Help with FirstPlus

annieadvisor

can i just say that there are a couple of erroneous remarks on this thread about charging orders etc - this is nothing to do with a mortgage lender.

I imagine that the first plus loan is a secured loan. they can seek possession if you do not pay your monthly amount. the first stage would be to have a possession hearing and the judge can postpone a possession if you pay something towards the arrears (make sure it is something you can afford as it then becomes binding). if you default on this amount you will automatically be under threat of eviction and you will have to request a hearing to stop this happening on N244 application.

please note that the law relating to secured loans is much stricter and there is insufficient case law to rely on. in laymans terms you must prove to the court you can clear the arrears off in a reasonable period and, depending on the judge on the day, this can be as little as six months or as long as they see fit. you can also ask at the possession hearing for the court to make a time order as part of proceedings which technically resets the loan temporarily but this is only for CCa regulated agreements for under 25k.

if it is a first mortgage the law is much more generous in its interpretations. using the norgan caselaw the starting point for negotiations on arrears is the remainder of the loan - to the end of your mortgage term effectively.

hope this helps

chipbeck

Thanks for the advice.
Can anyone tell me even though I've defaulted on the courts agreed payments will I still get the opportunity to pay them off in order to stop the repo or are we stuffed.

cassy

chipbeck you are asking the same question with no answers i suggest you speak to the CAB they may be able to shead some light on your situation

as you know we are not financial advisors but i would say First plus now have the right to take possession if they wish, i would try and talk to them and see if they are willing to come to an agreement, if they are not then i would be ready to plead to the judge when you go back to court

chipbeck

cassy wrote: »

chipbeck you are asking the same question with no answers i suggest you speak to the CAB they may be able to shead some light on your situation

as you know we are not financial advisors but i would say First plus now have the right to take possession if they wish, i would try and talk to them and see if they are willing to come to an agreement, if they are not then i would be ready to plead to the judge when you go back to court

Thanks cassy I know I've been repeating myself (should have your avator). Speaking to First Plus is a nn no. All calls are handled by Eversheds and they ain't very flexible.

chipbeck

I'm hoping I may get out of this. I was told in no uncertain terms on Friday that the fan and the **** had been delivered and I would be getting my get out notice any time soon. I've rung them again this morning and was told if I get the money put in the account now then everything will be back to normal.
I hope this is the case but I am so wary of these people now. Does this mean they haven't taken it back to court they aren't really overcommited when answering questions.
Anyway thanks for your help on here peeps and with a bit of luck I'll pay off the arrears and have a nights sleep for a change.

cassy

Eversheads are the ones i dealt with at first they kept saying no, but in the end they had to make an agreement or get nothing,

what i would do is make some payment even if they say no, they are not allowed by law to refuse to take a payment towards a debt ( i used to work in debt collection ironic i know) if a judge sees you are making the effot they may give you some grace