I need help to get my life back

chivers1977

I am a bit confused over the first plus/mortgage issue, I dont think its the way youve explained it, just the way my brain is (or isnt) working! But you need to sort this out pronto, could you contact the Citizens Advice Bureau, are First Plus a legit company?

First Plus is a "wholly owned subsidiary" of Barclays Bank PLC. What must have happened is that you were sent the monies to repay the FA with Abbey instead of them being sent to First Plus. Their argument is that you should have known that you were in receipt of too much money and that you could have repaid Abbey yourself. The PPI issue is a long running one. I did have a FP myself and did not take the PPI but the problem is that I do think that it is quite clearly noted in the agreement that the PPI is a separate loan. I think from memory that you get the insurance refunded after 5 yrs. What rates are you paying with Abbey and FP and what do you reasonably expect the valuation of the property to be. Lets see if we can reduce the outgoings,,,,

This might be better on the mortgages board for this particular point although the DFW will do a great job of pulling your SOA to pieces to reduce your outgoings!

tyllwyd

blu1974 wrote:

Hi im a 32 year old guy i have a lovely partner and 2 great little lads we have had our house for 6 years now and lived here since.My problems started about 4 years ago i went to the bank for a simply visit i ended up comeing out with a £6000 loan and a £1000 credit card it all seem great at the time my partner also had a credit card etc.

....

Abbey national £75,000
First plus £71,000
Loyds tsb loan £5240
My credit card loyds tsb £1800
my partners cards about £4000.

Are you saying that you have run up a debt of £82,000 (on top of your mortgage) in more or less 4 years? Have you got any assets to show for that? If not, you need to have a good think about where all the money has gone to make sure that you don't make the same mistake again in the future.

To be honest, I think it has got to the stage where you need to be talking to one of the debt counselling charities (PayPlan/CCCS) about your next step - from what you've told us, you don't have the income to support this level of debt, no matter how much you scrimp and save.

Good luck with everything.

raq

gOOD LUCK and am sure you will both get through this difficult time.

Try and have a good weekend

blu1974

Yes in a nutshell£71,000 which i would need to pay first plus which is secured on my house and about£1100 unsecured i do pay every think on time and always meet my payments etc but we just dont have money to live anymore i have had my house valued and it came in between £125 to £130 that was just one estate agent.I would rather sell the house and give them what ever is left but i have been told that first plus could stop the sale of my house if it didnt make up enough money.I have put in my first post about firstplus i took out a £60300 loan that was to clear all our debts they paid every think off for us as they do send you the cheques etc.But i had with abbey a £5500 loan when we took the mortgage out with abbey.So when i took the first plus one they also told me and sent me confirmation that they had paid abbey for that £5500 loan off but it turns out that firstplus havent paid abbey at all as in they did not pay the £5500 loan of which is part of the agreed £60300 i borrowed so in real terms first plus have given me less not the full £60300 loan they agreed.Someone somewhere has either not paid abbey out of my loan and had the money i dont know and in the mean time i have still been paying abbey £31 a month for this £5500 loan that firstplus should have paid but they havent.I havent told firstplus yet because i dont know how i stand as in if they have broke there agreement with me as this has gone on now for 13months so some where theres money gone it sounds very confusing i know and hope you understand what im saying i just wondered if it would go in my favour as in if i do end up losein my house to them thanks again to all the people who have replyed thankyou.

blu1974

Hi again i have been going through what i pay etc and i do think i could save my self some money and maybe pull through my difficultys with money etc so ill put all the details up and see what you great people think.This is from scratch again.
My monthly pay if i do no over time a flat month is £1200 take home but most weeks i do a saturday which usually bumps my money up to around £1450 upwards i know you cant depend on over time but in my job which is for B.T im always in demand but at the worst i take home £1200.My partner earns £1053 flat take home with no over time and she doesnt do any as she trys to spend as much time with the kids as possible. We also get £40 a month family tax credits and £112 of the kids family alowence books.

So gross incoming a month is £2405 thats with out me doing any overtime etc.

Our out goings are as follows.
Abbey (Mortgage £453)
First plus (secured loan £650) which is based on the intret rates going up or down so it can go up.
Loyds t.s.b £118.53 unsecured loan.
Child care (my mother in law £260 shes worth every penny)
cable broad band and telly plus phone line £25
My orange mobile £25
My house and buildings insurance £49
My credit card classic loyds t.s.b £40 min payment.
My partners credit cards she has 3 altogeather she pays out about £80 to £100. usually min payment.
We pay our council tax,water,gas,electric,tv licence and car tax all through secure homes one payment of £314 which is due to go down in march to £293
Then theres our car insurance which is paid in full on my partners card just been done and i have a small car to get me to work insurance paid on credit card just done.
Papers and the od snacks £30 a month.
Our food we usually do one big shop usually between £150 to £200
Extra shopping through out the month £30.

As you can see we pay out a lot i had it to about £2200 a month i have never defaulted payment on anythink always paid on time its all dirrect debit from my account.Usually if i do some over time we can be left with some money to spend but theres always somethink you need to pay.

I have been thinking about the first plus loan alot they have told me if i carry on paying for another 4 years when my PPI rip off insurance is up ill get a £15,000 rebate how true this is i dont know as i dont trust them alot but if its true then its made me think.

My secure homes payment of £314 for all my bills to me seems alot as its all estimated so i dont really no where i stand with my gas electric etc.Water is usually payable i think every 6 months but im not sure again what im paying so i was thinking of contacting my gas and electricity and asking to go on a meter where i pay as i go so its one less bill i pay out and ill use my elestric and gas more wisely.Tv licence i could save the money over the year and pay it when its due and my council tax is £93 a month this way i think i would deffentlyy cut down that £314 well thats what im thinking.

At the moment the loyds tsb loan and all our credit cards are getting paid but the cards are never going to go anywhere with the min payment i was going to contact all my leaders the bank and all our credit cards and explain im struggling to pay them and see if we can come to better terms i dont know what the bank would say but i have always been a good custumer to them so im not sure same as our card providers maybe you can put some light on that for me.If they agreed i would be saveing more money and hopefully set a target to pay them off.My abbey mortgage stands at the moment at £75,000 and first plus also would want £71,000 to seattle the account i have had a valueation on my home of one estae agent and it came back at between £125,000 to £130,000 so there is some equity there but at the moment its all gone on my debts.My idea is to reduce ever think i have mentioned above and continue to pay both first plus and abbey for another 4 years this then would get me back £15,000 which i would have paid them anyway and in turn clear more of both abbey and first plus then i would go for the sale on my house and hopefully be able to walk away from these two big mortgages a free man and still manage to keep my credit score ok.Please tell me what you think and if this realistic i hope so as if not i think maybe backrupticy is my only option thanks again all who have replied to me i feel better talkin about it.

bikerqueen

Secure homes are charging you every month for something you could do yourself. Break free!