help:big trouble with first plus loans

[spurs60]

hello.
my name is paula and im new.has anybody had any dealings with first plus.my husband was made redundant and we are unable to pay our secured loan.the advice that ive been given is to get out of my house hand back my keys and find somewhere else to live.im really worried

[WendyB]

Re: help:big trouble with first plus loans

Hi Paula and welcome to Beagles x

Can you give us some more info so that we can sort out the best way to advise you.

Presumably the loan is secured on your house?
What is the value of the loan
How long is left
Are you in arrears, and by how much
Have you spoken to First Plus about it?

As for the "advice" about getting out and handing the keys back etc, ignore that. Firstly, if it is a secured loan on your house it would be a second charge anyway and they would only get any money left over after the first charge was paid, and also they would need to get a sale order before you would be repossessed etc, which only takes place after court process. There would need to be a suspended possesion order first etc.

Have they actually taken steps to do this? What stage are you at with first Plus, have you explained your situation and tried to come to a payment arrangement.

Is there a mortgage on the house, and are you up to date with it?

Sorry it seems like a lot of questions but the more info we have, the better we will be able to help.

[spurs60]

Re: help:big trouble with first plus loans

the loan was taken out in january 2007 for 55,000 and they also sold us a ppi for 10,000 but we have managed to cancell the ppi and reclaim the money we paid into it via the ombbudsman.
we have been struggling for some time and in august last year we took out an iva.we have written to first plus and because we have an iva the will not accept any smaller payment.we are about 3,000 in arrears right now.we have been in touch we the fla who past on our complaint and first plus have written back to us but still no help.i have hit a wall now.
basically they wont accept lower payments.they want the full amount of 500 a month plus payments towards the arrears and we just havent got it.the loan runs for 18 years.

[WendyB]

Re: help:big trouble with first plus loans

What are your current circumstances? Do you have mortgage. council tax, utilities arrears (Priority debts). I'm not too up on IVAs and how they work. Will flag up your thread for someone who knows bettter than me.

In the meantime it would be useful if you could fill in an Income and expenditure sheet and post it up.

[WendyB]

Re: help:big trouble with first plus loans

Are First Plus included in your IVA?

Have you spoken to the IVA company about this?

[spurs60]

Re: help:big trouble with first plus loans

the first plus loan is secured on my property and is not included in my iva.my mortgage is only 500 in arrears and 145,000 remaining on interest only. we have a second property which is a buy to let with arrears of 1,200 but luckily weve managed to find a tennant to rent it now as its been empty since december when the previous tennants trashed it.the mortgage company-birmingham midshires have been fantastic and will capitalize any arrears on the property.our situation financially at the moment is-my husband is unemployed and on incapacity benefit due to severe depression, made worse after his redundancy in february. i recieve disability due to cfs/fibromyalgia but dont recieve money as i am on motorbility scheme.my 14 year old daughter recieves disability because of cfs and my husband recieves a police pension each month.my iva company are one of the peoples that have told me to go bankrupt and hand my house keys back.i am currently not paying my iva also.the cant help me

[WendyB]

Re: help:big trouble with first plus loans

Well I'm really not sure what to suggest at this point. Tbh I thought that if you didn't pay the IVA the next step was bankruptcy. Who is your IVA with?

If the loan is not included in the IVA then FP will have to go through court etc to get a charging order and sale order.

Need more help on this one, I don't know enough to advise you I'm afraid.

Can you fill in an Income and Expenditure form and post it on here, along with as much info as you can.

[Mochamoo]

Re: help:big trouble with first plus loans

Have you checked that you are getting all the benefits you are entitled to?
Start Calculation


Also do you have bank charges /credit card charges? (Just trying to think of other things to hep get money in to try paying off the arrears) Also everytime i'm really on the edge I go through the house top to bottom anything i dont want/need havent used in a while I put on ebay! I've managed to pay a fair few bills and keep my creditors at bay that way.

Have you spoken to CAB?

[Brian]

Re: help:big trouble with first plus loans

Guys

I know this is not keeping to the thread BUT there has been a show on BBC Radio 4 I think today (saturday) and being aired again tomorrow regarding FIRSTPLUS and the whole issue of the Interest rate they have been/are charging, Ive been following the guys at firstpluscomlaints.co.uk and I tip my hat to them for getting it into the National media at last. The thing thats an eye brow raiser is that an "expert" on the show has stated that he thinks these agreements MAY be unenforcable due the "vague" terms and conditions as to how the INT rates are arrived at for the loan.

I've got a Picture finance loan and am about to start on a mission with those guys as to the interest rate they are charging (+10%) in light of whats happening to the BOE rate and LIBOR right now.

Bri
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