Firstplus Loan - Help needed please!!!

amersall

mrs_skint wrote: »

who's Carol W?

It is Carole V, this is the "lady" (and i use the term veeeeery loosely)
Who promoted barclays first plus loans, as.......
An affordable secured loan.we only lend to people not property, with one affordable monthly payment, more disposable income to spend each month,ease and complete peace of mind,!!!!!!

THE REALITY IS.........
No mention of the raising of interest rates twice a year because it is "prudent" for their business.
Or, you will never be fp free, as the way we do business makes sure you wont ever be able to afford to.
Or, with the extra loan of ppi we will put you into negative equity.
Or, the 70% commission we receive for selling you extortionate ppi.
Or, the ppi only lasts for 5 years, you get the ppi back at this point in time,BUT... the ppi amount is still on your loan for the remaining term with interest so you will be not insured but still pay this.

KingElvis

amersall wrote: »

It is Carole V

Sorry yes, I stand corrected but she's one and the same

Just been watching all those classic ads.

amersall

Henry_P_Chester wrote: »

Well the information is necessary if proper advice can be given. If, for example £20k was spent on the car and £55k on other assets that have a resale value then obviously this needs to be considered.

I am sure the op has thought about this, and i am sure if anything can be sold then i think they would have done. They will find it very hard to get rid of the FP loan as barclays dont work like any other bank, you cannot overpay and if you want to sell and have a shortfall FP make you jump through hoops.You get a buyer, go to solicitor to prove purchase price, fill the magna carta in for FP of income and expenditure, how much you can pay to the shortfall etc. This is all done through FP solicitor and this takes months, and then they wont allow you to have a shortfall. This is fact,as someone i know has tried to do this and the shortfall was 9,000,
(from a loan of 70,000)and they would not turn this 9,000 into a unsecured loan and she was repossessed by FP.The oft and fos could not help her with this. The op has my sympathy where FP is concerned, they use the most underhand tactics imaginable.Hopefully, the op will look at options that posters have suggested on here and sort something out.

TypeR

amersall wrote: »

That is none of our business. NOT CALLED FOR.

If she has a BMW M3 on her driveway and has come here for some advice then I say it is. Because I would be telling her to sell it and buy a cheaper car for example.

I'm a balanced person, I'm not here to critisize unjustly but like wise I won't stand here and stroke the OP's hair and say it's all going to be alright.

Since when did running up loads of debt and walking away become a reasonable and responsible thing to do? It's really NOT ok to run up large bills and leave society to pick up the cheque from YOUR good time.

Contribute something useful or keep quiet, yeah?

Aberdeenangarse

Oh dear, I seem to have upset some of the retards on HPC :j

http://www.housepricecrash.co.uk/forum/index.php?showtopic=156884&st=45

self_builder_2

One of the things this highlights is how much more of a problem debt becomes as you get older. The OP's £240k debt will cost at least £1500 per month to pay back on a 25 year mortgage and I assume that will take them into their 80s.

Henry_P_Chester

Aberdeenangarse wrote: »

Oh dear, I seem to have upset some of the retards on HPC :j

http://www.housepricecrash.co.uk/forum/index.php?showtopic=156884&st=45

I think you've done some of them a favour by the looks of it.

The only thing surprising me right now is that no one has provided them a link to this thread.


I would have had I not already been banned from Money Sense Extict, several times

Teen_the_Drama_Queen

TypeR wrote: »

If she has a BMW M3 on her driveway and has come here for some advice then I say it is. Because I would be telling her to sell it and buy a cheaper car for example.

I'm a balanced person, I'm not here to critisize unjustly but like wise I won't stand here and stroke the OP's hair and say it's all going to be alright.

Since when did running up loads of debt and walking away become a reasonable and responsible thing to do? It's really NOT ok to run up large bills and leave society to pick up the cheque from YOUR good time.

Contribute something useful or keep quiet, yeah?

Well thanks for the offer to stroke my hair, Type R - I do not wish you to do that, I can manage that by myself. I did not come on here for tea and your sympathy, merely advice from someone who may have been in the same predicament.

No, I do not have a BMW on the drive, I have a 5 year old people carrier type car and husband has a mondeo estate - nothing too extravagant I feel.

Nor do we smoke or go out drinking or eat at restaurants all the time (though why I am justifying my lifestyle now to you, I am not quite sure).

Hindsight is a wonderful thing Type R. If you have only come on here to gloat about your wonderful can-afford-everything-in-life-by saving-up-for-it ways, then please do not bother to further read this thread.

Thanks to everyone who has answered my query sensibly without pouncing on our lifestyle choices.

ILW

£75k is is a lot to misplace down the back of the sofa.

ViolaLass

I think TypeR and others have a point, Teen - no one's getting at you but it would be easier to assess your situation and possibly make some useful comments if we knew where that £75k had gone. Was it spent on day-to-day living, holidays, an emergency e.g. someone was injured? Do you have any assets as a result? If not, where did it go? Were you living beyond your means?

You could give us an SOA so we can see whether there's anywhere you could save money.