First plus, Evershed, secure loan interest

[laulau79]

Hi there,

 

Looking for a little advise if possible please.

 

We took out a loan many years ago 2004 roughly for 35000.

 

We would like to sell our home and have a potential offer for the house we'd like to accept.

 

However..

 

We thought we would be able to cover the costs with the sale as first plus said we only had 11300 (roughly) outstanding.. This took a while to even get as they kept sending us to Evershed and then evershed would say not us go to first plus.. Very annoying. .

 

They said that it was minus interest but the total figure cam in today just say £29,689.07 which makes the interest near 20000 to settle early.. ??

 

There was no breakdown and figure cam from evershed and not first plus whom I ask for the settlement amount.

 

Question does this seem ridiculously high?

Can I go back to evershed and say please be sensible we all want our money and can we come to a better arrangement,

 

Not got the contact to hand right now but can dig out if there is anything else you needed to help me out.

 

Please help as I really want to clear and move out of current house for fresh start with my family..

 

There is money in the house, main problem I need that as deposit for new place...

[honeybee13]

Hello and welcome to CAG.

 

Have you asked how the figure was calculated by either firstplus or Eversheds? That could be the place to start.

 

My best, HB

[laulau79]

Hi there,

Thank you for the reply and sorry for the delay in my response as didn't see anyone had replied.. my bad.

 

I called evershed and asked them how they got to that figure and

 

they said.. not us its them.. grrr we are just the solicitors.

 

I still ask them for a complete breakdown of how they/firstplus got to the figure.

. They accepted my request and call ended..

 

back to first plus again..

 

their reasoning behind the interest is even more infuriating..

 

"We stopped taking interest from you in 2008 when you entered the repayment plan

and the money you've play has come off the loan..

hence having large interest outstanding.. "

 

I ask why as I hadn't agreed to that.. knew nothing off them stopping taking interest and generally completely surprised..

 

I also try to say this could now mean I'm left owning more and could have choose to pay more off over past 6 years if I'd have been informed.

 

To which I got the response.. no you'd be no worse off as we have taken it off the balance. . Eh. . What world are they living in..

 

Also to not since the ccj agreement to repay at the £500 rate to pay back arrears.

 

. I have never received any statements or anything.

. last document was in 2008 setting the dates for the 500 to be paid on.

 

. nothing about interests or totals left at the end or anything..

 

We have paid religiously and cleared it and resumed normal payments a couple of months back..

Still no statements or any.idea where we were at..

 

Tbh... If you read the agreement for the 500 you would think you'd paid complete loan off and finish..

only as we call to check we found out it wasn't that at all..

 

We also had a ppi which they refused refund on as we used a 3rd party to sell so it's not their problem..

 

This all seems soo soo wrong..

 

Surely they must have to send statements and can't stop interest unless they have informed us..

nor take no responsibility for the ppi which we had no idea only covered 5 years had loads of rings around.

. included no claims if you had payment holidays which they encouraged us to take..

 

Sure I have a case against them somewhere...

 

There worse than a loan shark and may prevent me now selling my house..

 

Any help appreciated as not sure what to do next bar wait for the break down to come through the post

as I still have no idea what interest rate they have charged or im on moving forward..

 

Help please..

[dx100uk]

you need to send them an sar

 

get all the statements

 

whats this about a CCJ?

 

if a CCJ was involved then whats in the judgement box

is what you pay.

 

can we have the full story please

 

dx

[laulau79]

Took out the loan in 2004,

fell behind on payments due to husband going out of work..

 

end up at County court and

 

agreed to repay at 500 a month rather than 375..

 

Over payment to repay the arrears..

 

The guy there worked out the amounts and time scales on calculator prior to seeing judge..

 

We agreed went in and I agree and we left..

 

at no point did he or I say it wasn't including interest.

 

. I received a letter stating start and end of repayment and tbh both me and my partner believe until last year it was for the full loan.

 

. until we called to confirm and they said no it wasn't

 

it was just the arrears and payments would return to normal for the rest of the loan (25 years on 35k)

 

After the letter with the payment schedule says 500 every month until end date.

. We had no further contact from them since 2008..

 

I'm going to dig out paperwork for figures prior ccj...

as they are the only ones I have..

 

I have request to both first plus and evershed and complete break down..

 

After my shock of fp saying 12000 outstanding and then receiving a settlement figure from evershed of 29000.

 

Let me know if you need any more details.

 

does seem right that they have not sent and further statements or paperwork since 2008?

 

Thanks for any help and advice. .

[laulau79]

OK dug some paperwork out.. was little off the mark.. but here are some figures..

 

In 2010 arrears were at £3426.29 (roughly 10 months unpaid -may 2009)

Agreement was 500 per month for 40 months.

Total 20000.. umm

 

Loan 30000

Ppi 7347

monthly interest at start was 0.869% APR 10.9 %

First payment date 1/05/04 of 350.70

 

So payments between 05/04 and 05/09 equal = 350 x 12 x 5 = 21042

Payments made after 30/04/10 for 40m at 500 = 20000

 

They claim still owe 29000... Therefore all together 70042. On 30000.. ??? Plus 7347 for PPI

 

no idea if any charges on any think as I have never had a statement or letters regarding charges...

 

Have I worked that out correctly. . ??

Edited May 24, 2014 by laulau79

[dx100uk]

so you got done over by speaking to them before you went in.

 

always a very bad idea.

 

how was the agreement of £500PCM for 40mts enforced by the court

 

was this the resulting text in the CCJ judgement box?

 

look like you've a healthy PPI to reclaim

 

and lots of arrears and penalty charges

 

you need all the statements

get an sar off ASAP.

 

have you the CCJ?

 

dx

[laulau79]

Interestingly no I don't have the CCJ..

 

However it is on try credit file.

 

.. It was such a mixed/messed up time then can't really remember.

 

. but normally I'm good at keeping court docs.. umm...

 

Just remember being in the room and doing anything to agree and get out.

. was hard on 1 wage for 5 months to get back on our feet. .

 

How long would ppi claim take..??

 

If I got the ppi money back I'd be able to sell comfortable as partner has an unsecured loan charged to property for around that amount..

 

. I believe there is just enough to pay what fp are requesting, solicitors and estate agents...

 

just hadn't planed on such high interest at Fp and thought we'd have enough to cover the charge to... grrr. .

 

Any help.. as just need out now and fresh start..

[dx100uk]

if that PPI was £7k then treble that is what you'll poss get back

 

you need all the statements.

 

if you know the court

phone them Tuesday for a CCJ copy

 

dx

[laulau79]

Thanks for your help.

 

Where do I start with the ppi claim as loan was organised through a separate agent. One of those search for a loan companies.

[dx100uk]

the info will prob come in the sar

 

let us know when you get it

 

then you'd follow link 1

 

don't assume its not FP that will do the PPI against.

 

that's a usual fob off

 

dx

[laulau79]

Have roped in my dad who's good at all the legal stuff.. tough to admit there was an issue to him but rather him on side to help assist.. just sent consent for him to access account details.

 

Still waiting on a break down since 19th... will send the SAR to as that amount back would make a deference between selling and not.. Tbh. .

 

We are desperate to move for my son..

 

Thanks for.you help and will let you know how I'm going with it all.