Jump to content

You can now change your notification sounds by going to this link https://www.consumeractiongroup.co.uk/index.php?/&app=soundboard&module=soundboard&controller=managesounds

 

You can find a library of free notification sounds in several places on the Internet. Here's one which has a very large selection https://notificationsounds.com/notification-sounds

 

 

BankFodder BankFodder

 

BankFodder BankFodder


honory

First Plus Loan Misery

style="text-align:center;"> Please note that this topic has not had any new posts for the last 4009 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi all!

I am sure this will have been answered somewhere but I can't find where so would appreciate all the help I can get.

My husband and I took a loan out with First Plus in 2002 for £39000. We have seen our monthly payments increase from £450 to £510 now and our interest rate is 14%.:mad: I have the original credit agreement copy and on it it states a monthly interest rate of 0.944%. The loan was taken out over 180 months. We took the loan out through a broker, Loans.co.uk and didn't approach FP directly ourselves. We had no idea what we were getting into and no-one explained it properly to us. We didn't know that the interest would be so exorbitant and that because it was spread over so long it was never explained to us exactly what interest we would be paying back or the broker's fee etc. It was easily the worst financial decision we have ever made.:mad:

I have periodically rung FP over the 7 years of the agreement to get a settlement figure and always been horrified but just continued to pay (never in arrears, always on time) convinced that we were mugs to take it out and we should just see it to the end. We have never received a financial statement from them detailing charges or interest like we do with our mortgage - is this right?? Should I send them a letter requesting this? We are in a position to consider paying it off in August so I contacted them for our settlement figure and was as dismayed as ever.

These are the settlement figures which I have been given - can someone make sense of them?>??:confused:

Settlement figure for 1st August 2006: Amount payable under agreement £54720.42

Less rebate on early settlement: £17070.55

Administration charge: £150

Total amount to settle 30/8/06 : £37799.87

 

Settlement figure for January 2009:

Total amount payable: £41,762.68

Less rebate: £8673.34

Admin:£150

Total amount payable: £33,239.34

 

I have rung today for a settlement figure which will be sent to me but he said the balance was standing on our loan at £29,950 but that this would be different to my settlement figure. They gave me exactly the same balance give or take £100 when I asked in January despite having paid £3600 in payments since january.:confused: What the hell is going on and can I do anything about it!!?? Why has the rebate for early settlement reduced so much? Should we go to the CAB to get some help? I recently heard the Moneybox programme describe the terms and conditions of FP's variable rate as unfair. Where can I go to complain about this and request a complete financial statement containing details of all charges and interest on the loan because they could have added what they like to it and I wouldn't know!

These scoundrels take advantage of people when they are at their lowest and weakest and although we are in a much better position now there are lots who:mad::mad::evil: are being forced out of their homes by FP and their tactics (esp. with PPI which luckily we did not take out)

All help from this forum is greatly appreciated - even if only to tell me where to go (if you know what I mean!!). You were all great when I reclaimed my bank charges - lets hope I can defeat the worst of them all - First Plus!

Share this post


Link to post
Share on other sites

Hi H

 

Im just bumping this for you...i cant actually believe what ive just read here!:eek:

 

Well im sure you should go down the CCA/SAR route with these "lowlife" which would then MAKE them cough up all the stuff you need to look into this further.

 

Im sure someone else will be along soon who can guide you with more knowledge, but i would think the above is where you must start!

 

all the best with this...

 

MJ:D


__________________

CAG Depends Purely Upon Donations. Please help us to continue helping you, and give what you can - Thank you:grin:

Click to donate

 

Please click my scales, if you feel the need;)

Share this post


Link to post
Share on other sites

There are appears to be a wide range of issues including that of the brokers fee (possible secret commission)

 

Rebates are calculated by reference to an incredibly complex formula - that I don't properly understand

 

I'd agree with MJ that a starting point would be a CCA request and perhaps also a DPA request

 

I've asked the site team to have a look


If I've helped feel free to add to my reputation.

 

I am not a Practising Lawyer. My comments are my opinion only. You should not rely upon those comments and should always take your own professional advice from a practising Solicitor or Barrister

Share this post


Link to post
Share on other sites

I could be wrong, and I hope I am, but I don't think this loan would be covered by CCA1974 because I believe it only covers amounts up to £25,000.00

Share this post


Link to post
Share on other sites
I could be wrong, and I hope I am, but I don't think this loan would be covered by CCA1974 because I believe it only covers amounts up to £25,000.00

 

I thought that the 2006 Act had lifted the cap - although it only applies to private customers and the 25K still applies to business customers


If I've helped feel free to add to my reputation.

 

I am not a Practising Lawyer. My comments are my opinion only. You should not rely upon those comments and should always take your own professional advice from a practising Solicitor or Barrister

Share this post


Link to post
Share on other sites
I thought that the 2006 Act had lifted the cap - although it only applies to private customers and the 25K still applies to business customers

 

 

Correct IGNM

 

 

Andy


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites
I thought that the 2006 Act had lifted the cap - although it only applies to private customers and the 25K still applies to business customers

 

Correct IGNM

 

 

Andy

 

Hi IGNM and Andy

 

Whilst I agree with both of you, is that retrospective (i.e. for loans taken out before the CCA2006 was even dreamt of)? Hopefully for honory it is.

 

Cheers

Rob

Share this post


Link to post
Share on other sites

Hi Rob unfortunatly not all new customer agreements from 6th April 2008 however not all is lost.There is a little gem in the CCA2006 that is rarely refered to and that is the "Unfair Relationships" previously known as as "extortionate credit bargain"

This was reformed because under the test the ECB was too heavily weighted infavour of the creditor and was limited to factors prevailing at the time the loan as taken out.

The above does not apply to HP but does apply to all agreements regulated or unregulated.

 

 

 

 

Regrds

 

Andy

Edited by Andyorch
addition

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites
Hi Rob unfortunatly not all new customer agreements from 6th April 2008

 

Reagrds

 

Andy

 

Hi Andy

 

With respect, just to clarify, as your sentence does not make it quite clear to me. I assume you mean only new agreements taken out after 6th April 2008 benefit from the new raised limit?

 

Cheers

Rob

Share this post


Link to post
Share on other sites

Yes Rob new agreements taken from the 6th April 2008.

 

 

 

Andy


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...