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  • #1

    Black Horse - DCA F&F ? Secured loan advice

    Hi Everyone
    Just a little question or 2 and any advice would be great.
    I have had a secured loan loan from Black Horse from about 2007 for the amount of 58k. Earlier this year my circumstances changed and requested Black Horse for reduced payments about 50% less, which they were happy to do. Balance out standing is about 18k I have received a letter from them today stating they have sold my account to DLC and any future payment go to them. I have not contacted them yet. What I would like advice on is can I request from Black Horse how much they sold the debt for ? Also what would be an offer I could put forward to DLC as a F&F settlement offer bearing in mind that it is a secured debt ? I could borrow the money from my Dad.
    Cheers
    Roadster
    Tags: account, advice, arrangement, con, dca, debt, dlc, f&f, letter, loan, low, money, notice of assignment, offers, payments, property, security, telephone, unsecured
  • #2
    Re: Black Horse - DCA F&F ? Secured loan advice

    Originally posted by Roadster View Post
    Hi Everyone
    Just a little question or 2 and any advice would be great.
    I have had a secured loan loan from Black Horse from about 2007 for the amount of 58k. Earlier this year my circumstances changed and requested Black Horse for reduced payments about 50% less, which they were happy to do. Balance out standing is about 18k I have received a letter from them today stating they have sold my account to DLC and any future payment go to them. I have not contacted them yet. What I would like advice on is can I request from Black Horse how much they sold the debt for ? Also what would be an offer I could put forward to DLC as a F&F settlement offer bearing in mind that it is a secured debt ? I could borrow the money from my Dad.
    Cheers
    Roadster
    Hi Roadster

    Unfortunately Black Horse are under no obligation to tell you how much they have sold the debt on for, though its typically around 10% of the balance for unsecured debt.

    The problem you have is that this is a secured loan so there is little incentive for DLC to accept any F&F offer from you, especially if you have equity in the property.

    It may be that DLC will be happy to continue the payment arrangement as it stands, or they may be prepared to accept a F&F offer. Typically start of very low (approx 5-10% of the debt), but as I mentioned above as they have security against your property it'd be rare to get such an offer accepted.

    I would not do anything until you get the first letter from DLC, and then take things from there.


    Best
    SnV
    "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

    The consumer is that sleeping giant.!!


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Black Horse - DCA F&F ? Secured loan advice

      Hi Salt
      Many thanks for the reply, just opened a letter from them confirming debt assigned to them and for me to give them a call.
      R

      Comment

      • #4
        Re: Black Horse - DCA F&F ? Secured loan advice

        Originally posted by Roadster View Post
        Hi Salt
        Many thanks for the reply, just opened a letter from them confirming debt assigned to them and for me to give them a call.
        R
        Rule #1 - do not call on the telephone - everything needs to be placed in writing - ESPECIALLY if discussing F&F offers.

        A notice of assignment I also don't consider a proper first letter - wait for the next one as that will tell you what their intentions are.
        "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

        The consumer is that sleeping giant.!!


        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

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