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Firstplus Loan - Help needed please!!!

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Comments

  • Walter_J wrote: »
    My advice would be very simple;

    Stop paying the mortgage and secured loan payments and use the money saved to put down a deposit on a rented property. Use any available credit left on your cards buying food for your family.

    Move house and then go bankrupt without warning anyone. The Official Receiver will deal with all your debts and creditors. After a year (at most) you will be entirely debt-free and can concentrate on living your lives within your means.

    Visit the excellent bankruptcy forum on this site for more help.

    Many moons ago I would attacked such a comment. But these days I can only encourage such advice! You see, we live in a debt based economy where debt is everything! Without people like you and those on the debt free wannabe board there would be zero money in circulation plus sod all to save too!

    You see, everything you have borrowed was created from nothing and you are then charged interest for that "nothing" that you borrowed! Sounds like a great deal don't you think? But that is the problem...it's not a great deal...it's a scam! And whilst these finance institutions create all this money from nothing no-one is creating the money for the interest that they demand back plus principle! That is where it goes wrong: there is not enough money in the system to pay back both principle and interest! When you payback your debts, believe it or not, the principle you pay vanishes but the interest remains...does this sound too complex? It is complex...it was designed to be complex! And still I cannot explain it in a concise manner because it is so damn complex!

    When you get a moment Teen, please make yourself a cuppa and watch the following video on google video:

    http://video.google.com/videoplay?docid=5352106773770802849

    If the link doesn't work then Google "money as debt". Watch that video - is slow to load - and then apply it to your situation. Are you truly in a situation? Or is it just an illusion that is designed to make you pay and fear redicule for not paying? I think it is safe to say that you are !!!! with money. But just remember that your "mis-management" of money has enabled others to hoarde the money that you have borrowed and pay interest on. No-one is in a position to ridicule you because without you and those on the debt free wannabe board this economy would not function it is really that simple!

    Who's fault is it? It's not yours and neither is it the fault of those that may threaten you, insult you or even shun you. It is the fault of many governments all over the world who are just incapable of getting up and saying "sorry, you can't have what you want all of the time" and then encouraging an economy that is not based on easy credit that cannot in most cases be paid back! Remember, the people that sold your debt on for profit DID NOT care whether you could pay it back or not...but suddenly they do because the investors are coming back saying "hey, you sold me some worthless junk"...hence the govt bailouts that YOU are now paying back!

    So my advice is to stop worrying, stop paying, throw in the towel and accept that you had a good time whilst it lasted! Because there is no way in this world - unless you win the lottery - that you can pay any of that money back. So why commit yourself to a life of misery? The credit machine took you in, chewed you up and is about to spit you out but will demand more money for that lovely privilege.

    So start planning your post credit life and get the F out of dodge! Don't even speak to your creditors because they are not there to help you...so keep away from them! Accept that the battle is over and just move on!

    Good luck!
  • TypeR wrote: »
    Please detail EXACTLY where the £75k went.

    In to the private or business bank accounts of institutions or individuals in exchange for goods and/or services. Where else would it have gone?
  • Cash_Flow
    Cash_Flow Posts: 1,103 Forumite
    TypeR wrote: »
    Please detail EXACTLY where the £75k went.

    Why do you need to know how the £75k was spent?
  • TypeR
    TypeR Posts: 117 Forumite
    Cash_Flow wrote: »
    Why do you need to know how the £75k was spent?

    Full assessment of assets.
  • Surely you must have something to show for the £75k you spent? There must be something to sell to recover some of the money. Or was you just living the high life?
    Debt Is Slavery.
  • and you find that funny? why are you on these forums?
    My LBM - December 2010!

    Q.Q: £726; Payday Exp: £650; WDA: £375; L.S: £779; PDP: £649; 24/7 Money: £130
    Provident: £1,700
    Black Horse: £3,471
    TOTAL: £8,480 :eek:
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Good old Carol W, she sure did sell those loans well didn't she?

    Hope it works out for the OP but......DAMN
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • who's Carol W?
    My LBM - December 2010!

    Q.Q: £726; Payday Exp: £650; WDA: £375; L.S: £779; PDP: £649; 24/7 Money: £130
    Provident: £1,700
    Black Horse: £3,471
    TOTAL: £8,480 :eek:
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    mrs_skint wrote: »
    who's Carol W?

    http://www.moneysavingexpert.com/loans/1146661969,42304

    http://www.youtube.com/watch?v=dSR4ZAbBwh0

    Have a look at these, I remember these on the tube :D
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Hi all

    My husband and I are in a bit of a predicament (to say the least).

    We took out a Firstplus loan back in 2007 (75K loan and £18K ppp). Having had a bad couple of years (redundancy included) we now see the future as bleak and are thinking of selling our house (outstanding mortgage of £154K) and renting in future.

    However, upon requesting a settlement figure from Firstplus we now have £86K outstanding. (We cancelled the PPP monthly payment from July this year (2010) as we were trying to cut down on our outgoings).

    We think our house would prob fetch around £230K to £235K, so taking into account the o/s mortgage of £154K and the £86K to firstplus we have a shortfall.

    We cannot, of course, sell our house as Firstplus has a legal charge on our home and we will not acquire enough to pay off the mortgage and Firstplus too.

    Has anyone else been in this situation and if so, do you have any advice please?

    (We have a 3 bedroom terrace house and two kids and a dog to support! I was made redundant 2 years ago and could not get a job with a similar income to that which I had previously, so we have, therefore, been trying to exist on £400 per month less for the last 2 years).

    We also have credit card debts which I don't even want to think about at present. :(

    All help gratefully received.

    Thanks
    xxxxxxx
    Hi there and welcome.You need to first put a claim in for mis sell of the ppi with fp, you were mis sold this and you will win. This will remove the total ppi from your loan thereby reducing the total loan you owe to fp by the ppi amount. Your loan will be reset without the ppi and your ppi monthly amount will be taken off your monthly payment. The ppi payments made to date will be refunded to you less any arrears you have.Go on this website http://www.firstpluscomplaints.co.uk/forum.html
    and you will get all the help you need with your problems with fp.
    Fp dont do negative equity, you cannot sell your house without giving them the full amount that you owe them, you cannot overpay either.Your mistake was cancelling this ppi, you will only have got a very small rebate of ppi and the ppi is still on your loan over the remaining term with interest!!And i bet your monthly payment did not go down either?. Good luck with this and hopefully will "see" you over on the fp site.
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