First Plus Loan

[Silybi11y01]

I wonder if anyone can advise me about my first plus loan please. towards the end of 2005 I was experience financial difficulties, had built up some silly unsecured debts and as a single mum with two children went into a panic and took what turns out to be some pretty bad advice from a friend who was at the time working for Barclays Bank. Had I known then what I know now my whole life would be so much easier right now.

 

Anyway was advised to take out a secured loan against my property, which now takes me to about 95% of the value. I cant really recall my conversations with the first plus team I was in a flat panic and was just grateful that they would help me at the time. Now I am lumbered with a huge loan (which costs me more than my mortgage each month). I have read through the paperwork and it appears that it should be flexible with the base rate but it has never come down (equally its never gone up). I fell behind with payments some 18 months ago and struggled to pull myself back in line - managed to do so eventually, not before being hauled in front of a judge for repossesion!

 

Do my monthly payments reduce the balance each month? so I should see a pattern of the outstanding balance reducing? can i ask for statements? Would my friend have earnt commission selling this to me?

 

any help or ideas or comments would be gratefully recieved.

[GamekeeperToPoacher]

Hi Silybi11y01,

 

Welcome to CAG we will give you real help here!!

 

I am not a lawyer but believe that 'we should know our enemy' to this extent I would recommend that you immediately send off for a SAR under the DPA in order to determine who benefited from your deal as you clearly did not.

 

I believe that your 'friend' would have earned commission and you should be able to identify this from the information you receive.

 

Regards

 

GK

[Silybi11y01]

Thank you for your comments. How do I go about asking for the records you mention? Do I have to ask First Plus themselves? or Barclays?

[42man]

You should send a SAR (Subject Access Request) to First Plus.....unfortunately this costs £10 (send postal orders) and send recorded delivery.....First Plus have to respond and provide ALL the paperwork they hold on you in 40 days. Do you still have a copy of your agreement ?

 

There is a SAR here, but you'll need to edit it

 

http://www.consumerforums.com/resources/templates-library/86-debt-collectors/576-subject-access-request-debt-a-dca.html