Useless son dug a deep hole and cannot get out! Do I bail him?

I once calculated that I've saved between 200 and 300 Pounds per month by cycling and not owning a car. That'd clear the debt in 3 to 4 years even without any other changes in lifestyle. I gues it depends how determined he is to get rid of the debt quickly.

OTOH if you're going to fund a car rather than make him responsible for it, he's bound to take the easy option.

FoFP

I believe you. I had a car stolen and didn't replace it for 2 years and I really, really noticed how much more money I had during those 2 years as a result.

I got considerably less pussy, but saved so much money I could certainly have rented some and still been ahead, had I been so inclined.

I know but that's all there is. BH have stated it is a non cancelable agreement. There are no termination notices on the agreement.

This is weird. It is from a dealer for a car purchase and yet they have classed it as a kind of personal loan, but also put it on the HPI register as financed by them!!

Seems they want it all ways.

I know but that's all there is. BH have stated it is a non cancelable agreement. There are no termination notices on the agreement.

This is weird. It is from a dealer for a car purchase and yet they have classed it as a kind of personal loan, but also put it on the HPI register as financed by them!!

Seems they want it all ways.

Black Horse getting really rude now. Trading standards think there may be a problem with their agreement failing to show the legally required notices and ask for cop[ies.

Black Horse are saying he can sell the car but must pay them all the money in 7 days. They wont put this in writing and get quite stroppy when you ask, but no one will touch it if its on HPI, so cant win!

If they wont release it on HPI (even though they insist it's not on HP but a personal loan) is it worth trying to sell it and not mentioning it to the prospective purchaser, obviously with the intention of paying the debt anyway, in full eventually.?

If yes, does he

A: Give them the full sale value? and carry on paying the £236pm (wouldn't the terms need to be renegotiated after paying of a large lump sum up front?)

B: Just place the cash (£6/£8k) in a savings account and carry on paying the £236pm from that, whilst also paying off say £100pm on top to clear the debt quicker?

If you do start paying money in advance, over and above the original agreement, should they adjust the terms automatically to account for this?

Thanks.

In message , Jo writes

These are the weird agreements that I mentioned Black Horse have been coming up with recently whereby they register with HPi against a loan that is not secured on the vehicle. Complain to the finance and leasing association.

If it is a personal loan, unsecured on the vehicle, then it wouldn't matter to the buyer unless s/he intended to resell.

The answers to your question all depend on whether you wish to capitulate to their bullying or to challenge these potentially unenforceable agreements. (If it does turn out to be unenforceable then an option might be to keep the car and not pay for it)

Good idea but sadly they are not members!

But would you buy it? Should he even mention the finance?

He wants to pay the debt(monthly) off, no problem with that now we have sorted out his in/out finances. He realises he got in over his head and wants to get rid of the car and start again when the debt is paid up. However the more I dig the more I don't like the company, don't want to be bullied and challenge the legality/ethics of it all.

Lol

PS: He's also shown me a pawn shop agreement he has for borrowing £250. APR 65.8%!!!! sigh

This is weird!

When you apply for a loan from Black Horse, you can be sure our experienced staff will arrange a loan which is right for you. We will provide clear and relevant information and will never encourage you to borrow more than you can comfortably afford to repay.

For further peace of mind, we conform to the Finance & Leasing Association's Code of Practice. Black Horse Limited is part of the Lloyds TSB Group. Our registered office is 25 Gresham Street, London EC2V 7HN. Registered in England and Wales under number 661204. "

In message , Jo writes

Black Horse are, in my opinion, one of the most unpleasant of the bunch when it comes to dealing with customers in debt.

Wasn't joking.

In message , Jo writes

He's not going to stop then, no matter what you do or say?

He is now.

Poor git. Now he's just had some nutty pedestrian run through traffic and straight into the side of his car. Plenty of confirmed witnesses to say it wasn't his fault and police not taking any further action. ripped door mirror off and a couple of dents. That's OK Norwich Union legal services protection will surely pursue the claim against the pedestrian without affecting his insurance? WRONG. NU state he will have to make a claim BEFORE legal services can get involved!!! doesn't that make the legal services option a nonsense?

Hmmmnnn.. lemme guess, it is always someone else's fault ?

You copied 150 lines just to add a meaningless one line rider on the end? You have to be at least as brain dead as anyone else in the discussion.

Which would still make the prick 1000 Xs brighter than you?

In message , GSV Three Minds in a Can writes

Trimming is a dying art. For some reason or other, Outlook Express users seem to have the greatest difficulty mastering it.

Perhaps they are spending their time raising sons so that they are not "Useless" .. ??

Art??

In message , Rab C Nesbitt writes

Colloquial English. Two question marks isn't.