Help with FirstPlus

kazkaz

We have just received a letter from solicitors acting for FirstPlus saying that they are going to commence repossession if we don't pay the arrears within 7 days of the date of the letter. The letter was dated 3rd but we didn't receive it until 10th.
We rang the solicitors, told them about the dates and they said not much could be done about that.
Anyway I currently pay £25 a month to Red Castle Recovery for the arrears this has been ongoing since May this year. I sent them my Income/Expenditure asking if the arrears could be consolidated within the loan but I have heard nothing from them. We told the solicitor about the payment to Red Castle and they know nothing about this.
The solicitors are going to look into it and get back to us.

If I am paying something off the arrears can they enforce the repossession ?

Kaz

petermb_2

Are you paying the standard monthly payment plus some off the arrears each month. If you are the courts will not allow repossession to take place.
Is this a secured loan? When did you take it out? Did you use a broker to get it? Did you take out PPI at the same time?

That will give me an good idea of the issues you may be able to use to hit them over the head with.

Peter

kazkaz

That's one of the problems we are behind with the monthly payments also. I'm on a DMP for my unsecured debts.
The answers to your questions - FirstPlus is secured, we took it out in March 2007, I took it out directly with First Plus, Yes I did take out PPI - stupid, I know that now. We tried to cancel this as I thought it would reduce the payments but as we where in arrears they wouldn't reduce them. The amount of refund we would get with cancelling the PPI would near enought wipe out the arrears.

I asked Red Castle if there was anyway we could add the arrears to the loan, they initially mentioned this as an option but I have not had any response.

For the last couple of months I have had no correspondance of anykind with either Red Castle or First Plus apart from one letter stating they were not doing any new loans. We have an answering machine on our phone but no messages have been left.

I did write a letter of complaint to First Plus in May but had the usually fob off from them. The PPI wasn't missold etc. I have tried to get them for irresponsible lending as we got a 125% equity loan. I also only initially asked for £31000 but they lent £41000 has this would pay off another debt we had otherwise we could not have the lower amount (Very responsible)

As the loan was 125% equity they wouldn't get anywhere near the amount to pay off the loan as the first mortgage lender would get first shot at the proceeds.

marshallka

kazkaz wrote: »

That's one of the problems we are behind with the monthly payments also. I'm on a DMP for my unsecured debts.
The answers to your questions - FirstPlus is secured, we took it out in March 2007, I took it out directly with First Plus, Yes I did take out PPI - stupid, I know that now. We tried to cancel this as I thought it would reduce the payments but as we where in arrears they wouldn't reduce them. The amount of refund we would get with cancelling the PPI would near enought wipe out the arrears.

I asked Red Castle if there was anyway we could add the arrears to the loan, they initially mentioned this as an option but I have not had any response.

For the last couple of months I have had no correspondance of anykind with either Red Castle or First Plus apart from one letter stating they were not doing any new loans. We have an answering machine on our phone but no messages have been left.

I did write a letter of complaint to First Plus in May but had the usually fob off from them. The PPI wasn't missold etc. I have tried to get them for irresponsible lending as we got a 125% equity loan. I also only initially asked for £31000 but they lent £41000 has this would pay off another debt we had otherwise we could not have the lower amount (Very responsible)

As the loan was 125% equity they wouldn't get anywhere near the amount to pay off the loan as the first mortgage lender would get first shot at the proceeds.

First you need to speed things up with the PPI claim here. DId you get a final response and if so get it into the FOS straight away. TELL FOS that you need this fast tracking as you are about to be repossessed.

Write again to FIrstplus and tell them about the PPI issue and tell them that this is going to the FOS too.

I wish you all the luck in the world here. These are scumbags and wreck peoples lives. Perhaps Petermb can stop this happening here.

GET MOVING WITH THE PPI CLAIM AS FAST AS YOU CAN. WRITE BACK AND STATE YOU WERE MISSOLD AGAIN. ITS A STANDARD FOB OFF WHAT THEY HAVE SAID. YOU REALLY NEED TO PURSUE THIS NOW.

Come onto the PPI reclaiming discussion thread and others will help you there.

Rafter

kazkaz,

Think you need to speak to payplan/cccs or citizens advice about your options here.

Realistically Firstplus have no benefit repossessing the property because there is no equity and it is unlikely that your mortgage company would agree.

Depending on your work situation, bankruptcy might be an option, but you need an expert to advise you whether you will lose your home as a result.

Good luck

R.

joanne_knight

Just thought i'd share with you a problem i'm having with Firstplus, just to pre warn you really. I had an ex partner who secured a loan through Firstplus to my sole property. He stopped paying the loan and it went to court the end of July. I was sent a court repossession order asking me to leave my home by the 27th August 2008 which I have done. Im in rented accomodation and therefore have now defaulted on my mortgage payments. My mortgage company have now started litigation / repossession proceedings when i queried with them "how could they repossess my home if it had allready been repossessed" i was advised that they had no knowledge of that. Last week i contacted Firstplus who advised me " i could move back into my property if i wanted as they have now decided to stop repossession proceedings" It is 3 months since i left my home and they hadnt the decency to let me know there decision. Be very wary of them. I really dont know what to do know, the repossession order i received made me choose to find rented accomodation, default on my mortgage and declare myself bankrupt. I did this as a precaution as i didnt believe there to be enough equity in my house to repay his loan in full. Im very cross to say the least with Firstplus, who i'm still waiting to reply to my complaint letter.

marshallka

joanne_knight wrote: »

Just thought i'd share with you a problem i'm having with Firstplus, just to pre warn you really. I had an ex partner who secured a loan through Firstplus to my sole property. He stopped paying the loan and it went to court the end of July. I was sent a court repossession order asking me to leave my home by the 27th August 2008 which I have done. Im in rented accomodation and therefore have now defaulted on my mortgage payments. My mortgage company have now started litigation / repossession proceedings when i queried with them "how could they repossess my home if it had allready been repossessed" i was advised that they had no knowledge of that. Last week i contacted Firstplus who advised me " i could move back into my property if i wanted as they have now decided to stop repossession proceedings" It is 3 months since i left my home and they hadnt the decency to let me know there decision. Be very wary of them. I really dont know what to do know, the repossession order i received made me choose to find rented accomodation, default on my mortgage and declare myself bankrupt. I did this as a precaution as i didnt believe there to be enough equity in my house to repay his loan in full. Im very cross to say the least with Firstplus, who i'm still waiting to reply to my complaint letter.

Wow, did you not go to a court hearing then for the repossession.? Did you vacate the property purely on the basis that Firstplus told you to do it by letter?

That is so sad that you have now defaulted on the mortgage.What happened to the loan with Firstplus then? Is it being repaid to them?

I very much doubt that Firstplus could repossess the property first as they have second charge over it... Are your mortgage company willing to let you get back on top of the repayments..

cassy

first plus took me to court this year on a default on the secured loan, they was given suspended possesion by the court, we have to pay the normal loan and a wad on top of that, its crippling us but we are just managing to scrape through, my hubby lost his job 1 month after going to court for 3 months we had to use 80% of my wage to pay this and didnt have money for anything else, we are also on a DMP now in arrears with almost everything, we going to have a crap chrsitmas this year carnt even afford to buy any christmas gifts or even food, trying like mad to find ways to increase wages,....... but hey sh*t happens and it seems to happen to me.

anyway bottom line is even if it goes to court if you can provide an I+E and you can show you can keep making monthly payments and some off the arrears each month

chipbeck

Not hijacking the thread but I'm in the same boat and kacking it. I have to ring their solicitors this morning as they sent me a 7 day job for 2 grand or we repossess.
I am a pillock with money so it's my own fault though I think the fact that you end up thinking about topping yoursel most of the time is a pretty krap side effect.
The thing that really upsets me is the fact that all financial dealings seem to be weighted in favour of the financial institutions. I have a stayed case with Barclays for 4k and Lloyds took 1.5k off me in three months (1.2k in one month I ask you). The chances of me gettin any of this back looks grim so I think I'm stuffed.
I can pay the required monthly payments now as I have paid off something else but I don't think this will wash with them. I just haven't got 2k I can give them immediately. I'm quite prepared to sell my car and give them the dosh but I can't see them waiting as 2 grand will probably enable them to have a better Christmas party(sorry no need for that).
Any advice would be appreciated but reading the posts on here it would appear these guys aren't very patient with plonkers.

chipbeck

Gave them a bell and they were more than reasonable.
Pay up today or your out.........at least they didn't string me along.

kazkaz

Just been to the repossession hearing this morning.

The judge ruled to pay to contractual payment of £440 (I have never been given this amount, FirstPlus wanted me to pay £475 as they wouldn't pass on an APR decrease whilst we where in arrears) + £50 off the arrears, no time scale just until they are paid Approx 6 1/2 years.
The FirstPlus representative just marched in and said they wanted possession in 28 days. Well they didn't get it.
The judge also, off record I presume, told us to go for mis-selling of the PPI as these policies are no use anyway, then the repayments would be reduced.

Very nice judge