Missed Payment Secured Loan First Plus

techno1029

Hi all,
Bit of advice needed please. Last month I had to cancel DD for secured loan as I needed to get car repaired. ( I had no other option)..I contacted FP to tell them I had done this and agreed to pay at the end of month with my debit card. I did this. I then tried to set up DD again with my bank but they told me i needed to get FP to do this. I called them and asked for a new DD form with payment date for last working day of month. That way I would still make th July payment and would not have a missed payment. They told me they could not do this as they could only move DD date 15 days!!!. My only option was to allow account to go in arrears!!!!!!! this way i could talk to the arrears team who could help me more!!!!this has really concerned me as I have never done this before. Has anyone else done anything like this I have heard FP cutomer service to be ruthless at best. I am willing to pay but not till the end of the month!!!! Thanks all.

DCFC79

Don't know if FP are like PDL's in that they may raid your account so d try and move your money to another account not linked to the 1 used for FP, obviously move any dd's over.

JustWish

Hi, Techno, Sorry to hear that you needed to cancel the DD with First plus, however please be warned that these people are very very unhelpful, dont wait for your account to go into arrears, as this will just cause you further charges and pay also create a real proble, see thoses terms and conditions item 9. email the haed of collections her name is Karen McTaggart use this email address c[EMAIL="addresscustomercare@firstplus.co.uk"]ustomercare@firstplus.co.uk[/EMAIL] and explain your situarion in writing and ask them to send you a new dd mandate form. Please ensure that you do all the chasing on this...

techno1029

From the advice of one of their own operators I had to allow the account to go into arrears before I could speak to somebody who could make alternative arrangements to re-instate the DD. But they still seem adamant they will not budge on moving the DD date more than 15 days!!!!!!! I am bricking it at the moment after reading several horror stories of FP customer service!!!!!!!!!! uuurghhhhhh!!!!

fat-pudding

Why can't you pay them again this month with a debit card and get the DD setup for August?

techno1029

Because I have already paid from my last salary but need a neww DD set up to come out of my next salry at the end of July. Cant afford 2 payments in one month!!.

Mara69

I don't understand this at all - if you are so concerned about the level of customer care from First Plus and are 'bricking it' why on earth did you cancel the DD? Very risky strategy. You can't just cancel DDs whenever you like and not expect some fallout.

Apples2

You risked your HOUSE for a car repair?

you've opened the door wide enough for them, all they have to do is make things difficult and you could lose your home.

Bit late now but never EVER miss your secured loan payments.

techno1029

I had no choice as I explained..No car no work no children at school I never took this decision lightly....but thanks for the replies!!!!

Tixy

If you want to move the payment by more than 15days then it You will have missed a payment altogether, so you will need to come to an arrangement to pay off the arrears on top of your ongoing payments.
If you cannot afford to pay it all in one go then perhaps see if they will agree to spread the missed payment (plus additional interest & probably a charge) over the next few months payments.

In future I would suggest cancelling DDs on non priority items, or even requesting time to pay on other priority items such as utilities rather than miss a payment secured on your property without the lenders permission.

Apples2

techno1029 wrote: »

Cant afford 2 payments in one month!!.

I'm not convinced you have grasped the gravity of what you have done.
If you miss a payment, you MUST make two payments in the same month to stand a chance of catching up. You will always be a month in arrears if you don't.

If you miss a payment it is nowhere near as simple as making it up again later, your debt will incur more interest as your captial will be higher, this in turn attracts more interest to the account.

Miss one month and it will tag many more months of payments onto the end of the term. for all the extra you could pay you would have been able to afford a new car, let alone fix the old one.

The whole rationale behind a Secured loan is your assertion that you are so adamant you will not miss a single payment, you will bet your house on it.

First Plus do not have the best reputation for helping people in trouble, for your own sake, don't assume a DD has been reinstated, watch this like a hawk.