First Plus Settlement Figure

ANOTHER_FP_VICTIM

just received my first plus settlement and as others, am astounded by this. Original loan agreement signed in October 2003 in amount of 25900 with ppi totalling 6300approx bringing loan amount to around 32200 over 180 months. Apparently outstanding loan balance is around 25k, however settlement figure provided is 29099 to be settled by 9 Feb. I am in position to pay this, however don't feel all info provided at time of taking loan with regards to rule of 78 and implications of this on early settlement. Spoke at length to someone at First Plus who wasn't very helpful and have raised formal complaint - don't expect anything from this however. Question is, if i do pay, (which I would prefer to do for fear of receiving another ridiculous figure a couple of months down the line after them having further monthly payments of 419.00) can I still pursue my complaint and take to ombudman when first plus bump my complaint and find in favour of themselves, which I am sure they will do.

juliedawn_2

I'm trying to get a settlement figure as we have to move house because of first plus...but i've been hanging on the phone for 10 minutes.gave up in the end!!! good luck with your complaint to worst plus!

halifax71

Can i suggest you both visit www.firstpluscomplaints.co.uk

There's a growing movement (over 1000 registered members) against Barclays FirstPlus on issues such as PPI and Interest Rates.

The settlement figure issue is down to the rule of 78. There are members on the forum who have an indepth knowledge of how this works and potential challenges.

Maybe offer them 80% of the figure and see if they accept. They're skint so it's not as daft as it sounds.

The big issue here continues to be the interest rates which will cripple us all once base rates recover.

CLAPTON

ANOTHER_FP_VICTIM wrote: »

just received my first plus settlement and as others, am astounded by this. Original loan agreement signed in October 2003 in amount of 25900 with ppi totalling 6300approx bringing loan amount to around 32200 over 180 months. Apparently outstanding loan balance is around 25k, however settlement figure provided is 29099 to be settled by 9 Feb. I am in position to pay this, however don't feel all info provided at time of taking loan with regards to rule of 78 and implications of this on early settlement. Spoke at length to someone at First Plus who wasn't very helpful and have raised formal complaint - don't expect anything from this however. Question is, if i do pay, (which I would prefer to do for fear of receiving another ridiculous figure a couple of months down the line after them having further monthly payments of 419.00) can I still pursue my complaint and take to ombudman when first plus bump my complaint and find in favour of themselves, which I am sure they will do.

I would suggest you do pay the settlement figure but continue your complaint with First plus

do you give a breakdown of the settlement figure? I would think they have loaded all sorts of fees onto the amount you actually owe.
I doubt if rule 78 make much difference here... the figure of 25k after 6 years is about right it's just that 29k is very very high