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Firstplus overpayment issue

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Every 2 or 3 months we get a refund cheque from Firstplus for amounts varying between £30 and £80 because we have over paid the account. This very annoying as we are trying to reduce the interest on the account which ahs another 3 years to run. We are paying every 4 weeks £70 as after a settlement payment we were left with a £5900 outstanding in 2006.

How can we get around this as it is very annoying as we would like to be paying at least £140 or more a month. We tried this previously, but gave up as they would simply refund us. I am not sure if the money would stay in the account if we did not cash the cheque and the interest reduced accordingly or how they manage the account.

Can any one offer any advice? Thanks.

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Have you checked your terms as some mortgages don't allow overpayments.


We hang the petty thieves and appoint the great ones to public office ~ Aesop

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It was a secured loan. We sold the home in 2006. I have emailed them for a settlement figure and the reply was that it will take up to 7 working days!

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It was a secured loan. We sold the home in 2006. I have emailed them for a settlement figure and the reply was that it will take up to 7 working days!

 

Yes, some secured loans state that they don't allow overpayments.


We hang the petty thieves and appoint the great ones to public office ~ Aesop

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