Interest charges on paid debt

[susiebling]

Can anyone help please? My debt ( in fuller detail elsewhere ) was paid in the first 3 years of its 10 year period. Black Horse have been chasing me for the charges and interest since that time. Can or would they take me to court for the charges ?

[teaboy2]

Re: Interest charges on paid debt

When you paid in full were you told the amount to pay by black horse? Was that the amount you paid when you paid of the loan at the time?

If so they have no right to any interest or charges as the debt was discharged and the agreement terminated once you paid of the debt owed in full.

[miliitant]

Re: Interest charges on paid debt

on top of that

if the loan was paid early then you should have had an interst rebate and a settlement figure.

the interest is always front loaded at the start over the full term of the loan

seems BH owe you money, not the other way around

[susiebling]

Re: Interest charges on paid debt

The deal was £28000 over ten years plus interest, came to £40000. The vehicle was repossessed after 18 months and sold for £19600,I paid £9000 cash to them , plus £5000 of monthly payments, making a total of £33600, after 27 months of the debt. For the last 7 years Black Horse have been insisting that I pay the remaining interest in full plus charges. I have had one statement from BH in this time. The balance they say is about £5200, can they insist or take me to court for this ?

[CleverClogs]

Re: Interest charges on paid debt

The deal was £28000 over ten years plus interest, came to £40000. The vehicle was repossessed after 18 months and sold for £19600,I paid £9000 cash to them , plus £5000 of monthly payments, making a total of £33600, after 27 months of the debt. For the last 7 years Black Horse have been insisting that I pay the remaining interest in full plus charges. I have had one statement from BH in this time. The balance they say is about £5200, can they insist or take me to court for this ?

Have you made any payment to that alleged debt or acknowledged it in writing in the last 7 years?

[susiebling]

Re: Interest charges on paid debt

I have, as I acknowledged that I had signed for the thing I went to the CAB and they negotiated, sort of and from then on I paid £30 a month risingg to £50 recently. It was a divorce thing. However 10 years down the line, my now partner has looked at it and commented on what a mess the account is. I have also retired and can no longer just throw £50 a month at Black Horse every month. I have had one statement in all this time, no proper agreement to pay off this interest , no proper paperwork really at all. The FO couldn t look at it as it was unregulated. A solicitor wanted £200 per hour. I m hoping to pick up information on here to strengthen my belief that its not right and find out a way to end the debt without too much grief to my pocket.