Firstplus not supplying settlement figure!

[Surfer]

We wrote to Firstplus in about April 2010 requesting a settlement figure and how it was calculated. Told us how it was calculated but no settlement figure. Wrote again about three weeks ago and still no reply. Is there anything we can do to force the issue or report them?

[marshallka]

Re: Firstplus not supplying settlement figure!

Are you wanting to pay your loan off?

I would send a letter recorded delivery and enclose you other letters too and if they do not comply then take it to FOS to request it for you

http://www.firstplus.co.uk/accountma...ettlement.aspx

Also if you have lost money through there not complying perhaps a complaint to FOS also if they can help. I don't know whether they would be able to but worth a try.

[Surfer]

Re: Firstplus not supplying settlement figure!

We would like to pay it off but they don't seem to take notice of recorded mail that they have signed for to say that it is in their grubby hands. FP seem to be a law unto themselves. Guess I will need to escalate it to the FOS but they seem to be as useless as FP and take ages to respond. Maybe stopping payments to FP will wake them up. My srgument woudl be that despite several requests in writing for a settlement figure none was supplied therefore it must be assumed that the debt is cleared.

[Turboman]

Re: Firstplus not supplying settlement figure!

We would like to pay it off but they don't seem to take notice of recorded mail that they have signed for to say that it is in their grubby hands. FP seem to be a law unto themselves. Guess I will need to escalate it to the FOS but they seem to be as useless as FP and take ages to respond. Maybe stopping payments to FP will wake them up. My srgument woudl be that despite several requests in writing for a settlement figure none was supplied therefore it must be assumed that the debt is cleared.

Fax it EVERY DAY, E-Mail EVERY DAY & ring up EVERY DAY

[Surfer]

Re: Firstplus not supplying settlement figure!

By law how often should a loan company be sending you a statement? We never received a settlement figure from Firstplus despite sending two registered letters.

[Turboman]

Re: Firstplus not supplying settlement figure!

Once a year by law now---not sure which law (Di might know)

Firstplus were notorious before then----we coame across some people who never had a statenent ever (4 yrs in some cases)

[shell]

Re: Firstplus not supplying settlement figure!

Phone them. When they answer ask if the call is being recorded. If it is fine, if not, ask for it to be recorded (I've never heard of a call to them not being recorded), when you are assured it is being recorded only then request a settlement figure. If they tell you it has to be in writing tell them you have done so already more than once. Make sure you get everything you want onto the recording. If the person you speak to gives no joy (be warned they have a tendancy to be very cheeky) ask to speak to someone more senior and don't take no for an answer. When the call is about to be ended then and only then ask for a copy of the recording. They have to send it and you have proof you have requested a final settlement should they deny every recieving one.

Sorry, just reread and realise the settlement bit was over a year ago. You are now asking about statements. Should be once a year, but rarely is. Be careful of requesting one though, they charge for it and it just gets added to your loan.

[labman]

Re: Firstplus not supplying settlement figure!

When the call is about to be ended then and only then ask for a copy of the recording. They have to send it

This may be true, but I believe they are entitled to charge £10.00 for it and treat it as a SAR. You may be better advised therefore to do a full SAR which would also reveal if they received your previous letters.

[Guest]

Re: Firstplus not supplying settlement figure!

HI
Sorry if someone has asked this, is this a secured loan, second charge, is it covered by the CCA?

If the latter of course they are required to send annual statements or they cannot enforce the agreement, nor can they apply interst for the time they are in default.

Peter

[Guest]

Re: Firstplus not supplying settlement figure!

HI

Sorry if the loan is unregulated(before 2005 and over 25k or a first charge then) the Banking Code requires banks to provide customers with 'regular account statements' unless this is not appropriate for the type of account held, such as an account with a passbook

Peter

[CleverClogs]

Re: Firstplus not supplying settlement figure!

Sorry, just reread and realise the settlement bit was over a year ago. You are now asking about statements. Should be once a year, but rarely is.

This is a statutory requirement laid down by section 77A of the Consumer Credit Act 1974 (link).

If they have ceased to send statements or have never done so, you could stop paying the buggers and write to them telling them that, under section 77A (6), you have no obligation to pay them until/unless they do deign to send a statement.

That might get their attention.

Be careful of requesting one though, they charge for it and it just gets added to your loan.

Really?

They are not allowed to impose any charge for any statements - section 77A (3) - link of the Consumer Credit Act 1974.

[Guest]

Re: Firstplus not supplying settlement figure!

This is a statutory requirement laid down by section 77A of the Consumer Credit Act 1974 (link).

If they have ceased to send statements or have never done so, you could stop paying the buggers and write to them telling them that, under section 77A (6), you have no obligation to pay them until/unless they do deign to send a statement.

That might get their attention.


Really?

They are not allowed to impose any charge for any statements - section 77A (3) - link of the Consumer Credit Act 1974.

Hi

Yes thats the one, however as i said this would only apply if this is a regulated agreement.

Peter

[Surfer]

Re: Firstplus not supplying settlement figure!

We have never had a statement from FP! The only time we got one was when we sent in a SAR about a 18 months ago and then it was not like one expects a statement to be. It was a total breakdown of the account from day one.
It is an unregulated agreement taken out in November 2004. As part settlement was in Feb 2006 they should have applied the new formula. It annoyed us that we could not pay extra to try and finish the loan sooner. I have never had this issue with any other loan.

[shell]

Re: Firstplus not supplying settlement figure!

Surfer, they obviously make it up as they go along. I claimed back my PPi, won and put that money towards paying off the loan earlier, I was also allowed to continue paying the higher amount I was paying when I still had PPi. This has taken a good 5 years off a 20 year loan.

I rue the day the bank suggested I go to First Plus.

[Surfer]

Re: Firstplus not supplying settlement figure!

Hi

Yes thats the one, however as i said this would only apply if this is a regulated agreement.

Peter

So FP are under no obligation to send a statement at least once a year? A mortgage company has to so why not FP?