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Irresponsible lending by Firstplus

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To cut a long story short.

 

In Nov 2004 we took a consolidated loan for £53,000 with Firstplus over a period of 15 years

as at the time I was fit, working and aged 55 years. Wife was 52 years old. Repayments were about £600 per month.

 

This meant the loan would finish in 2019.

 

We have paid off the majority of the loan as we had to sell up,

but there is still £4000 outstanding which is being paid off at £70 per month and will run until 2019.

 

However both the wife and myself would have been "officially" retiring on state pension next year,

however at moment due to disabilities we are on Pension Credit and the £70 payment is a PITA.

 

If we were fit and well and retired in 2014 as originally planned,

surely FP should have been aware of this when they offered us the loan

and would have known that there is no way we would have been able to afford paying

in nearly £600 per month out of a state pension payments?

 

Could this be regarded as irresponsible lending and

 

is there anything we could do as we have more than paid back the debt as it is only interest we are paying?

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Hi,my guess is that the terms/conditions of this loan would be that the signatories had to be under retirement age at the inception of the loan.


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Hi,my guess is that the terms/conditions of this loan would be that the signatories had to be under retirement age at the inception of the loan.

 

Thanks. It seems that with many loan applications, if you are aged between 60 and 65 and the loan term runs into your "retirement" age, the loan will not be granted. We have excellent credit history, but cannot get a loan to pay off the debt earlier. The £70 is a PITA however we would rather pay £130 off the account over 3 years to get rid of it.

We tried doing this with FP, but after a couple of months they send you a cheque for the additional that you have paid in! We were hoping that irresponsible lending could help us clear the debt without paying in anything more.

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