, you may have to pay for repairs.
2. The customer has the right to receive a statement at least once a year detailing all transactions.
3. Customers may request a statement within 30 days if they have entered into a running account.

We explain the process in detail below! 

» TAKE ACTION NOW: Fill out the short debt form

Black Horse Finance voluntary termination

Black Horse Finance voluntary termination (VT) is when you give back the vehicle to end the agreement and don’t have to make any further payments.

However, you also won’t get refunded for the money you’ve paid. Nevertheless, it can stop you from getting into account arrears and serious debt. 

You can return the vehicle to Black Horse under Section 99 and Section 100 of the Consumer Credit Act, providing you’ve already paid at least 50% of the money, fees and interest owed in the agreement.

If you’re short of this amount, you must pay the difference before you can return the vehicle.

If the vehicle is damaged in any way, then you will be responsible for the repairs.

The steps for voluntary termination are as follows;

1. Check your loan agreement for the terms of VT
2. Contact Black Horse Finance for an up-to-date statement of your account so that you can work out what you owe.
3. Provide written notice stating that you wish to voluntarily terminate the agreement under section 99 of the credit consumer act. Also, provide details about the card, such as make and registration.
4. If you are required to return the vehicle yourself, then do so.
5. Once you have sent the letter, cease payments.
6. Keep a log of all correspondence.

Source; Money Savings Expert

Black Horse Finance Contact Details

References

1. StepChange – Credit safety net report