First Plus- Early Settlement

cleogin

Hi

I don't know if I am posting in the right place as I am a newbie.

I have a loan wih First Plus.....worse thing I ever did, however I currently have about 20k to go on it plus early repayment fees.

I currently have around 18k at my disposal (generous parents) and wondered if it was worth while making First Plus an offer to pay off the loan early. I still have around 19 years left to go.
I've never missed a payment, and obviously it is secured on my property, but I wondered if anyone had ever done this with any success? Or if it's worth asking the question.

Many thanks for any feedback

_Andy_

Unless you're missing payments/defaulted on it there would be no reason for them to accept a lesser amount.

Apples2

No harm in trying but traditionally, reduced settlements are normally entertained when a borrower is in heavy default. They can see it is going to take a million years to get their money back so tend to be more receptive to getting a lump back in one go.

Good luck.

Peelerfart

and while I agree with Andy ^^ ,there is no harm in asking them.

They can only say no.

Edit..
Damn you Apples,too darn quick today!

KingElvis

First Plus are like the Taliban when it comes to settlements, there's whole websites dedicated to their intractability.

Ask Carol? she was good with figures.

cleogin

Thanks for all of the replies. I can see that it wouldn't necessarily be in their best interests to take a reduction and I meant mainly on the Early Repayment Charge more than anything (although any extra is obviously appreciated). Ultimately I still owe them the money I borrowed.

I thought that as it would be a potential much quicker return of the money for them, I may be in a better negotiation situation.
Seems silly in a world where to get a better reduction you have to default. I certainly don't want to do that.

Really appreciate all of the responses, thanks very much. I'll try my luck and see how I get on.

Peelerfart

Dont forget to report back, it may be useful to other forum members.

juliedawn_2

I think if you have the chance get rid!