First + Loans- Rule 78

kwackerman

Hi All,

I have a large secured loan with First+ which is halfway through its 12 year term.

I am struggling to make ends meet and I am considering my options including Bankruptcy.

One possibility is to ask FP if I can extend my loan term to drop the monthly payment (currently £917) down by £200 to £300 per month which would really help.

As I assume this would be classed as taking out a new loan so will the new loan still be subject to rule 78 which I believe is a practise that is now outlawed.

Any help would be appreciated.

Andy

ILW

kwackerman wrote: »

Hi All,

I have a large secured loan with First+ which is halfway through its 12 year term.

I am struggling to make ends meet and I am considering my options including Bankruptcy.

One possibility is to ask FP if I can extend my loan term to drop the monthly payment (currently £917) down by £200 to £300 per month which would really help.

As I assume this would be classed as taking out a new loan so will the new loan still be subject to rule 78 which I believe is a practise that is now outlawed.

Any help would be appreciated.

Andy

I would work out the sums first.

[Deleted User]

kwackerman wrote: »

Hi All,

I have a large secured loan with First+ which is halfway through its 12 year term.

I am struggling to make ends meet and I am considering my options including Bankruptcy.

One possibility is to ask FP if I can extend my loan term to drop the monthly payment (currently £917) down by £200 to £300 per month which would really help.

As I assume this would be classed as taking out a new loan so will the new loan still be subject to rule 78 which I believe is a practise that is now outlawed.

Any help would be appreciated.

Andy

I doubt FP will even consider extending the loan via a new loan,if things are that bad that you are considering BR i`d get some proper advice if i were you as your home might be at risk,talk to cccs or CAB