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First Plus Loan
We took out a loan with First Plus for £12,000 in 2001. Last weekend on our return from holiday we recieved our first ever statement presumably due to a change in the law. In the last year we paid them a toal of £2074.20 of which £1704.29 was interest. Our balance after regular payments since 2001 is £12,199.64 !!!
By a strange quirk of luck our loan is no longer secured on our property and I am frankly so horrified that I am very tempted to stop payments. Comments or advice very welcome. I am aware of FirstPlus Complaints and all their great action and I do intend to send a similar email to this to The Independent newspaper.
By a strange quirk of luck our loan is no longer secured on our property and I am frankly so horrified that I am very tempted to stop payments. Comments or advice very welcome. I am aware of FirstPlus Complaints and all their great action and I do intend to send a similar email to this to The Independent newspaper.
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Comments
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presumably when you took out the loan you would know what date it would be repaid. is it still set to be repaid by that date? did you take out PPI?0
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What is the apr??
What is the term of the loan??
apr must be huge if you have paid £2074 in a year (£170 odd per month)
If you have been paying over £170 a month for the last 8yrs, you have already paid well over £16k.
When you took out the loan, did it state the total amount payable?? if so, as lethal0r asked, are you on course to pay it off at the term end??
PPI reclaim if it was taken (and it was mis-sold)
Stopping payments would be a HUGE mistake!!!!0 -
We took out a loan with First Plus for £12,000 in 2001. Last weekend on our return from holiday we recieved our first ever statement presumably due to a change in the law. In the last year we paid them a toal of £2074.20 of which £1704.29 was interest. Our balance after regular payments since 2001 is £12,199.64 !!!QUOTE]
Glad you know about FirstPlusComplaints.
I'm struggling with the balance. You need to be specific.
Have you refinanced since 2001?
What is the APR?
What is the term, e.g. 20 years
Did you take out PPI?0 -
I am soooo glad you are aware of FPC and suggest you jion this is really one for the platinum posters over there mate,
you will need to have a lot more detail before we can grapple with this thou, PPI? brooker?0
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