First Plus, 75K Sec Loan + PPI, then shortfall.

[GhostDebt]

Hello everyone.

 

According to the document the loan

was 75k with 19497.5 PPI on top.

 

One paragraph on the document states.

'Legal charge'

This legal charge is executed by you in favour of Firstplus Financial Group Plc and incorporates the terms set out overleaf. You charge the property by way of legal mortgage with full title guarantee in favout of Firstplus Financial Group Plc as security for all monies presently or at any time in the future due to us under any agreement between ourselves The legal charge will only secure monies due under an agreement regulated by the Consumer Credit Act 1974 if the agreement states it is to be secured by the legal charge.

 

Loan was originally secured - (Credit Agreement Incorporating Legal Charge)

Due to negative equity and sale of property Firstplus had to accept a shortfall of about 50k (not sure of exact figure)

As mentioned in one of my other posts, we haven't heard from them since the sale in and haven't paid them since Oct 08 and still haven't heard anything.

 

Based on the statement in the document about the CCA 1974, even though its in excess of 25k (and now unsecured) can we still send them a CCA request and then legally not pay them if they default on the request.

Also, can we try to reclaim the PPI even if they default on the CCA request.

 

Any comments greatly appreciated

Many thanks.

[GhostDebt]

Hi everyone,

 

Does anybody have any comments on this

 

many thanks

[Goldlady]

Hi, yes you can still challenge the PPI and get the amount refunded to the account. You need to send them a SAR which will give you all the information about how it was sold and whether it was properly explained to you - or not;).

[GhostDebt]

Bump

[desperate&depressed]

Bump

 

Sorry I don't have any answers for you but wanted to ask you a question. We have a secured loan with First Plus also and need to sell our house but will not get enough to cover both the outstanding mortgage and the secure loan by first plus.

 

Do I understand correctly from your post that you were able to sell your property without paying back the first plus loan, thereby converting it to an unsecured loan?

 

Thanks a million!

 

;o)

[GhostDebt]

Hello D&D

We were able to sell our property while in negative equity.

We did have some funds left over after paying the main mortgage and second charge, which was paid to First Plus.

In order to sell the property we had to negotiate a payment arrangement with the Shortfalls Department at First Plus, however we did not sign any agreement for the payment arrangement and have not heard anything further from First Plus since selling the property. (This is odd, because reading the other posts on here about First Plus they do chase quite hard)

We are currently looking at claiming the PPI back which should reduce the amount still outstanding.

It is upto the solicitor dealing with the sale to liase directly with them and they can refuse to agree to the sale, however if they think the house will be repossessed anyway they may be more inclined to agree to the sale and shortfall as they would get more back.

When did you take this loan out? Did it have PPI and have you requested any information from them (e.g Subject Access Request) which may help you to get them to agree to the shortfall.

Hope it goes ok

Regards

[GhostDebt]

bump

[ayman]

After a careful consideration I have managed to speak to the FSA and made a complaint against First Plus, the advice I got back “I have a case against First Plus”. So I did my research and I found a solicitor that is welling to take the case and provided him with recorded calls that we made to First Plus and how they miss sold the PPI to us, what you guys do not know and I think a lot of us has missed, is the insurance policy only valid for five years, and the worst part, if you have a joint application only the lead applicant is covered. These details were never disclosed to any of us, and finally the money back from the insurance is not guarantee that you get it back “it is , they will not send you a cheque they will deduct it from your loan, and that is only if you wrote to them 30 days before the end of your five years.

[GhostDebt]

bump

[f1owers]

Subbing to this thread - I too have a secured loan over £25k but my copy agreements which were sent to me to consider all have terms and conditions stating that the agreement is regulated by CCA 1974.

 

On mine the total loan figure only went over £25k due to (missold) PPI

[GhostDebt]

Hi everybody,

 

We will send an SAR to firstplus but we are pretty sure the agreement does not comply with section 18 multiple agreement requirements because of PPI.

The CCA 1974 limit of 25k was lifted in June 2008 prior to this the CCA 1974 was only used for guidance purposes only and contract law was applicable to loans above 25k. If anybody has any comments or needs to correct what we have said please let us know.

 

Many Thanks

[GhostDebt]

For additional information see this thread.

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/182456-first-plus-loan-help.html

[taff1701]

There is a train of thought about the multple agreements and how they apply to the way these agreements are written, that is quite conflicting and it is not as straight forward as it seems , but unfortunately there is also a lot in the courts too.

 

There has been cases taken up to appeal level an have not been upheld.

 

so it by no means certain. worse luck as my two loans with FPare the same.

 

Also when the rules changed in 2008 there is a timescale for different loans to become regulated ,depending on size and when they were taken , some 2008 ,2009 .2010. sobest to check your dates on that too .

[killylilly]

hi ,

 

I also have a secured loan with FP over 25k,they are not sending me my request to a full SAR.....I require charges etc made to my account.

 

does anyone know of any solicitors who can advice against unregulated loans.....as apparently i am not covered by the CCA 1974..

 

I need urgent help,as i have not paid my loan for 3 months,due to an incomplete SAR from firstplus......

 

KL

[GhostDebt]

Hi Killylilly,

 

We have not received a full reply to our SA request either and are currently awaiting the ICO complaint to be investigated.

 

They have a backlog

 

I have not looked into a solicitor yet, but would suggest a no win no fee basis and start from there.

 

I did see on another thread a link to a website for a possible route, but can't recall it at present.

 

Will post if I find it.

 

Regards

[postggj]

20k Ppi On Top Of The Loan

 

Thats Criminal

 

How Can They Justify That

 

Did They Screw You For Mip Also

[GhostDebt]

Will scan agreement and post tomorrow for further comments and discussion

 

Regards

[ayman]

Hi Killylilly,

i am using this solicitor from a firm called mincoff Jacksons thier number 01642 356500 my solicitor's name is Inderjit Gill Jacksons Solicitors

[killylilly]

thanks for comments......

 

Are they expensive? will they look into my firstplus case then? As in my loan over 25k....

 

KILL LILL

[ayman]

killylilly

 

mine was over 72k, cost for you might be not the same but cost less than £800. got best advice you can get, best money i ever spent. just give the a call and speak to the man you not going to lose any thing.]

then you can make up your mind on no win no fees. might see things clearly

[GhostDebt]

ayman,

 

What was the outcome of your solicitors involvement or is it still ongoing?

 

Regards

[killylilly]

Ayman,

 

Cheers for that, did you get agreement written off like,or what?

 

personal i know sorry.....just curious

 

:rolleyes:KILL LILL

[ayman]

killylilly

 

The best advice I can give you guys, is to speak to the solicitor, I posted his details, trust me, do not and I repeat do not go for these no win no fees companies, or ppi claim companies, you lose a lot more than you think, I have been already offered my PPI money in full plus other compensation, I can not say any more cause the case is not over.

 

But make sure that you have all calls ready to be sent to the solicitor, he needs to list o every call you made to first plus. So you better ask for the recordings. Please post you outcome with you chose to speak to him or not.

We need to keep on top of first plus, they are cowboys of the financial industry and I we can make them realise their mistake sooner or later

[killylilly]

Thanks again Ayman,

 

I have no recorded calls,i only made one call at the start of my dispute,i have all the letters sent and received though.

Their lastest to my reply against their incompleted SAR to me was,a letter saying that there is no charges agianst my account,which i know there is.I also requested all phone calls to me a repo orders against me.they have again ignored me.

 

Peed off now..

 

KILL LILL:-x

[ayman]

first thing first, you need to ask for the loan set up calls (they should keep that for at least 6 years by law), when i wrote to them i asked for all calls made to me and from me to them from the month before i signed the agreement.

get that first. that by it self should be sufficient enough to go on.

when did you take the loan? what is your ppi?