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First Plus - Trouble again!
mazxx1
Posts: 15 Forumite
Hi Guys - hope your all well...
Straight to the point i guess.
Nearly three years ago, before we were married and had only just bought our house. My wife and i feel into the trap of trusting Carol Vordemon in her adverts. We were not in financial trouble, but did want a loan and not being financially savvy, we borrowed £17k from first plus to help pay for our wedding, and some home improvements, i also think we settled a credit card balance with the funds.
Anyway it is only now 3 years later with a little more common sense i am realising how ripped off we have been. We are in a position to be able to settle the 20year loan - but after some checing today have realised just how amazingly expensive this would be. Current balance is around £16k but admin costs to settle total around £16.5k....i think my maths are correct, i have requested a settlement figure and am already dreading opening the envelope when it arrives.
My question, if not just to advise others on the perils of taking secured loans, is would i have a case on being mis sold this loan. I know i should have carefully read the documents at the time - but as i said i was new to mortgages and loans and assumed that i was dealing with a reputable company! (after all Carol Vordemon advertises for them right!!)
We would like to move house now, and obviously did not want to retain the secured loan, but settling it seems crazy - assuming we added the settlement amount to our new would make it too great to purchase the house we would like.
Im furious at my self & furious at 1st plus for allowing naive borrowers to enter into such an agreement.
Any advice or thoughts would be greatly appreciated.
Straight to the point i guess.
Nearly three years ago, before we were married and had only just bought our house. My wife and i feel into the trap of trusting Carol Vordemon in her adverts. We were not in financial trouble, but did want a loan and not being financially savvy, we borrowed £17k from first plus to help pay for our wedding, and some home improvements, i also think we settled a credit card balance with the funds.
Anyway it is only now 3 years later with a little more common sense i am realising how ripped off we have been. We are in a position to be able to settle the 20year loan - but after some checing today have realised just how amazingly expensive this would be. Current balance is around £16k but admin costs to settle total around £16.5k....i think my maths are correct, i have requested a settlement figure and am already dreading opening the envelope when it arrives.
My question, if not just to advise others on the perils of taking secured loans, is would i have a case on being mis sold this loan. I know i should have carefully read the documents at the time - but as i said i was new to mortgages and loans and assumed that i was dealing with a reputable company! (after all Carol Vordemon advertises for them right!!)
We would like to move house now, and obviously did not want to retain the secured loan, but settling it seems crazy - assuming we added the settlement amount to our new would make it too great to purchase the house we would like.
Im furious at my self & furious at 1st plus for allowing naive borrowers to enter into such an agreement.
Any advice or thoughts would be greatly appreciated.
0
Comments
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Are you saying that you think it would cost £16,000 plus another £16,500 (ie £32,500) to settle the loan 17 years early?0
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Thats how i have understood it. I would be grateful if anyone could clairfy for me.0
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best to wait until you get the settlement figure.0
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