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We had a loan with Firstplus and then sold our residence in mid February 2006. After the original mortgage was paid, Firsplus were paid but there was a shortfall of £5773.64 . Firstplus used Rule 78 to calculate the settlement figure and also charged me an administration fee of £150 at the time.
Since July 2006 every single month without fail we have been paying an average of £67 each month. On Monday this week I contacted Firstplus and asked for a settlement figure.
This arrived today and guess what Firstplus have to say. We still owe them £5689.97 although we have paid them close to £3600 over the past 4 and a half years they are saying that in effect we have only redcued the balance by £83! In addition if we were to settle now they want another £150 administration fee. My wife is in tears.
Although all previous correspondence and the statement that came with a SAR request states that the balance was £5773.64 they have come up with a figure of £7393 exactly spot on but where they obtained this figure I have no idea.
I am totally gobsmacked and speechless as I feel this is a total and unjustified rip off. Any ideas as I feel the only way to nail them is under UTCC regulations as unfair relationship regarding Rule 78 etc but will need more than that to really nail them.
Since July 2006 every single month without fail we have been paying an average of £67 each month. On Monday this week I contacted Firstplus and asked for a settlement figure.
This arrived today and guess what Firstplus have to say. We still owe them £5689.97 although we have paid them close to £3600 over the past 4 and a half years they are saying that in effect we have only redcued the balance by £83! In addition if we were to settle now they want another £150 administration fee. My wife is in tears.
Although all previous correspondence and the statement that came with a SAR request states that the balance was £5773.64 they have come up with a figure of £7393 exactly spot on but where they obtained this figure I have no idea.
I am totally gobsmacked and speechless as I feel this is a total and unjustified rip off. Any ideas as I feel the only way to nail them is under UTCC regulations as unfair relationship regarding Rule 78 etc but will need more than that to really nail them.
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