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Advice - First Plus


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Took out a First Plus loan at the height of the property boom, though now house is in negative equity and it's sale would not even cover the outstanding mortgage, never mind what is owed to First Plus. I have recently seperated from my wife and wondered what is likely happen if I approach First Plus to reduce the payments (the interest rate is astronomical!) given that if I did default the sale of the house would leave them with nothing anyway!!

 

All this is part of a larger plan to 'stabalise' my finances. I am hoping to move my mortgage to interest only and move for an IVA on unsecured debt.

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No, but needed the cash urgently say pay a hefty interest charge - which they then put up again. Since then one minor reduction but nothing as a result of the current interest rate reductions.

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