first plus loans

chickster_2

what they like please we need to take out a loan and they have come back to us

just wondering if it good or bad

arnie&caseysma!

There are many threads on First Plus if you use the search facility you will certainly find them.

From a personal point of view and experience avoid them like the plague, if you do need to use them (ie, cant take any other other course of action) then DO NOT take their payment protection. This is front loaded and can add thousands onto your loan......

Llyllyll

I had a job interview with them many moons ago. Didn't get the job and glad that I stayed with my current employer.

I wouldn't touch them (or similar companies) with a bargepole. Oh, and Carol Vorderman advertises for them

jonesMUFCforever

They charge you a fee for taking out a loan, they charge above average rates, they will want a charge on your house, they will charge you a penalty if you want to pay it off early.
Can't think of anything good about that can you?

AMILLIONDOLLARS

Here's a few reasons why not to use them!!

http://forums.moneysavingexpert.com/...ight=firstplus

http://forums.moneysavingexpert.com/...ight=firstplus

AMD

skintas_2

anyone have any good advice on them ........... someone from a loans place phoned today tried to offer me a loan told me about first plus loans. i forgot all together to look on here any advice

bouffant_kes

Ok - i know there has been a lot previously on the forums on rule 78. After 2 years with a first plus secured loan, I have asked for a redemption figure and was somewhat surpised to discover that I now owe more than I started with.

As the loan was taken out in november 04, they have applied the rule of 78 and 2 months of interest for early settlement, even with this I am still puzzled that it is legal to end up with a repayment figure higher than I started with.

is this normal and just a hard lesson learnt, having repaid other mortgages early in never occured to me that the sneaky line referring to the 1983 credit regulations would allow this.

is there anywhere I can pursue this , or should I just accept my fate !

Xbigman

You should ask how that figure was arrived at. Its possible there is a final fee that could run into thousands to release the charge / deeds etc (they are called so many things its impossible to keep track). One company seems to charge 2% as a final fee. Vitually nothing if you complete the loan term but a killer if you redeem a mortgage near the begining.
Regards


X

AMILLIONDOLLARS

skintas wrote:

anyone have any good advice on them ...........

NO!:cool:

AMD

Mr._Bish

As far as I am aware First Plus are in the main a brokerage. I believe that they do offer some products themselves.
Whatever you do - try not to take out their payment protection. If they insist that you have it to get the loan then get a quote from someone else. I have heard there are some good loan insurers contactable through this website.