Hi there
I just paid £200 towards a motorbike and signed an agrement with blackhorse finance but dont take dilivery of the bike till next week and found out this evening that i might get laid off due to the credit crunch I dont know for sure if im going to get laid off but we had a meeting at work and it doesnt look good.

I did sign the direct debit form and paid £200 towards the final price where do i stand and how can i get out of it? is there a cooling off period or am i stuck. who do i contact black horse direct or the bike shop and im going to look a right prat if i contact the bike shop....ahhhhhh help

It's definitely worth checking if there is a cooling off period and ensure you act within this time.

Looking a "right prat" is better than being in a loan agreement that you cannot keep up with as it could mess up your credit file for the next 6 years or so...

If you have purchased a used bike, you will have a 7 "seven" day cooling off period. However, the 7 days are from the date you SIGNED the agreement.

You are likely to loose your £200 deposit as that is one of the reasons you are asked to pay the deposit.

But wait, there is one thing. Is this a brand new bike that you have ordered from the manufacturer? - If so, the cooling off period may not apply because your chosen bike is already in production and therefore all parts have been ordered etc etc etc.

hey,
i think you should try to rent it on tourist and try to get the shop problem settle down and you may want to extend the period of the payment to get enough money