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honory

First Plus Loan Misery

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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%. 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.

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?>??

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. 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 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!

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Hi Honary,

 

I can't see why you've received no statements from them. Have you considered sending them a SAR.

 

Is this a secured loan.

 

Is there a UK bank behind this group or are they from the US?


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Hi, they are part of Barclays - hence the post in this section. It is a secured loan too. Any help gratefully received:)

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I have drafted a subject access request today - does this apply to secured loans? I have never received a statement of the account in all the time we have had the loan - does this sound wrong? Do I need to include the £10 for the SAR? Sorry loads of questions but I will be away for 2 weeks as of this afternoon and wanted to get the letter sent today!!:confused:

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SAR and £10 fee should be sent off by Rec'd Del'y.

 

No statements from them is wrong, for sure. :)


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Hi

 

I can sympathise with that being the worse decision. My (then but not now) husband took out a loan against this house 3 years ago. We also got PPI added on which I wasn't aware of and was inappropriate, but that's another story (when I can figure out which board to ask someone about that for) - but I digress.

 

When we split last year I asked for a settlement figure hoping to sell the house only to be told that the amount outstanding was considerably more than I thought we'd borrowed. We also never received any statements from them ever - the only way I could check the balance was looking at my credit files on Experian!

 

2 years ago they sent us a letter telling us they'd managed to make a mistake somehow with registering their first claim at the land registry and asking us to sign a form in return for £50 of M&S vouchers (!?). We didn't return it, but it seems they've still managed to register the claim somehow.

 

Anyway, on discovering the settlement amount I wrote to ask for copies of the paperwork detailing the loan information as we didn't have any. 2 weeks no response, so I wrote again - no response. Then I phoned a manager at BarclayLoans and lodged a complaint under TCF - Treating Customers Fairly regulations - these get audited and are supposed to have service levels in which to respond

 

I stipulated exactly what information I wanted and eventually 3 weeks later I received an absoluteley illegible photocopy of some paperwork in which I couldn't even read the key information that I was looking for! I'm still trying to find out now, 8 months on - given up on trying to sell the house as with that loan we're now into £60k negative equity with no way out that I can see - claiming back the PPI would be a start once I can work out how (any ideas which board? - newbie here).

 

My suggestion with the secured loan people is that you raise any complaints/requests for information formally under TCF.

 

I do feel there's something 'iffy' going on with this outfit, but its just a feeling and I've no way of proving anything.

 

I'm sorry that's not more help and there seem to be loads of people here with practical advice.

 

My list of wrongs re Barclays is almost endless and probably covers 5 forums - don't suppose, after the morning I've just had, there's one forum where I could just dump the lot; PPI (Barclays), Fraudulent bank transaction (yep: Barclays), inability to close joint account (Barclays AGAIN), Debt Collectors after ex-husband - and all on an empty stomach :-)

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Hi AMWE,

 

A good starting point for the PPI claim is the PPI forum - Payment Protection Insurance (PPI) - The Consumer Forums

 

Start yourself a thread there using the NEW THREAD button. :)


We could do with some help from you

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

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

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I am back and have been sorting through the post and see there is a fat file of post from First Plus - will need a stiff drink before opening that one! Will post back when I have seen what's in there:)

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