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Firstplus overpayment refund

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  • Firstplus overpayment refund

    In 2006 we paid off the bulk of the debt of about £60,000 leaving us with a £5700 shortfall. We have been paying £70 every month ever since as the original contract runs until 2019. If we over pay Firstplus send us a refund overpayment cheque so the interest stays the same. If we cash the cheque and then pay it back into Firstplus, they simply issue another cheque. If we save up and pay in £500 or more, a few weeks later we get a refund cheque again for £500!
    We have up to now paid approximately £7630 on this debt and Firstplus will not allow us to make overpayments as this is in one of the clauses of the T & Cs in the agreement. Could this be deemed an Unfair clause or as the debt was over £20,000 it does not count? Paying in £70 until Nov 2019 means we will have paid in over £11,400 on a £5700 debt.
    We would like to make over payments to clear this debt as this is the only debt we have. I am scared of challenging them and they probably know this as we do not want to rack up solicitors fees or trash my credit rating. As the amount is under £10000 can it be challenged in the Small Claims court as Firstplus have had their bread, butter and jam!
    Is there anything we can do to stop this ridiculous situation of not being able to make overpayments? Getting desperate. Thanks.
    Tags: None

  • #2
    Re: Firstplus overpayment refund

    I take it you have complained to Firstplus.

    Comment


    • #3
      Re: Firstplus overpayment refund

      On a number of occasions and they simply apologise and ignore you. They have already had to pay us compensation on an occasion because they failed to give us settlement figure within a reasonable time frame. It actually took them 3 months and that was after the Ombudsman got involved. These company seems to make it up as it goes along.

      Comment


      • #4
        Re: Firstplus overpayment refund

        Pamela.Thomas@barclays-loans.com

        Try mailing above, she is/has been involved with FP for years, you can most certainly insist that you have rights to pay off your loan no matter what & you will take the matter further if you are unfairly penalised.

        There is lots of stuff going on with this company especially on the "fairness" arguments a lot is posted on here including a recent reprimand disclosure should you want a good read.

        Comment


        • #5
          Re: Firstplus overpayment refund

          Originally posted by Fred View Post
          Pamela.Thomas@barclays-loans.com

          Try mailing above, she is/has been involved with FP for years, you can most certainly insist that you have rights to pay off your loan no matter what & you will take the matter further if you are unfairly penalised.

          There is lots of stuff going on with this company especially on the "fairness" arguments a lot is posted on here including a recent reprimand disclosure should you want a good read.
          Thanks. Can you please post a link to the reprimand disclosure as it may help me decdie a course of action? We really want to get rid of this company and even have considered using my Barclaycard CC to pay it off however if we are still paying off the debt by March 2016 the interest rate on the CC jumps from zero to a massive 28% whereas at the moment with the loan it just under 11%. Strange how it went up with BOE rates a few years ago but never came down with BOE rates.

          Comment


          • #6
            Re: Firstplus overpayment refund

            http://legalbeagles.info/firstplus-r...t-foi-release/

            There is/are lots of things you can do like contacting your MP, mailing the FCA with the offending terms, by all means have a look at my other threads.:tinysmile_twink_t2:

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            • #7
              Re: Firstplus overpayment refund

              What is your credit rating like? Could you not get an unsecured loan at less than 11% and repay FP?

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              • #8
                Re: Firstplus overpayment refund

                Originally posted by Debt Camel View Post
                What is your credit rating like? Could you not get an unsecured loan at less than 11% and repay FP?
                Excellent credit rating We thought of getting a loan to pay it off but the last settlement amount was just under £4000 so probably less now and to get a loan under £7500 at a low APR is not available.

                Comment


                • #9
                  Re: Firstplus overpayment refund

                  A new loan won't have any penalties for early repayment - do the arithmetic on taking a larger loan!

                  Soft search facility here https://www.moneysavingexpert.com/el...ns-calculator/

                  Comment


                  • #10
                    First Plus do not take regular over payments. i.e. monthly. They have you by the short and curls. They do take large over payments but charge you each time

                    Comment


                    • #11
                      Originally posted by Peter_Rad View Post
                      First Plus do not take regular over payments. i.e. monthly. They have you by the short and curls. They do take large over payments but charge you each time
                      This is an old thread, with no replies since 2015, if you have an issue with first plus why not start your own thread
                      I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                      If you need to contact me please email me on Pt@roachpittis.co.uk .

                      I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                      You can also follow my blog on consumer credit here.

                      Comment

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