Firstplus Loan - Help needed please!!!

Teen_the_Drama_Queen

Oh thank you ILW, my sides are really splitting now.

I think I will take the good advice from the sensible bods and bid the rest of you farewell.

mrs_skint

VioaLass
I think a few people on here are not here to offer support and advice but to take the !!!! tbh. Not sure why you want to know where the 75k went but it did and over quite a few years and as it is not there any longer why the hell would you want to know where it went? What kind of advice could you give? Sell a few things? Well I'm sure Teen is in a better position than you to know whether she has any assets worth selling.
On the upside maybe an SOA would help Teen, but not on this forum. Go over to the debt free wannabe forums where you'll get a bit more help. Someone will look at your SOA and give you some good advice without judging!;)

KingElvis

Who cares where the 75k has gone?

The point is this, how is Mrs Teen going to get rid of the debts and free herself from the terror of First Plus?

Teen, this is one of the only threads I've read on here where BR seems like a sensible option....good luck either way.

ViolaLass

mrs_skint wrote: »

What kind of advice could you give? Sell a few things? Well I'm sure Teen is in a better position than you to know whether she has any assets worth selling.

You'd be surprised at the number of people who come on the DFW boards and have to be told that an iPhone, a Wii, a car, whatever it may be is a luxury they can't afford.

I find it interesting that Teen has elected not to answer the question. Yes, she doesn't have to justify herself to us but she came here for help.

brasso

I think it is a legitimate question to ask where the £75K has gone.

The OP is asking for assistance and advice, and while we wouldn't expect fine detail, it's reasonable to know why the £75K was borrowed, what it was used for, and how much of it is recoverable. Without that information, how can anyone make a suggestion?

Apart from that, yes, there is a moral issue here. If the £75K was squandered on keep-up-with-the-Joneses crap, with the OP being unrepentant, I would have different advice to offer, compared with a situation where the OP had borrowed it to finance medical expenses for a relative on the other side of the world.

FantomX

Taking a chill pill!

PeterJF_2

Well I am in much the same situation regarding the loan from First Plus and was looking to see if anyone has found a way out of it. For my case the interest rate is the same as yours but it has never come down despite interest rates falling about five percent. I rang them to ask them why and they said something about it being individually assessed. However, I noted that from when I first took it out in 2005 it went up each time interest rates went up. So I think they are not being fair with the interest rate. I therefore wondered if this could be challenged. There was the Cartel Client Review that turned out to be disappointing in that they said we could get loans cancelled but then they were closed down. It seems no-one has risen to take their place so either they were talking rubbish and taking our money in the process, or they were right and there is still a case to be answered. They did say that my First Plus loan could be challenged together with some mortgages I had got as well as credit card balances. Maybe this is some option, like to challenge the validity of the loan, but I am not sure who would take such a case up now since Cartel Client Review have ceased to operate (whether they would have been successful if they hadn't been closed down is still up for debate I suppose though).

Peter

brasso

PeterJF wrote: »

Well I am in much the same situation regarding the loan from First Plus and was looking to see if anyone has found a way out of it. For my case the interest rate is the same as yours but it has never come down despite interest rates falling about five percent. I rang them to ask them why and they said something about it being individually assessed. However, I noted that from when I first took it out in 2005 it went up each time interest rates went up. So I think they are not being fair with the interest rate. I therefore wondered if this could be challenged. There was the Cartel Client Review that turned out to be disappointing in that they said we could get loans cancelled but then they were closed down. It seems no-one has risen to take their place so either they were talking rubbish and taking our money in the process, or they were right and there is still a case to be answered. They did say that my First Plus loan could be challenged together with some mortgages I had got as well as credit card balances. Maybe this is some option, like to challenge the validity of the loan, but I am not sure who would take such a case up now since Cartel Client Review have ceased to operate (whether they would have been successful if they hadn't been closed down is still up for debate I suppose though).

Peter

What do you mean about getting "loans cancelled"? You mean you pay back the cash now without further interest payments being charged?

Apples2

PeterJF wrote: »

They did say that my First Plus loan could be challenged together with some mortgages I had got as well as credit card balances. Maybe this is some option, like to challenge the validity of the loan,

There is a reason these claims companies are closing down.... they were simply there to scam money from those gullible and greedy enough to throw money at them in order to walk away from all their debts.

I find it quite irksome that these people who threw circa £800 at these companies to avoid repaying their credit card bills, are now using that same credit card company to try to get their £800 back.

The complaints about Firstplus are plentiful and well documented. There is a user on here (Halifax I think) who has a lot of info.
I'm sure if you search out First Plus posts you will come across some of the info.

As for paying a company money to walk off scott free - Don't be so naive.

TypeR

Teen_the_Drama_Queen wrote: »

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.

What was the seventy five thousand pounds spent on?

You know what? There are lots of things I would love in life and one of them is my own roof over my head, but you know what? I can't afford one. You see, I don't buy things I can't afford.

So ....The money, what did you spend it on?