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first plus!!!!
whatamess_2
Posts: 2,956 Forumite
Probably not the right forum for this.
My husband and i have a secured loan with first plus 37k. we are now seperating and are trying desperatly to sell the house. We asked fp for a settlement fiqure in oct 43k. got to the point where we cannot pay them any more. first missed payment jan. Missed second payment feb 1st they have issued a default notice already. Settlement fiqure now 48k :eek: :eek:
We do have ppi with them 9k.
can we cancel it?
How do we handle it?
What do they do?
Regards Messy
My husband and i have a secured loan with first plus 37k. we are now seperating and are trying desperatly to sell the house. We asked fp for a settlement fiqure in oct 43k. got to the point where we cannot pay them any more. first missed payment jan. Missed second payment feb 1st they have issued a default notice already. Settlement fiqure now 48k :eek: :eek:
We do have ppi with them 9k.
can we cancel it?
How do we handle it?
What do they do?
Regards Messy
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Comments
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Hi again messy
I'm afraid I can't help with your questions but I hope someone cleverer will be along soon! Best of luck with everything
Kath
Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue QOfficial DFW Nerd Club - Member no. 003
Proud to have become debt free... and striving to keep it that way
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whatamess wrote:Probably not the right forum for this.
My husband and i have a secured loan with first plus 37k. we are now seperating and are trying desperatly to sell the house. We asked fp for a settlement fiqure in oct 43k. got to the point where we cannot pay them any more. first missed payment jan. Missed second payment feb 1st they have issued a default notice already. Settlement fiqure now 48k :eek: :eek:
We do have ppi with them 9k.
can we cancel it?
How do we handle it?
What do they do?
Regards Messy
I suggest that you call First Plus and explain your difficulties - if you ignore them this wont solve things and you are less likely to get them on your side!!
A lot of companies wont let you cancel PPI whilst you are halfway through paying the money back. Have you asked them if you can cancel it?
If you havent asked First Plus the above questions, then you need to - we cant answer the questions if you havent spoken to them first.
Call them and let us know what they say.
xx0 -
If you paid the PPI upfront as part of the loan they have actually lent you the money for the PPI and you are paying interest on it. Cancelling now may only get you a smallish refund. Read the terms and conditions in the loan agreement and then talk to them about cancelling the PPI.
As for the loan, send them token payments for the next few months whilst you sort yourselves out.
Regards
XXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0 -
Hi did phone them in Jan and explained problem. All these companys ask you to contact them when there is/going to be a problem paying. Their response was you can have a half payment in Jan (we couldnt do it) we want our money in Feb!! plus the arrears. :wall: Finding the same response from mortgage company (west brom bs).
Regards Messy0 -
As others have phone them and talk to them - we had a problem with payments a couple of years ago and they couldnt be anymore helpful.
I know your situation is different - we repaid what we missed over three months.
We didnt take the PPI out so cant help you with that
HTH
Ang
xBCSC NO 400 -
The PPI with FirstPlus is an absolute rip-off. Basically, they loan you the money and it is an enormous amount ( in our case it was nearly £10,000 for a £40,000 loan ). BUT, it only gives you 5 years of cover and then they are supposed to refund the amount paid minus interest and insurance tax. They only do that if there has not been a claim. If there has been a claim then you are paying for that 5 years of cover for the remainder of the loan ( in our case it would have been another 22 years ). Looking back, I would have never taken the PPI, they just made it sound so good on the phone. I was made redundent about a year after taking out the loan but didn't want to use the PPI because that meant I would be paying so much just for the couple of months I was out of work.
I havn't had any problems with FirstPlus as a whole, but the PPI they offer is purely a rip-off.
There is no way of getting it cancelled, I tried before. It is an enormous amount of money for the cover it gives you. I wouldn't have minded so much if it was for the whole term, but 25% of the loan cost for only 5 years.
They cannot lose, the insurance will only pay out for 12 months, so basically you will never ever get back what you paid even if you needed to use it. If you don't use it then they get loads back in interest.0 -
There is a thread about First Plus in the Property Section. It makes interesting reading.
Sorry I can't be of more help. Does your soon to become ex give any money toward the mortgage etc. If he doesn't I would point out to him that half his assets are going down the drain. Not good new at all
God BlessDebt Free!!!0
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