First Plus - no compromise whatsoever!

sniggings

Maxnana wrote: »

No, I'm not taking the interest into account, only the loan amount. But I still would have thought it would be preferable to get £96K back rather than a couple of grand at the most through an IPA.

I understand what you're saying and agree the more money they get back the better for them but just because you borrowed £100k is not the same as saying you owe them £100k,they are without that £100k for 16 years with all the loss of interest they could be getting from it,so instead of thinking you owe them £100k,add in all the lost interest too which would bring the figure to 200k 300k,so instead of asking them to accept a 4k drop you are really asking them to drop maybe 200k,with such a loss and wanting them to agree to this for 16 years maybe you can now see why they were not so accepting of the deal.

nuttyp

If you are thinking of going BR, make sure you start the squirrelling process now..... we tried to save the odd £20 here and there over a while and the then we saved it in a safe at home. That has been our emergency backup money since BR. Was very valuable for the just in case times..... and as a safety blanket.

Teen_the_Drama_Queen

Snap SteveABC - Firstplus hound you by ringing and ringing and ringing and they drive you to despair. (Had to change my mobile number for my sanity - we found a rental property so our landline number changed, which was a bonus ).

They won't accept any offers you make. We handed the keys of our property back and then went BR shortly after. Not an easy decision to make but one of the best decisions we've ever made. I would love to never hear the word Firstplus ever again, but sadly, being a regular reader of these forums the F word pops up time after time. :rotfl:

x

sniggings

nuttyp wrote: »

If you are thinking of going BR, make sure you start the squirrelling process now..... we tried to save the odd £20 here and there over a while and the then we saved it in a safe at home. That has been our emergency backup money since BR. Was very valuable for the just in case times..... and as a safety blanket.

not really good advice as it could get you into trouble,the OR may turn a blind eye to using bill money for the BR fee but not putting money to one side for after BR,this is a good board and we don't want to been seen giving advice that could land someone in trouble.

JustinCredibleGillespie

sniggings wrote: »

not really good advice as it could get you into trouble,the OR may turn a blind eye to using bill money for the BR fee but not putting money to one side for after BR,this is a good board and we don't want to been seen giving advice that could land someone in trouble.

I don't see the harm in it. If your groceries on your SOA is £250 per month & only spend £210-£220 if there bargains on then put the extra few £££ away. We're only human and although we're bankrupt we still deserve the odd takeaway or a long run somewhere nice in the car that isnt budgeted for.

JCG

xx

sniggings

JustinCredibleGillespie wrote: »

I don't see the harm in it. If your groceries on your SOA is £250 per month & only spend £210-£220 if there bargains on then put the extra few £££ away. We're only human and although we're bankrupt we still deserve the odd takeaway or a long run somewhere nice in the car that isnt budgeted for.

JCG

xx

you don't have a SOA before BR,what I was referring to was,"put money away before BR to use after BR", which is not allowed,ofc once you have a budget set by the OR after BR, that is if you're on a IPA, spending less on shopping is allowed once a budget is set.

JustinCredibleGillespie

You kinda know what your grocery budget is etc before you go bankrupt as you've obviously done an I&E with CCCS or CAB before they say 'Bankruptcy is your only option!'

Anyway what odds if the bankrupt puts away a wee £20 here or there. I'm sure shes not the only one does it. You can bend the rules as long as you don't break them.

JCG

xx

davetheman

I am debating on whether to try and do a deal with First Plus via a one of payment or just give up on the house and do a repo, sounds like First Plus are not easiest to negoatiate with

sniggings

JustinCredibleGillespie wrote: »

You kinda know what your grocery budget is etc before you go bankrupt as you've obviously done an I&E with CCCS or CAB before they say 'Bankruptcy is your only option!'

Anyway what odds if the bankrupt puts away a wee £20 here or there. I'm sure shes not the only one does it. You can bend the rules as long as you don't break them.

JCG

xx

thats the point,it's not bending the rules, it's totally against them,one of the first questions after BR from the OR is do you have any savings,before BR and after BR are two totally different things,BR is a legal process,having saving before BR and having savings after BR are clearly not the same, so if you cant understand that or are choosing not to that is up to you.

if someone wishes to break the rules that is up to them but posting on a form such advice is not fair to the forum or doing those that follow such advice any favours, if they were to get into trouble because of it.

I have made my point,people can make their own minds up now, lets face it, the suggestion to save is hardly a new idea so didnt really need to be posted, when it is also against the rules.

Maxnana

Thank you for the input everyone. I just wanted to make the point that regardless of what is owed to them, First Plus, it seems, would prefer to receive virtually nothing rather than our offer of £96,000 which I thought was a little short-sighted of them after we made it clear that there was no chance of them receiving the full amount (including interest) owed.

Regarding the tangent this thread went off on concerning putting away money here and there either before or after BR, is something for the individual to consider. Whether it is breaking the rules or against the law or something that could land someone in trouble is besides the point - people will do what people will do. However, I do see both sides to the story: nuttyp, JCG et al are possibly just giving what they think is useful advice and what may have worked for them (I'm not saying either of you have done/do this!). Just as sniggings has an opposing opinion based on the fact that this practice could land people in trouble with the OR.

I think on any forum, it is good to see more than one opinion, especially when one balances the other out. Because otherwise, some things will go unsaid, and the purpose of advice forums, I think, is to try to get the full picture.

As far as I'm concerned, I will obviously do what I need to do (provided it's legal!) to get throught what is going to be a trying and difficult time. However, you can rest assured sniggings, I have taken your views on board also, and I will not be 'laughing all the way to the bank' - I haven't done that in a long time unfortunately - more like crying on the way home from the bank!

But again, thank you all again for your input.