FirstPlus

gelly150

Hi, I'm new here, so please bear with me. We have a secured loan with FirstPlus, in 2007 i lost my job so could not meet the payments, we eventually got that sorted. However, since then, due to OUR and THEIR c--k ups, we haven't made a payment. They now want the arrears in full, which i can't pay. My wife had made several calls to them but they refused to talk to her, even to set a new direct debit mandate.

They claim to have sent letters over the years requesting payment etc, but they haven't. We have formally requested copies of the said letters but they cannot produce them.

My question is how do we stand.

I know it was as much our responsibility as there's to ensure payments where made, but how can you if they won't talk to you.

A very worried and perplexed gelly 150.

Tixy

Hi

How much are the arrears in total? How much is the whole balance?
How much can you afford to pay straight away?
How much can you then afford each month?

When you say you formally requested copies of the letters do you mean you did a subject access request for £10? If not then you could do that to get copies of everything they have on file.
But regardless of that you will need to pay it off somehow so need to work out how much you can afford now and going forward. No point trying to talk to them on the phone you need to do everything by letter and keep copies of everything you send. When you say they won't talk to your wife - is it a joint secured loan or just in your name?

I guess you haven't been saving the money that should have been going towards the payments?

gelly150

Hi Tixy, thx for the quick reply, answers are;
1 zero
2 17k
3 44k (incl. PPI of 8.5k, which I am trying to claim back as they said I didn't have any in 2007)
4 And no we haven't

amersall

gelly150 wrote: »

Hi, I'm new here, so please bear with me. We have a secured loan with FirstPlus, in 2007 i lost my job so could not meet the payments, we eventually got that sorted. However, since then, due to OUR and THEIR c--k ups, we haven't made a payment. They now want the arrears in full, which i can't pay. My wife had made several calls to them but they refused to talk to her, even to set a new direct debit mandate.

They claim to have sent letters over the years requesting payment etc, but they haven't. We have formally requested copies of the said letters but they cannot produce them.


My question is how do we stand.

I know it was as much our responsibility as there's to ensure payments where made, but how can you if they won't talk to you.

A very worried and perplexed gelly 150.

How come you have got away without paying these for years? FP are usually on the ball with this and as the loan is secured on your property i am sure they would have gone for repossession by now.
I dont know what to say to you about paying the arrears, but if you have a claim in for mis sell of ppi would that clear some of the arrears?.

I cannot believe that you have got away with not paying for so long especially with a secured loan.

Take a look at this website and people on there may have more advice for you.http://www.firstpluscomplaints.co.uk/forum.html

Tixy

Sorry I have no idea which figure is meant to be which in those. If its easier to number the questions...

1 How much are the arrears in total?
2 How much is the whole balance?
3 How much can you afford to pay straight away?
4 How much can you afford each month?

Also 5 (not in original post) - What should the payments be a month according to the original loan schedule?

Is the "no we haven't" - no you haven't done a subject access request or no you haven't been putting the money aside?

gelly150

Just to add a little further detail to my first post.

We have re-commenced payments. Eversheds are dealing with the case on behalve of FirstPlus, with Clarity mediating.

With regard to the so called letters requsting payment, my request for the copies was done via clarity and eversheds, FirstPlus wrote in reply stating they not find a record of any such letters being sent. They also said I could escalate the matter internally or refer it to the Financial Ombudsman.

gelly150

amersall wrote: »

How come you have got away without paying these for years? FP are usually on the ball with this and as the loan is secured on your property i am sure they would have gone for repossession by now.
I dont know what to say to you about paying the arrears, but if you have a claim in for mis sell of ppi would that clear some of the arrears?.

I cannot believe that you have got away with not paying for so long especially with a secured loan.

Take a look at this website and people on there may have more advice for you.

This what we have been saying, surely they must bear a lot of the responsibility for letting the situation get to the level it is.

Tixy

gelly150 wrote: »

This what we have been saying, surely they must bear a lot of the responsibility for letting the situation get to the level it is.

They have 6years to chase you for the debt, same as any other creditor for any other debt. Its well within this timescale.

Its your responsibility to make payments to the debt. If you had been trying to make payments for so long why did you not write out cheques and send them to them recorded delivery (for example) or put the money aside each month in readiness for paying off the arrears?

CH27

So how much are the arrears?

Are you making full payments now?

gelly150

Tixy wrote: »

Sorry I have no idea which figure is meant to be which in those. If its easier to number the questions...

1 How much are the arrears in total?
2 How much is the whole balance?
3 How much can you afford to pay straight away?
4 How much can you afford each month?

Also 5 (not in original post) - What should the payments be a month according to the original loan schedule?

Is the "no we haven't" - no you haven't done a subject access request or no you haven't been putting the money aside?

Sorry Tixy,
1. 17k
2. 43.5k incl. 8.5k PP
3. nothing
4. £100
5. £454 now paying

One more question they are still charging at the 2008 interest rate, surely this should have reduced, as it is a variable rate loan.

Tixy

It would only have to have reduced if it was a tracker rate and tracked the base rate, you'd need to check the original T&C to see whether it specifically said it tracks a base rate (and if it was bank or england or libor or whatever). If it doesnt then its a variable rate that does not correlate to the base rate.