First Plus and no statement

Harry1

I took out a First Plus secured loan three and a half year ago. I haven't got a gripe about the terms of it as its fairly reasonable.

However, I've never had a statement. If I'm not sent a statement then, I hear that interest charged during this time in not enforceable and should be refunded.

Any ideas whether this is true, has anyone tried this one before??

petermb_2

Harry1 wrote: »

I took out a First Plus secured loan three and a half year ago. I haven't got a gripe about the terms of it as its fairly reasonable.

However, I've never had a statement. If I'm not sent a statement then, I hear that interest charged during this time in not enforceable and should be refunded.

Any ideas whether this is true, has anyone tried this one before??

As a claims man i would love to say that this is true but I dont think it is. The lender is now compelled to provide you with statements but just because they have not provided a copy in the past is not an issue you can challenge on.

I would SARN them for the statements, a copy of the agreement and if you used a broker I would ask for details of any commission paid .

I would also check if you have had PPI included in your loan. (First Plus were one of the worst offenders for adding this rediculous policy to their loans)

Armed with all that you can then decide if you have something to challenge and how to go about it effectively.

Harry1

I've found the snippet on the OFT website;

If a creditor does not give the debtor an annual statement in respect of a fixed-sum credit agreement when he is required to do so, then he is not entitled to enforce the agreement during the period of non-compliance. In
addition, the debtor is not liable to pay any interest calculated by reference to the period of non-compliance

Harry1

PPI wasn't sold. I haven't taken any out since I was stung by the almighty Halifax