CAB DRIVERS OFFERED FINANCE PAYMENT HOLIDAY IN RESPONSE TO CORONAVIRUS CRISIS

CAB DRIVERS OFFERED FINANCE PAYMENT HOLIDAY

Find the latest updates from BlackHorse below

16 December 2020

Below is the latest update on managing your money from Blackhorse
For all the tools and support available, visit blackhorse.co.uk/contact/coronavirus-support

If you’ve been impacted by coronavirus we’re here to help. We have options available if you’re worried about making your payments and tools to help you manage your money in uncertain times.

My payment holiday’s ending soon

If you can start making payments again, you should try to as you’ll pay less overall.

Check your direct debit is set up and ready to go. If you’ve cancelled your direct debit:

  • Go to your online account and select 'Update Bank Details’ or call us and we can help you set up a new one again before your next payment is due. You need to do this at least 8 working days before your next payment date so that you don't miss a payment.
  • If you can’t reset your direct debit before your payment date, you’ll need to make a one off debit card payment online or over the phone by selecting the ‘Make A Payment’ option.

If you’re not able to log in to your online account you can call us on 0344 824 8888 to set it back up.

What if I’ve missed payments?

If you’ve missed payments before or after your payment holiday or you’re not sure which option is right for you, we can help. Use our online Budgeting Tool atBlackhorse.co.uk/contact/money-worries to work out what you can afford to pay. Then call us on 0800 151 2454 as soon as you can so we can talk through your options.

I can’t afford to start making payments

If you’re coming to the end of a payment holiday and cannot restart your payments, you may be able to extend your payment holiday for one month at a time for up to 6 months.

  • A payment holiday means you can pause your usual payments to help stop you falling behind. After that, you start paying the same amount each month as before your payment holiday.
  • Taking a payment holiday won’t directly affect your credit score, as it won’t show that you’ve missed payments during this time. But lenders take a wide range of information into account when making decisions on borrowing, and this includes details you may provide about how you’ve managed your account, such as taking a payment holiday.

You can request to extend your payment holiday, by logging into your online account at www.blackhorse.co.uk and selecting ‘Manage Payment Holiday’. You’ll need your agreement number to log in which you’ll find on any letter from Black Horse or on your bank statement as your direct debit reference. If you can’t access your online account, you can call us on 0344 824 8888.

If you’ve already had 6 months of payment holidays, we have other ways to help make your payments more affordable. Call us on 0800 151 2454 to discuss your options. Use our online Budgeting Tool first to work out what you can afford to pay by visitingBlackhorse.co.uk/contact/money-worries.

I need longer term support

If you’re not able to restart your full monthly payments, we may be able to increase the length of your agreement which will reduce how much you pay each month. This is called a Term Extension.

  • A Term Extension will cost you more in the long term as it will take you longer to pay back the amount borrowed.
  • If you ask us for a Term Extension we’ll need to do a credit file check and you’ll need to sign an agreement to confirm you’re happy with the changes.
  • If you’ve already taken a payment holiday before taking a Term Extension, you won’t need to pay any extra amounts added for taking a payment holiday.
  • Any payment holidays you’ve asked for but haven’t yet been taken will be cancelled. To keep your payment holiday, wait until they have completed before requesting a Term Extension.
  • As part of the application, you will be able to use a Term Extension calculator to work out the best option for you. You can also use the online Budgeting Tool by visiting Blackhorse.co.uk/contact/money-worries to work out how much you can afford to pay each month.
  • If the change to your income is short term or you think things might change again soon, a long term option like a term extension might not be the best option for you right now. Call us so we can discuss your options.

To apply for a Term Extension, you can log into your online account at www.blackhorse.co.uk and select Manage Payment Holiday. You’ll need your agreement number to log in which you’ll find on any letter from Black Horse or on your bank statement as your direct debit reference If you can’t access your online account, you can call us on 0344 8248888.

If your payment is due within the next 7 days, you should wait until after you have made your next monthly payment to apply for a Term Extension. If you can’t make your next payment, call us on 0800 151 2454 to see how we can help.

3 November 2020

UPDATE FOR BLACKHORSE TAXI FINANCE CUSTOMERS

ADDITIONAL CORONAVIRUS SUPPORT:

You can still take advantage of our Payment Holiday Scheme.

  • If you have never had a Payment Holiday before you can request 3 months
  • If you have had a 3 month payment holiday already you can extend up to 6 months
  • If you are coming off 6 months then call in and speak to us so we can discuss your circumstances and explain the options available to you.

For those requesting Payment Holidays, you are eligible to do this via our Self-Serve channel via the website www.blackhorse.co.uk or by contacting our Customer Service Department on 0344 8248888.

If you can afford to restart your payments, you should do so as it is in your best interest to start making payments again as soon as you can.

By extending your payments:

  • Your payments will be deferred by a further month
  • You will pay an extra amount for this as you take longer to pay back the amount borrowed

If you have been charged an extra interest amount for taking a payment holiday, you will not pay this until after your last payment. If the extra interest amount is more than your monthly payment, it will be split over a number of months. This means that you will not pay more than your normal monthly payment each month.

If you have reached the end of your payment holiday and you are not yet able to restart your monthly payments, we may be able to offer you further help and support. If you contact our Collections department they will be able to provide advice to you of the various options available to you based on your individual circumstances.

If you cancelled your Direct Debit, please reinstate it before your monthly payments are due to restart. You can do this by logging into your online account* and selecting 'Update Bank Details’. You will then need to enter your sort code and account number. You will need to reinstate your Direct Debit at least 8 working days before your next payment is due. If it is too late to reset your Direct Debit for when your payments restart, you can make a payment by debit card using the “Make a payment’ option in your online account. If you are unsure whether you cancelled your Direct Debit, you can check if it is still active with your bank. You should be able to find this information on your bank’s online banking or mobile banking app. If not, you will need to call your bank.

*If you are a business, you may not be able to use our online service. If you are unable to use the online service, call us on 0344 8248888.

If you are not able to restart your monthly payments and you are concerned the impact may be longer term, for example you have lost your job or your business has shut down, please call us on 0800 1512454 so that we can discuss options to help you.

18 June 2020

UPDATE FOR BLACK HORSE TAXI FINANCE CUSTOMERS

ADDITIONAL CORONAVIRUS SUPPORT: YOUR OPTIONS AT THE END OF YOUR PAYMENT HOLIDAY

You are coming to the end of your 3 month payment holiday and your payments are due to restart.

If you can afford to restart your payments, you should do so as it is in your best interest to start making payments again as soon as you can.

If you are not able to restart your payments, we are able to offer you an additional 1 month payment holiday.

By extending your payment holiday by 1 month:

  • Your payments will be deferred by a further month
  • You will pay an extra amount for this as you take longer to pay back the amount borrowed


I’ve reached the end of my payment holiday and I am able to restart my payments

  1. When your payment holiday ends you will restart your monthly payments. Your monthly payment will be for the same amount as before your payment holiday.
  2. If you have been charged an extra interest amount for taking a payment holiday, you will not pay this until after your last payment. If the extra interest amount is more than your monthly payment, it will be split over a number of months. This means that you will not pay more than your normal monthly payment each month.
  3. The due date for your monthly payments will likely have changed as a result of taking a payment holiday. You will have received a letter from us telling you the new payment date. You can also check your payment due date by logging into your online account* and checking the ‘My account’ screen.
  4. If you cancelled your Direct Debit, please reinstate it before your monthly payments are due to restart. You can do this by logging into your online account* and selecting 'Update Bank Details’. You will then need to enter your sort code and account number. You will need to reinstate your Direct Debit at least 8 working days before your next payment is due. If it is too late to reset your Direct Debit for when your payments restart, you can make a payment by debit card using the “Make a payment’ option in your online account. If you are unsure whether you cancelled your Direct Debit, you can check if it is still active with your bank. You should be able to find this information on your bank’s online banking or mobile banking app. If not, you will need to call your bank.

*If you are a business, you may not be able to use our online service. If you are unable to use the online service, call us on 0344 8248888.


I’ve reached the end of my payment holiday and I am not able to restart my payments

  1. If you have reached the end of your payment holiday and you are not yet able to restart your monthly payments, we will be able to offer you further help and support. We are currently working on a range of further options to help our customers.
  • If your payments are due to restart before 20th July and you are unable to restart your payments, log into your online account* for further details of the options available to you.
  • If your payments are due to restart after 20th July, we will provide further details of the support available here soon and in your online account.

2. If you are not able to restart your monthly payments and you are concerned the impact may be longer term, for example you have lost your job or your business has shut down, please call us on 0800 1512454 so that we can discuss options to help you.

*If you are a business, you may not be able to use our online service. If you are unable to use the online service, call us on 0344 8248888.

Remember a payment holiday can help if you need to take a short break from making your payments. If you are concerned the impact may be longer term, for example, you have lost your job or your business has shut down, please call us on 0800 151 2454 so that we can discuss the best option for you.



5 June 2020

If you are coming to the end of your 3 month payment deferment and your payments are due to restart.

If you can afford to restart your payments, you should do so as it is in your best interest to start making payments again as soon as you can. 

When you take a payment holiday, you pay more as you take longer to pay back the amount borrowed.  You may also incur additional vehicle related costs if you have the vehicle for a longer period of time.  The longer your payment holiday, the more you will have to pay.  This is why it is better to restart your payments if you can.

If your payments are due to restart before 22nd June, Black Horse will contact you very soon to discuss your options.

For payments due after 22nd June, further updates will be provided on this website, on the Black Horse website and Black Horse will contact you before your next payment is due.

You will find frequently asked questions on the Black Horse website that are being updated regularly, please check these at www.blackhorse.co.uk should you have any queries or you can call us on 0344 8248888 so that we can discuss other options to help you. 

7 April 2020

If your income has been impacted by coronavirus, Black Horse has a range of options to help you. You can now apply for a payment deferral of up to three months online or they can offer you other help if you need it.

If you need to request a payment deferral in most cases, you can now make your request online to defer your next 3 months payments. To process a payment date change request, you will need to log into your account on Black Horse website www.blackhorse.co.uk using your date of birth, postcode and agreement number. You can find your agreement number on any correspondence from Black Horse or it will be the reference for your direct debit shown on your bank statement.

Your monthly payments can be deferred by a maximum of 3 months. When you ask for a three month payment holiday online if you have already had a 1 month payment holiday, a payment holiday will be applied for a further 2 months.

Please note that Black Horse is currently dealing with a much higher volume of calls than normal so please use the link to their website where possible to facilitate this deferral request however if you are unable to process your request online, you can call them on 0344 8248888.

You will find frequently asked questions on the Black Horse website that are being updated regularly, please check these should you have any queries.

18 March 2020, Ansty

  • LEVC and Black Horse have agreed to make a payment holiday available to TX cab drivers on existing finance deals
  • Three-month payment suspension in direct response to Coronavirus crisis and its impact on the trade
  • TX drivers can register interest at www.levc.com/payment-holiday
  • To ease the impact of the Coronavirus outbreak on the UK taxi trade, a three-month finance payment holiday initiative has been agreed by LEVC and Black Horse and is available nationwide.

    TX drivers on any existing Black Horse finance contract can register their interest for a three-month suspension of repayments by completing their details at below.

    Joerg Hofmann, LEVC CEO, said:

    This is an extremely critical time for the taxi trade and the payment holiday will play a role in softening the impact that Coronavirus is having on taxi drivers. We recognise and celebrate the efforts they make daily to keep Britain moving – and this three-month bridge will hopefully ease the burden drivers now face.”