​​​​Make a Payment FAQs

You can find information about your last and next monthly payment amount on the homepage of your online account. Log in and click ‘Home’ in the navigation to view the page. 

You can also find information about your monthly payment amount, including your final payment amount, in your copy of your agreement.

If you have a PCP agreement with us, the ‘Optional final payment’ is shown on the homepage of your online account and in your agreement.

If you have taken a payment holiday, this may have an impact on your monthly and final payment. We wrote to you explaining these changes and you can see updated information on your account homepage by logging in. Click ‘Home’ in the navigation to view the page. If you need more help and support, please get in touch. 

There are a few ways you can make a payment on your online account. Log into your online account and click 'Payments' on the menu, to:​​​​​​​

• Pay by debit card 
• Set up a monthly Direct Debit

Find out more about other ways of payment in the sections below. 

Other ways you can pay that are not on your online account: 

By payment book - If you have a payment book which you currently use, or have used in the past to make payments to us, you can settle your account in this way. You can make a cheque or cash payment over the counter at your Bank using a payment slip up to 5 working days before the settlement date. 

By dealer settlement - If you are part exchanging your vehicle and have agreed with the Dealer that they will settle your agreement on your behalf, please ensure the Dealer pays the settlement amount by the settlement date. You remain liable for your agreement until we receive the full settlement amount. 

By third party settlement - If you have agreed with a third party that they will settle your agreement on your behalf, please ensure that they pay the settlement amount by the settlement date. You remain liable for your agreement until we receive the full settlement amount. 

By bank transfer - If you wish to pay by bank transfer, you can do so online or on your banking app. Please use your agreement number as the reference and the following bank details: 

Payee name: Blackhorse LTD
Sort code: 30-15-99
Account number: 00024553 

If you need more help please get in touch. 

You can find information about the payments you have made in the transactions section of your online account. Click ‘Transactions’ on the menu to view the page. 

We can arrange for any overpayments to be refunded to you once the payment has cleared. Please get in touch so we can sort this out. 

If we have a live direct debit in place a refund will be issued directly to your bank account which will take between 3–5 working days. If, however, you pay by other means, we will arrange for a cheque to be sent to you, which will take 7–10 working days. 

A refund can be processed in one of three ways: Faster Payment, EFT or by cheque. 

If your loan has been settled and we have taken a payment by Direct Debit, we will arrange for a refund to be issued once the payment has cleared.

The refund timescales can differ depending on the method of payment used to settle the agreement.

Please see FAQ ‘How long does a refund take to process?’ for more information.  If you need to discuss this in further detail, please get in touch. 

If your payment is successful, you will see a 'Payment Successful' screen. This screen will also tell you the amount you have paid along with a reference number. On this screen you will have the option for us to send you a free text to confirm your payment. 

We’ll also send you a confirmation email containing the amount of the payment you have made and the reference number for the payment. 

We are working on this feature and it will be available soon. In the meantime, you will need to enter your debit card details each time you would like to make a payment. 

You will either see 'Black Horse’ or your finance agreement number on your bank statement.

The name of your dealer where you made your purchase won't show. 

It may take up to two working days for your online account to show a payment. If two working days have passed and you still can't see the payment on your online account, please get in touch. 

If your payment has been declined, you have the following options:  

1. Contact your bank for further information
2. Try to pay again. Please check you enter the correct card details  

If you get declined three times in a row, you will not be able to make a payment online. If you would like further help and support, please get in touch. 

There may be a few reasons you may not have received a confirmation text message from us: 

• You have not asked for a confirmation text message to be sent. 
• You have given us the wrong mobile phone number. 
• The mobile phone signal in your area is poor. 

Please note, none of your personal details are mentioned in the text message. 

We also confirm your payment by email which contains the amount you have paid and the reference number for the payment. But if you would like further help and support, please get in touch. 

A Direct Debit is an instruction from you to your bank. It will give us permission to collect payments from your bank account when they are due.

To set up a Direct debit you will need the bank account number and sort code of the account you wish to use for the Direct Debit. 

You will also need to confirm the following to set up the direct debit: 

• You are the account holder or an authorised signatory to the account
• The account requires only one signatory
• You can authorise debits from the account 

To go ahead and set up a direct debit, log in to your online account and click ‘Payments’ on the menu. You can then follow the instructions to set up or change a Direct Debit. 

Once you have a direct debit set up your payments will be automatically collected on time without you needing to do anything. 

If you have changed your bank details that are linked to your Direct Debit it is important you keep your online account up to date. That way we continue to get your payments on time. 

Log in to your online account​​​​ ​​​and click 'Payments' on the menu. You can then follow the instructions to change your Direct Debit details.  

To stop a Direct Debit, you will need to contact your bank or building society.

Remember, if you stop your Direct Debit, you still need to make your monthly payments by another payment method.

​​​​​​​If you settle your agreement and have a direct debit set up with us, we will cancel it with your bank when we have received payment of the full settlement amount. 

Yes, you can do this online. Go to your account homepage where you’ll see the option to ‘Change payment day’. 

Hire Purchase customers can change their payment day once every 12 months.

Personal Contract Purchase customers can change their payment day once during their agreement. 

If you need more support, please get in touch. 

Have you taken a payment holiday? This may have changed your payment day.

Changing your payment day may mean you have to pay an extra amount.  
 
The daily interest you would have been charged between your old and new payment day will be added to your agreement.   

​​​​​​​For example, if your payment day is the 10th of the month and you move this to the 15th, you will need to pay the extra 5 days’ interest.  
 
This amount is paid at the end of your agreement. 

An overpayment is when you decide to make an extra payment to your agreement. This is in addition to your normal monthly payments. 

Yes, you can make overpayments of any amount at any time during your agreement. Log in to your online account and click ‘Payments’ on the menu. You will then see the option to ‘Make an overpayment’. 

You can make an overpayment at any time in your agreement.

When you make an overpayment, it can lower how much you pay each month (HP and PCP agreements) or reduce the length of your agreement (HP agreements only). 

​​​​​​​There are no fees or charges for making an overpayment and you could also be entitled to a reduction in the total amount of interest owed. 

Yes, you can make an overpayment every 24 hours. Remember, payments through your online account can be made by debit card only. 

Yes, you can make a lump sum payment. 

The largest amount you can pay with a debit card online is £30,000. 

Click 'Payments' on your screen and you can then follow the instructions to make an overpayment.

If you wish to pay more than £30,000, please get in touch. 

We will arrange for any overpayments to be refunded to you once the payment has cleared. If you would like to talk to us because you haven't received your refund, please get in touch. 

There are no fees or charges for making an overpayment and you could also be entitled to a reduction in the total amount of interest owed. 

You can overpay as much as you like. However, if you want to overpay an amount that is the same as the balance outstanding on your agreement, you may be able to settle your agreement instead. 

​​​​​​​More information on settling your account can be found in the Settlements section below. 

This is the amount we require to pay off your loan in full and will usually include a rebate of interest. It is likely that this figure will be lower than the current balance. To find out how much you owe, you will need to get a settlement amount. 

To get a settlement amount, log in to your online account and click 'Payments' on your screen. You can then follow the instructions to get a settlement amount. 

To ensure that you pay off the correct amount, you first need to get an up-to-date settlement amount. From here you will have the option to settle.

To get a settlement amount, log in to your online account and click 'Payments' on the menu. You can then follow the instructions to get a settlement amount.

For HP customers, the settlement amount includes any fees and charges payable.

For PCP customers, the settlement amount includes any fees and charges payable. The optional final payment is also included in the settlement amount.

Once you have your settlement amount you will have the option to settle your agreement.

The maximum amount you can pay in one transaction is £30,000. Payments through your online account can be made by debit card only.

If your settlement amount is more than £30,000 or if you wish to pay by cheque or set up a bank transfer, there is information on other ways to pay above in 'What ways can I make a payment?'. 

If you ask to end your agreement with us early, we’ll give you a settlement quote for the amount you’ll need to pay to do this, and a date to pay this by. We’ll work this figure out by:

• Taking the amount you currently owe on your agreement. If you’re a personal customer in the UK, you’ll be able to see your current balance by logging into your account. Your balance can be found on your homepage.
• Removing charges for future interest. By settling early, you won’t need to pay most of these.
• Adding back 58 or 59 days interest. This includes 28 days interest to cover the time the settlement quote is valid for, plus an extra month’s interest, either 30 or 31 days, as allowed under consumer credit regulations. If you settle your agreement within the period your quote is valid for, or make another monthly payment in that time, we’ll refund any overpayment you might have made. 

In summary: 

Amount you currently owe   -   Future interest charges   +   58 or 59 days interest   =   Total amount to pay to settle your agreement early

This gives you your settlement amount which is based on you settling your agreement in 28 days. After this, you’ll need to ask for a new settlement quote.

The way we calculate your settlement figure is based on the Consumer Credit (Early Settlement) Regulations 2004.

You can find these regulations here: The Consumer Credit (Early Settlement) Regulations 2004 (legislation.gov.uk)

Citizens Advice (www.citizensadvice.org.uk) or other local money advice services will also be able to give you information on how settlement figures are calculated.

When you settle your agreement early, you’ll save some money on the interest you would have paid over the rest of your agreement. This is called an ‘interest rebate’.

We charge more interest earlier in the agreement, so the interest rebate will be higher if you settle sooner.

Each fixed monthly payment you make towards your agreement pays off both your vehicle finance and the interest we charge on this. As the vehicle finance reduces over time, the interest we charge becomes less, so more of your monthly payment pays off the original finance amount.

Example: If you take out vehicle finance worth £18,000 to be repaid over 56 monthly instalments at 9.2% APR, you’ll pay the first month’s interest on £18,000. After that, you pay interest on the remaining balance each month.

You’ll need to get an updated settlement amount quote if:

·       ​​​​You’re planning to sell your vehicle but your original settlement amount has expired.

·       You’re planning to pay off your agreement but the settlement amount has expired.

If a third party or dealer is settling your agreement, they have until the settlement date to make the payment. You need to keep making any payments due between now and the settlement date as you’re still responsible for the agreement until the balance is paid. You must not sell your vehicle until we’ve received the full settlement amount. There’s more information about making payments in other sections of this FAQs page.

Yes, you can settle your agreement at any time. You can do this by getting a settlement amount quote in your online account, or by calling us on 0344 824 8888. We’ll give you a settlement quote for the amount you’ll need to pay to do this, and a date to pay it by.

Your account is closed when you have fully repaid or settled your account.

A completion letter will be automatically sent to you 10 days after the account is closed, however if you need one sooner, please get in touch.

We will also remove our financial interest in the vehicle (the vehicle is now legally yours). 

The method of payment used will determine how long it takes for final payments to show on your account. 

• Faster Payment/Debit Card Payment – Upon receipt the payment will update overnight.
• EFT – Upon receipt the payment will update overnight. 
• ​​​​​​​Cheque – Upon receipt of your cheque the payment will update overnight. 

Once we have received payment it should show on your ‘outstanding balance’ on the ‘Home’ screen of your online account. You can also get in touch to check whether payment has been received. Please allow a few days for the payment to be received.