first plus loan - any ideas or help!!

Rachman_2

GettingThere wrote:

Hindsight is a wonderful thing, as is good advice - but people here are trying to improve their situation and their daily life. It sounds like you've never been in bad debt - in which case I admire you greatly, well done - but it's then difficult to appreciate the way those who are in bad debt feel every day of their lives.

I think you will find I qualified my comment. I made the point that you should read stuff before you sign it - that needs putting up on a 10 foot sign with neon lights - it's helpful for people to understand that you should do it - and a lot of people (on here and elsewhere) don't.

Debt, been there, done that - to the point coming for an interview in London and not actually being able to buy lunch (not even a sandwich) as I had not a penny in the bank or on my overdraft, only a train ticket back..... - my own fault for largesse and living high life - I paid every single penny back with interest as I'd spent it. It was not bad debt, it was irresponsible debt, reckless debt, my debt, but not bad debt in that sense (and was not in default either - I just worked harder to put in more time to pay it off - that's what you try to do). Today, I have debt, I wish it were smaller, but it's my mortgage - however, I won't let us get into any other debt, for holidays, cars, shopping, anything - the only debt is the mortgage millstone - partly because of the way I was brought up and partly watching contemporaries so utterly utterly screw it up....

If hindsight is wonderful, why is it that (and not having a go at the OP) so many people don't learn from it and do the same thing again and again.....

To the OP, as I said before, get a statement to settle the loan and get it settled and refinanced elsewhere at lower rate...... the bathwater's already gone (you signed up to it), now it's how it costs you least long term and (as I am sure you know) learning from it and not doing it again.... - I have a lot of respect for someone who's been this close to the edge to need subprime lending and has repaired everything, it shows a fortitude that some other people don't have and hopefully they have learned a lesson from it - and I presume they (like me) hope other people learn from their experience too.

rog2

Rachman wrote:

Not exactly, there's a lot of difference between penalty clauses which are not enforceable (which is where most the aim has been taken at bank charges) and early redemption charges. From my point of view, I read EVERY PIECE OF PAPER I sign, whether it's a car hire, a phone agreement, a loan document, a mortgage, a car purchase receipt. Because I don't like surprises... it takes a person 5 minutes to read, so why not do it, especially when it's as important as mortgaging your home - to simply abrogate responsibility and say it's down to someone else to explain it to you, provided you are not subnormal, why should you be able to enter into credit agreements if you don't read what you are signing and agree with what you are signing up for - read it and if in doubt, ask them.... - part of the whole problem is 'blame culture' and the "it's not my fault" - it is your 'fault' - you signed it and whilst there was a metaphorical gun to your head, you should still have read it and understood it.

I have very little sympathy with people that don't bother to do this - they know enough to get credit and know enough to try to wriggle out of it (in many cases), but they suddenly decide they did not know enough to understand what the documents meant - give over....

What a great shame everyone is not as thorough as you - there would be no need for this forum. Surely the OP has posted here looking for advice, this is not the time for your criticism - give them a chance for ***** sake!

savvykaz

Yes - we too took out a secured loan with Firstplus - ours is for £41,000 over 10 years (8 still to go), with an APR of 7.7%. At the time we both knew we would be "fleeced" but had no real alternative OH self-employed with no accounts. It is true that if they were door-to-door they would be called "sharks" but what else can vulnerable people do? I echo the other views - sell up & pay them off asap

davek1

Hi guys let me add another shark to the mix Paragon. I have a secured loan with them and got into problems repaying it ( not by much) but they were off to the County Court before you could say help!!!

Fortunatley an understanding judge made it a whole lot easier. These bunch of characters probably have to be the pits. You cant do anything without a fee, change the payment date? Of course sir that will be £30

A settlement figure ? of course sir £50

discuss your arrears ? that will be a £50 admin charge

and so it goes on. Sorry to hijack the thread but if anyone else has had dealings with this lot then let us all know. For a small amount of arrears it has probably cost me £1,500 for legal fees, admin charges etc. Talk about the vultures circling they are already here and waiting

Don't touch them!!! Personally for the OP i would re-mortgage even if it wasn't with my current lender but get shot of them at any cost.