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Advice Please!
Lou1875
Posts: 1 Newbie
Hi there,
I just registered with this forum this evening so advice on where to go next much appreciated.
I apologise in advance if this is long-winded and old hat to many of you but I would appreciate help as I'm boggled by all the info!
My husband and I took out a first plus secured loan on or around August 2005 (so just out with 6 years ago).
We repaid this loan within a year, i think after around 10 months when we moved house. I have paperwork for the original loan agreement and standard security and also paperwork from FP with the early repayment details.
Thing is I am unable to recall events of the loan, such as any conversations etc about PPI cover. The loan agreement appears to have been completed by first plus and sent to us to sign. A box has been ticked on this for joint PPP with usual speel about reading t&c .Does this mean a case could not be upheld as we essentially signed this paperwork?
Secondly, if I can detail some financial information regarding the loan.
Cash loan £51k
PPP loan £12489
Total £63489
Monthly payments £550 loan + £134 PPP = £684
Term of loan 180 months
APR 10.5%
We paid approx 10 months payments, approx £6480
We ended up paying back, after less than a year £60712
FP stated this was as follows:
Total amount payable under agreement £117817
Less early settlement rebate £57254
Plus admin fee £150
Total amount to settle £60712
This seems hugely excessive, as we ended up essentially payingaround £15k over loan value for under a year. Even our solicitor who settled the loan on our behalf during our house move encouraged us to challenge FP for a large rebate on the PPP, which we stupidly didn't do at time.
My queries are:
1. Is it worth taking this further (bearing in mind out with 6 year window by a few months, and signing paperwork in which PPP box was ticked.
2. Due to hazy events of how loan was taken out and conversations held, should I ask for a subject access request, before anything else? (even though I have loan agreement details)
3. Any other suggestions and advice on general details, or where I should go with this?
Thanks for being very patient and reading this, and all advice and help is HUGELY appreciated!
I just registered with this forum this evening so advice on where to go next much appreciated.
I apologise in advance if this is long-winded and old hat to many of you but I would appreciate help as I'm boggled by all the info!
My husband and I took out a first plus secured loan on or around August 2005 (so just out with 6 years ago).
We repaid this loan within a year, i think after around 10 months when we moved house. I have paperwork for the original loan agreement and standard security and also paperwork from FP with the early repayment details.
Thing is I am unable to recall events of the loan, such as any conversations etc about PPI cover. The loan agreement appears to have been completed by first plus and sent to us to sign. A box has been ticked on this for joint PPP with usual speel about reading t&c .Does this mean a case could not be upheld as we essentially signed this paperwork?
Secondly, if I can detail some financial information regarding the loan.
Cash loan £51k
PPP loan £12489
Total £63489
Monthly payments £550 loan + £134 PPP = £684
Term of loan 180 months
APR 10.5%
We paid approx 10 months payments, approx £6480
We ended up paying back, after less than a year £60712
FP stated this was as follows:
Total amount payable under agreement £117817
Less early settlement rebate £57254
Plus admin fee £150
Total amount to settle £60712
This seems hugely excessive, as we ended up essentially payingaround £15k over loan value for under a year. Even our solicitor who settled the loan on our behalf during our house move encouraged us to challenge FP for a large rebate on the PPP, which we stupidly didn't do at time.
My queries are:
1. Is it worth taking this further (bearing in mind out with 6 year window by a few months, and signing paperwork in which PPP box was ticked.
2. Due to hazy events of how loan was taken out and conversations held, should I ask for a subject access request, before anything else? (even though I have loan agreement details)
3. Any other suggestions and advice on general details, or where I should go with this?
Thanks for being very patient and reading this, and all advice and help is HUGELY appreciated!
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