Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I have recieved several letters from Firstplus in recent months telling me about their existing customers Loan "Top-up Hotline".
The pack even includes post it notes to put on the fridge should you want to call at a later date.
To cut a long story short, I thought I'd give them a call, could do with some extra cash... I was extremely dissapointed to find out that my understanding of the phrase "top-up" is completely different to theirs!
To me top up means adding to something that already exists.
Infact the mailing clearly says "to top up your EXISTING loan".
Now am I stupid because what actually happened when I phoned was I was told that how the "top up" works is I have to pay all the existing loan back with a huge early settlement fee, then take out a new loan for the the amount I have just settled (with the settlement fee) plus the extra I wanted to top up with.
Surely this is false advertising? Or is my take on "Top up your existing loan" different to everyone elses?
It's not defined anywhere - but finance companies like working this way as it is very profitible for them. Thewre is no way they want anyone having 2 accounts, so will renegotiate the loan on new terms (which usually are more onerous than the one you just finished). As you noted, it isn't a 'top up' fromn the consumers point of view, but from theirs, it is!
I wouldn't touch anything Carol Voderman advertises with a barge pole. Someone as clever as that must think we're daft to take her recommendation. Would she take a FP loan? I doubt it!
Number 4, Stygia Avenue, Hell...come in, we have beer and Pringles.
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Re: Firstplus Loan "Top-up" false advertising?
I've always commented to my OH when seeing those adverts with the Vorderman in them...they always make me uncomfortable, I think there's a clash of ethic going on there. Carol Vorderman = known, trusted even, for her excellent mathematical skills. Finance companies = motherless loan sharks out to take your firstborn. Put the two together... well, it makes me very uncomfortable, as I said.
Firstplus Loan "Top-up" false advertising?
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