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Hi All,

 

I'm not sure if I have a problem or not really! I keep getting calls from people asking about our loan with First plus and whether it had PPI on it, with all of them I have told them that there is no PPI showing on my agreement and that was the end of it, but today someone called fom FusionConsumer solutions and told me that although it does not show on the agreement First plus may have been adding it into our payments!!

 

She asked when I took the loan out which was approx 2006 for £100,000 and what our payments were, then she worked out that we were paying approx £500 per month more than we should be and over the 25 years would be paying back about £270,000!!

 

I don't know what to do now, if it has no PPI on the agreement how am I supposed to claim it back? Is what the lady from Fusion told me correct? Surely it would be totally illegal to be incluing something like PPI without even telling me!?

 

Has anyone else had this with First plus?

Any advise greatly appreciated as usual!!

Thanks

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Hi

 

I'd steer clear of anything a claims company tells you and tell them where to go. They can do nothing for you that you cannot do yourself.

 

If PPI doesn't feature on your agreement then it won't be part of the loan itself. However you may have been paying a foxed amount each month along dies the loan. To see whether that is the case then you would need to check the statements of the account from which you were making your payments from.

 

ims


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Hi IMS,

 

Thanks for your reply.

 

I have had a llok at my agreement, and I am confused.

 

The loan was for 100,000 at 9.4% and over 300 months. First plus have this on my agreement to be £843.31 per month but I work it out to be £364.66, so I don't understand the difference of £478.65? Am I missing something here?

 

Thanks

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Hi

 

£100,000 at 9.4% APR with a repayment of 843.31 for 300 months does work out correct.

 

Use this spreadsheet to confirm

 

LoanAnalysis.xls

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Hi IMS,

 

Thanks for your reply.

 

I have had a llok at my agreement, and I am confused.

 

The loan was for 100,000 at 9.4% and over 300 months. First plus have this on my agreement to be £843.31 per month but I work it out to be £364.66, so I don't understand the difference of £478.65? Am I missing something here?

 

Thanks

 

I think your calculation went wrong because you only added 9.4% once, rather than 9.4% APR (it means + 9.4% every year) for 25 years. :)

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Ah yes Shaniannie,

 

Of course you're absolutely right, silly me!!! Was hoping I might have something on first plus, as the interest rate just goes up and up!!

 

Oh well, back to the drawing board then!

 

Thanks

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Hello Everyone.

 

It seems ike I'm here all the time with every problem but this one is much more serious!!

 

me and my partner have a large loan with first plus, we took it out in 2004 to consolidate a lot of other debts that we had. We have been managin it since then up untill last Jan 2011l. The Interest rate goes up and up and never goes down, we were paying over £900 per month and last Jan 2011 when we missed a payment, we then missed Feb.

 

I called them and explained that we were having financial difficulties - we both work in the publice sector where there have been major cuts in our overtime hours etc and no pay increase for 3 years!!

 

They merged our arrears back into the loan and said that we could pay only £600 per month for a year. This ended in April 2012 and they are already chasing me, and saying that we now have o pay the full £900+ and also an extra amount for the arrears which are around £5,000. The problem is nothing has improved, and I don't know what to do now!

 

I am expecting an improvement by the middle of next year as my partner will no longer be paying child support as his child will be18 and he now doing the knowledge to become and cab driver part time, this will hopefully bring in more money so that we cann pay first plus.

 

Can anyone give me any advise, the calls from first plus have not been nice my last payment was 28 April and they have already called me 6 times, I have told them I will look at my income and expences but don't know what to tell them, I don't think they will be happy if I can't pay them the full amount. I have managed the £600 (just!!) and I would like to carry that on for another year, can anyone help me with trying to negotiate this with them??

 

Any help or comments are as usual very much appreciated - I just feel like I'm panicking but I don't want to lose my home because of a temporary problem in my finances, I know we will be much better by the middle of next year, but I have heard that Firstplus are very difficult!

 

Please help!

Myfamily

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How much was the loan for? Is it covered by the Consumer Credit Act 1974 (documents will indicate this).

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Hi Lea_HTH,

 

It was for £100,000 so i don't think it is, is it?

 

Myfamily

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Not for that amount, no.

 

Your option, since they have already given you a concession regarding payments for a year, is to make the monthly payment plus an amount towards the arrears. To try to reduce the arrears payment, you could ask them to capitalise the arrears. Your best bet is to negotiate with them as much as possible - tell them that they should not phone you and to put all communication in writing, but NEVER ignore their letters and always respond in writing, send by recorded delivery and keep a copy.

 

Unfortunately, if you can't meet the CMI (current instalment), then they will probably start possession proceedings (I am presuming the loan is secured on the house), IF you are unable to reach an agreement by negotiating.

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I only need the etxra help for a another year and then I could make the nomal payments, If I tell them this do you think that it's likely that they can capitalise the arrears and make the same arrangment for another year?

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I only need the etxra help for a another year and then I could make the nomal payments, If I tell them this do you think that it's likely that they can capitalise the arrears and make the same arrangment for another year?

 

You'll have to contact them to find out.

 

Is there any equity in your property?

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No I don't think there would be it is a secured loan and I also have a charging order. I also don't think that my mortgage company would allow anything else as I went into arrears with them recently but am paying extra on top of the normal mortgage to pay it back

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No I don't think there would be it is a secured loan and I also have a charging order. I also don't think that my mortgage company would allow anything else as I went into arrears with them recently but am paying extra on top of the normal mortgage to pay it back

 

I asked about equity to see whether the mortgagee had security in the loan being repaid, not so you could borrow more money.

 

Lack of equity is, quite frankly, a real issue for you, as the mortgagee will now state that after giving you a year's concession in the payments, their money is at risk as you a) can't afford the CMI and b) there's no equity in the property.

 

As I stated yesterday, all you can do is negotiate and hope that they will be lenient and allow you a further grace period. Unfortunately, without any equity in the property, you don't have much in the way of a safety net to offer the mortgagee.

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Ah I see, I haven't checked the value of the house in a long time but I have just had a look at Zoopla, which I signed up to ages ago and it seems to show that there may well be some equity, which is a nice suprise! but I'm worried that if the mortgagee know that won't they just want to re-possess even more in order to just get their money back now?

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Depends how much equity there is. If there is in excess of 50k equity, then it is a useful tool to state to them when asking them to keep your payments low for a further year, that there is no prejudice to them as their money remains secure. If it's a very small amount (under 50k), then it's more likely to make them think their money is at severe risk. They'll undoubtedly have done some research into house prices in your area in any case when they considered starting possession proceedings, so they'll have a good idea of it's rough worth.

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Hi Lea_HTH. I have worked it out my property is worth the amount of mortgage, the secured loan and the amount of the charging order all of these would be fully paid if the house was sold (not what I want as this is our family home and I'm trying desperately to keep it!!) I am going to call them tomorrow, I know I should have done it already but I'm terrified and need to pull myself together and calm down otherwise i'll end up crying at them!!

 

So if I explain the above to them , that the loan is completely covered by the house's value would that be acceptable, sorry I know I've asked this, i'm just worried that they will decide to tell me to sell and pay them back now.

 

I have done an income and expenditure form for them already, but have not sent it yet to them - Is there a letter that I can write to them, would that be better than a phone call?

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In other words, there's no equity. There would be sale costs involved if you did sell too.

 

Do not call them, put your offer in writing, they ought to respond within 10 days, and if they refuse they should give you a reason.

 

In all honesty, this is going to come down to how persuasive you can be regarding a further concession on payment - as they have already given you a concession, presumably with the intention that you'd resume full payments at this point, they may think you are not serious about repaying the loan in the term agreed. But don't let that stop you from writing to them with your proposals, if they say no, then you'll have to have another look at what you can afford. You should include an I&E with any offer you make, not because you have to, but because it'll be easier for them to ascertain whether or not you are able to sustain the payment you are offering.

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Hello all,

 

I hope someone can help me.

 

My mortgage provide wrote to me a couple of months ago advising that my mortgage which has been on interest only for approx 2 years was due to return to repayment in september. I went into arrears approx 6 months ago and arrears are about £3,500 which is about 3 months.

 

I made an arrangement 2 months ago to pay an extra £50 each month towards the arrears but they told me that my mortgage would have to go onto repayment and asked me how I was going to afford that. I told them I would look into it.

 

I basically need to ask them for an extension of some kind, I cannot affrod the extra £300 each month at the moment but I have a couple of other loans that are ending in Jan and Feb and I just need the payments to stay as they are for now and then in Feb I will be able to make the full repayment amount.

 

The mortgage company have been calling me everyday since my last payment in August (i have not answered the phone!) as they obviously want to know what I'm doing in Sept. The number I have checked on Who Calls Me is from their collections dept, and the comments on the Who Calls Me website say they are quite aggressive so I don't want to speak to them on the phone.

 

Can anyone help me with a letter or something to send to them asking for this extension, I would be so gratefull! Or any advise at all please!

 

Thanks.

 

Myfamily.

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Anyone have any thoughts at all on this one, really want to get something sorted out but just don't know the best way to go about it.

 

Thanks

 

Myfamily

Edited by Myfamily

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Hello there, the first thing to bear in mind is that lenders have rules that they should follow with their customers, the following is taken from our mortgage arrears fact sheet:

 

Financial Services Authority (FSA) Mortgages and Home Finance: Conduct of Business sourcebook (MCOB)

. If your lender is regulated by the FSA, they will have to follow these rules. The rules can be useful to mention when trying to come to an arrangement with your lender.

 

As well as treating you fairly if you are in arrears, the rules say that a lender must:

 

•have a written policy on how to deal with customers who are in arrears;

•set up a payment plan which is practical based on your circumstances and which covers the rest of the term of your mortgage, where appropriate;

•consider all options to help you deal with your arrears and give you a reasonable period of time to consider options they suggest to you;

•make you aware of any schemes run by the Government that may help you;

•send you regular information about your arrears;

•not apply charges to your account each month where you already have an arrangement in place to repay your arrears;

•use payments you make to clear your arrears before clearing the charges that have been added to your account; and

•not put pressure on you through too many calls or letters.

 

The FSA rules are contained in the ‘Mortgages and Home Finance: Conduct of Business sourcebook (MCOB)’. Search for ‘MCOB’ at http://www.fsa.gov.uk.

 

In a nutshell your lender has an obligation to try and help as much as they can, and they should consider any reasonable arrangement. If you have any 'non-priority' debts such as credit cards and unsecured loans you may need to reduce the payments on these to free up as much money as possible for the mortgage payment.

 

You can read more about dealing with mortgage arrears via our fact sheet:

http://www.nationaldebtline.co.uk/england_wales/guide.php?page=guide-mortgage-arrears

 

Hope you find this post useful!

 

NDL


For Free, Confidential and Independent advice: 0808 808 4000

Monday - Friday 9am to 9pm // Saturday 9.30am to 1pm // 24-hour voicemail. Please leave a message to request an information pack. http://www.nationaldebtline.org // http://www.mymoneysteps.org

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Hi NDL

 

Thank you very much for this it is usefull.

 

I would like to put my situation and proposal to them in writing but I am just struggling write it, can anyone help me with this please?

 

Myfamily

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Hi again,

 

Anyone have any ideas on this, please really want to send something off to them and get it sorted out but just don't know how to put it to them. Any help greatly appreciated!!

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Why not post up what you have so far and then perhaps someone may be prepared to suggest changes?

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Well basically I wanted to explain that I expect a car loan to be ending in Jan and I am reducing my payments to credit cards and loans in order to free up engough money to cover the mortgage my partner also expects to be getting better wages as of January - overtime is returning in his company :-) so I wanted them to consider keeping my payments as they are untill Feb when we can make the full repayment amount.

 

I'm just not very professional when it comes to this and I just need help with the best way to write this. I didn't want to sound weak but on the other hand don't want to sound too stroppy - can anyone help?

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