FirstPlus interest rates - again

himnme

juliedawn wrote: »

Rather than start a new thread ....this is to do with first plus but not the rates....does anyone know if you can make lump sum payments to your loan without being penalised?...i know my mum can pay 10 % of the balance per year on her loan but don't know if worst plus do the same?

Julie - tread carefully. Here's a quote from FirstPlus website:

Partial Repayment Settlement Charge – £60.00

If your Credit Agreement states that a fee will be charged, this is payable on part repayment of your loan (minimum 10% of outstanding balance). This excludes the early settlement interest charge – detailed in your credit agreement.

That's the stinger - it'll whack a heck of a lot more onto the balance and or reduce your overpayment by an awful lot.... !!!!!!s have it stitched up either way....