First Plus

System

all can say is we are thankfull we took the ppi as this is the second time in 2 yrs we have had to claim on it and the claims have been straight forward and painless.

losingbigtime

we cancelled the ppi in the first month so this shouldnt be a problem - i hope :-(

amersall

CHRISSYG wrote: »

all can say is we are thankfull we took the ppi as this is the second time in 2 yrs we have had to claim on it and the claims have been straight forward and painless.

Hi there, ppi is great if it is sold right.I am afraid fp ppi is not sold right. 99% of fp ppi have been won for mis sell.I know when you need to claim this it is a godsend.But!! whatever your monthly payment for ppi times that by the loan term and look at the total you pay back and on top of this you get interest, now you have got over that shock, add up the ppi monthly amounts you have paid to date and take off the ins amounts you have claimed and see what the difference is.Also this insurance is only to cover for 5 years after that the ppi original amount is still on your loan for the remaining term with interest and no ppi cover at all.If you need to make a claim after this 5 years you will have to take another insurance out.FP are laughing all the way to the bank with all its customers.If i were you i would go mis sell, it doesnt matter that you have claimed on this, as you have only found out that it was frontloaded and only covered for 5 years but it was still on your loan with interest, also you were not made aware of this by fp.When you win mis sell your ppi total is taken off your loan so your balance reduces by that amount, and your monthly payment goes down by the ppi monthly amount, the amounts you have claimed will be taken off your win. You get rid of a useless product and save your self literally thousands of pounds of interest over the term of the loan.

amersall

CHRISSYG wrote: »

all can say is we are thankfull we took the ppi as this is the second time in 2 yrs we have had to claim on it and the claims have been straight forward and painless.

Hi CHRISSYEG , please dont take offense at my post, i just wanted to let as many people know about the ppi that fp sold.It was not a personal dig at you x

Emmzi

is there any equity in the house? If none or onky a small amount it may be worth looking at bankruptcy with partner buying our your share.

Ask the goo people on the bankruptcy board.

losingbigtime

There is no equity in the house at all - there would be if it wasnt for the first plus loan. The house is worth about £105,000 with £90,000 outstanding on the normal mortgage, then there was the £25,000 borrowed from First Plus of which the balance is now ?????????? Partner cannot afford to buy me out of the property at all, on his wage he is only allowed a mortgage of about £50,000 so thats not an option. I would go bankrupt but I am scared of losing my home. :-( My little boy would be devestated if we had to move out of here.

Emmzi

but you may not lose your home if there is no equity.

seriously, go ask for advice on the abnkruptcy board, they may be able to alleviate your fears or suggest alternatives.

Surely a move would be better than living with this hanging over you anyway? You do have to have a life too...

amersall

losingbigtime wrote: »

There is no equity in the house at all - there would be if it wasnt for the first plus loan. The house is worth about £105,000 with £90,000 outstanding on the normal mortgage, then there was the £25,000 borrowed from First Plus of which the balance is now ?????????? Partner cannot afford to buy me out of the property at all, on his wage he is only allowed a mortgage of about £50,000 so thats not an option. I would go bankrupt but I am scared of losing my home. :-( My little boy would be devestated if we had to move out of here.

This is what annoys me with fp, i will put money on it now, that there wont be many who took a loan with fp and went straight into negative equity. You are never free of fp as they have you right where they want you.It wouldnt do for your partner to go for a mortgage, as no one will lend money on a property that is in negative equity. Please do as other posters advise and take a look at fpcomplaints website as well.You will get all the help you need on there.x

amersall

losingbigtime wrote: »

Has anyone had any dealings with this company? We got a secured loan from them for £25,000 4 years ago with payments of £217 a month, we have never had any communication from them whatsoever and have no idea what we now owe, we have never had a statement or anything, not even once, and theur website seems to indicate that they are no longer existing as first plus. We would like a statement at the very least, and would like to know if we can borrow any more. UNlikely, as I am on a DMP and can get no credit anywhere, not even a catalogue! If anyone has any experience of dealing with First PLus I would be grateful for any feedback, many thanks

Hi there, did you phone them?

losingbigtime

no i darent :-( x