Can i hand my car back on blackhorse hp finance?

[pkelly23]

Hello, I'm just over 50% through my HP agreement with Blackhorse but I'm unable to afford the monthly payments now because of losing my job.

Can I just give it them back? It has done quite alot of miles more than I originally said but the car is in great condition.

Any help would be much appreciated.

[Amethyst]

Have you paid over 50% of the total amount due under the agreement ?

Have you a copy of said agreement - does it state in there how much you need to have paid to exercise your VT rights?

What are the terms on mileage - usually theres a per mile charge for excess mileage included in the contract ?

[pkelly23]

Have you paid over 50% of the total amount due under the agreement ? Total amount payable says £29559.60 and the current outstanding balance is £14918.32 with next payment due on 01/01/2020

Have you a copy of said agreement - does it state in there how much you need to have paid to exercise your VT rights? Termination rights say I must have paid £14779.80 and taken reasonable care of the goods.

What are the terms on mileage - usually theres a per mile charge for excess mileage included in the contract ? They haven't filled in the section about mileage..

[pkelly23]

Reply from Blackhorse...

Thank you for contacting Customer Services.

You have several options if you are unable to continue with payments for your existing car.

You can change your car for one with a cheaper monthly payment, by part exchanging the vehicle via a dealership. The dealership should ensure the figure paid is equal to the settlement figure amount. If the figure is less you will need to pay the difference to settle the agreement within 7 days.

If you do not wish to buy another vehicle but there is equity in your current vehicle you can sell the vehicle privately or via a dealership. Again, the settlement figure would need to be paid within 7 days of the vehicle being sold and any equity in the car would be paid directly to you.

Finally, you can chose to do a voluntary termination of the agreement. With this option, it requires you to have paid half of the total repayable under the agreement. If you have not yet paid this amount, you would need to do so within 30 days of handing the vehicle back to ensure your credit file is not impacted. We can confirm this amount is currently £138.52 plus any outstanding arrears. We have requested a voluntary termination pack to be sent to you and you will receive this in the next 7-10 days. The information pack will detail the liability balance and any fees that are applicable for returning the vehicle back to us. If you do not wish to go ahead with this option you do not need to do anything further as your agreement will remain unchanged until you send the paperwork back to us signed.

[ostell]

So you VT but use the form that is available on the forum rather than the BH form. They could try to tie you down to additional conditions that you do not have to meet.